Securities Regulation & Law Report Index-Summary

IASB

See INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

IFRS

See INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

IMMUNITY

– Argentina, explicit waiver in bond offering satisfies Foreign Sovereign Immunities Act (2d Cir.), 113
– Auditor liability, PricewaterhouseCoopers immunized from claims re AIG fraud (Del. Ch.), 373
– Cal., Alameda not immune from municipal bond suit (N.D. Cal.), 1544

INDEMNIFICATION

– HealthSouth CEO, order extinguishing indemnification for settlement affirmed (11th Cir.), 1161
– Short-swing transactions, tort claims by insiders against their attorneys is unlawful de facto indemnification (U.S., rev den), 472

INDIA

– Satyam fraud, PricewaterhouseCoopers unit under investigation, 184; firms will be forced to rethink international ties, lawyers say, 381

INITIAL PUBLIC OFFERINGS (IPOs)

– Aftermarket price escalation schemes

– – Ipsilon Systems, CFO charged, company settles (W.D. Wash.), 1760
– – Multi-company scheme, settlement proposed (S.D.N.Y.), 654; preliminary approval of settlement granted, 1107

– Biographies of officers, nonmaterial omissions not misleading (S.D.N.Y.), 572
– Blackstone Group, materiality of alleged omissions not shown, claims dismissed (S.D.N.Y.), 1785
– China, new price-setting rules issued, 1006
– Cosmetics retailer, claims of misleading offering documents may proceed (N.D. Ill.), 619
– EU, passport for IPOs proposed to improve cross-border trading efficiency, 1773
– France

– – Price controls and retail access, AMF issues new rules, 351
– – Reforms align French rules with EU, 705

– Laddering, claims against Morgan Stanley dismissed (S.D.N.Y.), 270
– Medical device company, claims re concealed conflicts of interest may go forward (S.D.N.Y.), 212
– Offshore drilling company, claims of material misrepresentation in registration statement may go forward (S.D. Tex.), 165
– Real estate lender, nondisclosures of debtor insolvency found not material, claims dismissed (D. Conn.), 1441
– Risk management, prospectus contained sufficient warnings, investor suit dismissed (S.D.N.Y.), 1405
– ShoreTel, shareholder suit proceeds in part (N.D. Cal.), 1626
– Short-swing profit exemptions, retroactive clarification of rules permissible use of SEC power (U.S., rev den), 1191
– Vonage, firms settle FINRA claims over directed share program, 1786

INSIDER TRADING

– Analysts, trader who bought pre-published reports sentenced (S.D.N.Y.), 348
– Attorneys

– – Energy company, lawyer settles charges (N.D. Okla.), 816
– – False statement to SEC investigators, attorney argues permanent bar is reversible error (SEC), 56; SEC affirms permanent bar, 302
– – General counsel, conviction on insider trading and conspiracy counts reinstated (3d Cir.), 658
– – Merger, SEC charges lawyer with trading on client data (D.D.C.), 1785
– – N.Y, disbarment on commission of felony insider trading is automatic, attorney may not voluntarily resign (N.Y. App. Div.), 940
– – Nutritional products company, verdict against general counsel and tippees affirmed (2d Cir.), 1783
– – Privilege, redaction suggested as proper course for documents containing privileged and non-privileged material (S.D. Ohio), 618
– – Public relations firm tips, day trader and lawyer plead guilty (S.D.N.Y.), 869; banker pleads guilty, 912
– – SEC, inspector general report says staff attorneys may have violated rules, 901; new internal compliance measures announced, 1002; matter under investigation by U.S. Atty's Office and FBI, 1057; Grassley (R-Iowa) chastises Schapiro for failure to respond to requests for information, 1153
– – UK, Novartis takeover of NeuTec Pharma, attorneys charged, 1789

– Basketball team owner, academics file amicus brief in claim based on confidentiality agreement (N.D. Tex.), 295; Cuban files FOIA claim seeking records relating to charges (D.D.C.), 1061; insider trading case dismissed, 1395; final decree entered, SEC may appeal, 1520; appeal filed (5th Cir.), 1854
– Bonds, 30-year note trader liable for misuse of embargoed information (D. Mass.), 1202
– Computer hackers, SEC to argue liability without fiduciary duty, 248; hacker may be held liable (2d Cir.), 1410
– Congressional members and employees

See LEGISLATION, FEDERAL, HR 682

– Contemporaneous trading, requirement not limited to same-day transactions (S.D.N.Y.), 353
– Credit default swaps, hedge fund manager and investment bank salesman charged (S.D.N.Y.), 851
– Default judgment entered in 11-year-old suit against nonresponsive Dutch nationals (S.D.N.Y.), 1670
– Defense contractor, executive and broker settle tipping charges (E.D. Mo.), 386
– Director behavior, three pay sanctions from trading on inference (S.D.N.Y.), 1623
– EU launches review into Market Abuse Directive, 758
– FBI agent and codefendant, convictions and sentences upheld (2d Cir.), 49
– France, MoneyLine CEO fined, 114
– Furniture retailer, SEC seeks to compel testimony from woman asserting marital privilege in investigation (N.D. Cal.), 1068
– Galleon executives charged (S.D.N.Y.), 1937
– Global issues, 25 to 30 percent of SEC cases have international components, official tells conferees, 397
– Government staff, bill to prevent trading on nonpublic information

See LEGISLATION, FEDERAL, HR 682

– Hedge funds, Analysis and Perspective, 519
– Insurance executive, SEC fails to carry burden in retiree tipping claim (E.D. Pa.), 974
– International Securities Exchange, vice chair sentenced (S.D.N.Y.), 16; friend of executive faces SEC charges in tipping scheme, 1623
– Investor relations executive and colleagues charged in tipping scheme (C.D. Cal.), 1062
– Magazine employees settle claims of trading on unpublished columns (S.D.N.Y.), 615
– Mergers and acquisitions

– – Attorney charged by SEC with trading on client data (D.D.C.), 1785
– – Brother-in-law of executive settles charges (E.D. Tenn.), 1682
– – Canada, husband of investment bank secretary settles tipping claims (S.D.N.Y.), 1107
– – Chemicals company, Abu Dhabi man accused (S.D.N.Y.), 1449
– – CNS/GlaxoSmithKline, Swiss banker charged in call options scheme (E.D. Pa.), 1106
– – Dell acquisition of Perot Systems, call options trader charged (N.D. Tex.), 1788
– – Document Sciences, project manager settles claims re EMC acquisition (S.D. Cal.), 1867
– – Energy services company, corporate director and tippee charged (W.D. La.), 1107
– – Ernst & Young partner convicted (S.D.N.Y.), 994; default judgment entered against father of tipper, 1010
– – Grocery stores, Blackstone executive charged re acquisition (S.D.N.Y.), 81
– – HVAC company, man who tipped brother re tender offer settles claims (S.D. Tex.), 572
– – Investment banker and family charged in nationwide tipping scheme (N.D. Cal.), 804
– – Jamdat Mobile, sales executive and tippees settle charges (N.D. Cal.), 1897
– – JDA/i2, couple settles claims over sale before failed merger (N.D. Tex.), 1684
– – McKesson executive settles claims over health care firm acquisition (N.D. Cal.), 765
– – Public relations firm tips, day trader and lawyer plead guilty (S.D.N.Y.), 869; banker pleads guilty, 912
– – Semiconductor companies, employee of acquirer settles claims (W.D. Tex.), 167
– – Sporting goods, two settle over tipping in Dick's acquisition of Galyan's (W.D. Pa.), 766; judgments obtained against remaining tippees and tippers, 1896
– – Tipping, 7 face charges in international scheme (S.D.N.Y.), 204
– – UK, Novartis takeover of NeuTec Pharma, attorneys and executive charged, 1789

– Mortgage firms

– – Fidelity Natl. board member settles charges re LendingTree stock purchase (C.D. Cal.), 710
– – 10b5-1 plans insulate all but one officer from claims (C.D. Cal.), 703

– Pequot Capital, new information leads to renewed SEC investigation, Grassley (R-Iowa) says, 43; Schapiro reports progress on enforcement recommendations to Grassley (R-Iowa), 756; recommendations implemented, Schapiro tells Grassley, 900; head of firm announces liquidation of some funds and reorganization of others as separate entities, 1006; Grassley asks SEC to outline responses to referrals from self-regulatory organizations, 1100; Wells Notices received from SEC, 1523; Schapiro tells Grassley SEC received 45 tips from SROs, 1524
– Qualcomm executive faces SEC charges (S.D. Cal.), 1493
– Qwest CEO conviction reinstated on proper exclusion of expert testimony (10th Cir.), 380; (U.S., rev sought), 556; Nacchio enters prison, bond appeal refused, 709; sentencing miscalculation, remanded, 1478; Justice will not appeal sentencing decision, 1569; (rev den), 1859
– Rings easier to spot due to internet, speaker tells conferees, 812
– Safeco and Neff acquisitions, 11 charged with illegal trades (S.D. Fla., M.D. Fla., W.D. Wash., D. Mass.), 1351
– SEC enforcement trends, Analysis and Perspective, 1255
– Short sales involving PIPE transaction, summary judgment not granted (S.D.N.Y.), 566; settlement approved, 1534
– Switzerland, proposals considered to amend rules, 405
– Top 10 SEC enforcement developments of 2008, Analysis and Perspective, 360
– UBS executive settles SEC claims, disgorges gains (S.D.N.Y.), 1200
– U.K., FSA completes first successful criminal prosecution, 612
– Wall St. figures to be targets of enforcement actions, 1931
– Whistleblowers, Grassley (R-Iowa) asks SEC for update on Lehman investigation, 297; Grassley asks FINRA if it followed up on statements made in arbitration, 1058

INSURANCE

– AIG

– – Accounting fraud, executives settle claims (S.D.N.Y.), 1503
– – Bid rigging, in pari delicto doctrine bars AIG claims against coconspirators (Del. Ch.), 1215
– – Bonuses, House Capital Markets panel holds hearing on retention payments to financial products unit, 503
– – CDS, former CEO proposes alternative to rescue plan, defends business model, 607
– – Fiduciary duty breach, Greenberg and “inner circle” must face claims (Del. Ch.), 373
– – Loss reserves inflation scheme, VP sentenced (D. Conn.), 183
– – Public relations, Towns (D-NY) inquires into use of TARP funds for campaigns, 698; Towns and Issa (R-Cal) reiterate demands, 815
– – Sham reinsurance, Gen Re executive sentenced (D. Conn.), 432; CFO sentenced, 638; assistant general counsel sentenced, 833; CEO of subsidiary sentenced, 1182; in pari delicto doctrine bars AIG claims against Gen Re (Del. Ch.), 1215; cooperating executive given probation, 1762
– – Stock price manipulation, Gen Re settles with Ohio state pension funds (S.D.N.Y.), 473

– Bonds, demand still exists for guarantees and enhancements, Special Report, 370
– Conflicts of interest, representative not subject to fiduciary duty of investment adviser (W.D. Okla.), 1677
– European Union

– – Director and officer liability, survey finds class action fears prompt purchases, 1314
– – Regulatory oversight revised, funding increased, 159; agreement reached on revamped financial supervision scheme, 1144
– – Systemic risk, EC outlines supervision initiatives, 402; legislative agenda, 403

– Health insurer, class securities action claiming misrepresentation dismissed (E.D. Pa.), 1160
– Hedge fund, final judgment entered against adviser of unregistered fund investing in life insurance (D. Mass.), 659
– Indexed annuities as securities, Federal Brief, 86; rule may be affected by presidential rulemaking halt, 106; insurers file to invalidate rule (D.C. Cir.), 117; insurers file for expedited review, 168; expedited review granted, 201; state insurance regulators and legislators file claims, actions consolidated, 301; SEC defends rulemaking, 696; oral arguments heard, 902; rule struck down, 1385; further developments, see LEGISLATION, FEDERAL, HR 2733
– Madoff fraud

See MADOFF FRAUD

– Mortgage insurer, investor claim fails to raise strong inference that subprime crisis was ignored (E.D. Pa.), 767
– Municipal bonds

– – Downgrade of monoline insurers increases importance of credit ratings, 199
– – MBIA restructures public finance business into separate entity, 316
– – Reinsurance, House hearing scheduled to examine draft bills, 905; draft bills circulated, 963

– Policy investments, financier charged with luring investors with false claims and bogus documents (C.D. Cal.), 818
– Systemic risk oversight

– – Bipartisanship is key to successful reform, Kanjorski (D-Pa) tells conferees, 810
– – Failure, Levitt calls for creation of resolution authority, 1772
– – FDIC, Treasury plan would appoint as resolution authority, 547; Bair says she would consider separate unit to address nonbank failures, 605; ABA opposes FDIC resolution authority for nonbank firms, 699
– – Financial Stability Council

See LEGISLATION, FEDERAL, S 664

– – Receivership, CRS report compares with bankruptcy, 763
– – Regulator, House to create, Frank (D-Mass) tells conferees, 904
– – Role and choice of regulator debated in House Financial Services panel hearing, 393; ICI white paper outlines regulatory framework suggestions, 396; former Fed chairman objects to Treasury-led council as monitor, 1771; Bernanke supports oversight council, 1814
– – Thrifts, Obama plan would prevent firms from choosing regulator, 1389

– Variable universal life insurance, policyholders claim fiduciary breach for Madoff investments (S.D.N.Y.), 214
– Viaticals, SEC to review status as investments, possible regulation, 803; task force to examine emerging issues, 1723; Kanjorski (D-Pa) raises concerns re securitizations, 1793

INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

– Business combinations, IASB to work on three amendments, 1034
– European Union

– – FASB, decision not to follow lead draws withdrawal threats from EC officials, 836
– – Funding approved to increase capacity, but neutral funding must be obtained, 887

– Fair value

See FAIR VALUE

– Financial Crisis Advisory Group, full roster named, 32
– Financial instruments

– – Amortized cost basis, IASB tentatively clarifies definition of instruments to be held under standard, 1083
– – Comprehensive model may be issued with FASB by year end, 637; common standard an area of focus, 991; tentative deadlines set for resolution of issues, 1180
– – Convergence with FASB, pressure on standards setters is creating threats to future of international standards, official says, 1035; panels are close on income reporting aspects, 1757; tentative decisions on risk make convergence less likely, 1876
– – Derecognition, alternative approaches have equal chance of adoption, 1084
– – Foreign-currency rights issues, finalized amendment published, 1910
– – Impairments phase begins on review, 1910
– – Replacement proposals may not be operational, IASB members warn, 1843
– – Transition to new standard, early adoption to be permitted, implementation date may be flexible, 1970

– G-20 calls for increased involvement of stakeholders via constitutional review, 633; IASB chairman warns that small adjustments may derail unified standards, 792
– Impairment

– – Accounting is flawed in both IFRS and GAAP, IASB member tells conferees, 888
– – Expected loss model, request for information on feasibility released, 1227
– – Panel applicants sought, Accounting Brief, 1975

– Independence, experts warn of politicizing influence, Special Report, 170
– International Financial Reporting Standards

See INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– Liabilities accounting, board agrees to partial re-exposure, 1969
– Management commentary, proposals for inclusion into financial reports released, dissenting opinion released by board members, comments sought, 1227
– Pensions, IASB seeks comments on revisions to guidance, 1034
– Share-based payments, finalized amendments published, 1182

INTERNATIONAL DEVELOPMENTS

See also specific country names
– Class actions, recent decisions add barriers to foreign claimants, Analysis and Perspective, 1167
– Cooperation, Schapiro stresses need to cover gaps in global regulatory systems, 1114
– Cross-border enforcement, IOSCO announces new signatories to multilateral MOU, 613
– Foreign Corrupt Practices Act

See FOREIGN CORRUPT PRACTICES ACT (FCPA)

– Foreign currency

See CURRENCY

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

– Financial instruments

– – Comprehensive model may be issued with FASB by year end, 637; entire revision instead of piecemeal changes confirmed, 835
– – Debt disclosure standards, amendments published, comments sought, 29
– – Derecognition model, proposals to amend published, 637
– – Embedded derivatives, emergency amendment, comments sought, 30; effective date for amendment set, 386

– Lease accounting, joint reform proposal with FASB issued, 535; discussion paper issued, comments sought, 634
– Mandatory adoption by U.S. companies

– – AEI Shadow Group recommends voluntary “market test” of two systems, 876
– – Early adoption unlikely, Special Report, 170
– – IASB refuses to develop concession on lawsuit disclosure requirements, 1226
– – NASAA encourages careful examination of transparency, 175
– – Obama calls for substantial progress towards convergence by end of 2009, 1141
– – SEC adoption, Schapiro expresses caution in confirmation hearing, 77; Schapiro restates doubts after confirmation, 149; SEC extends comment period, Accounting Brief, 239; roadmap to be revisited, SEC officials tell conferees, 282; FAF and FASB recommend SEC form advisory committee, 481; tax authority readiness cited as key milestone, SEC urged to delay target date, 794; SEC disappointed with minimal comments to roadmap, 834; current crises may have delayed consideration of IFRS, SEC official tells conferees, 888; comment period for phase-in proposal closes, 991; Schapiro says U.S. will not compromise on convergence, 1150; IASB chairman seeks SEC commitment on road map, 1508; agency commitment reiterated, but no voting date set, 1755; SEC expected to move forward, 1770; financial executives support roadmap, survey says, 1877; SEC not affected by G-20 urging to complete convergence, 1972
– – Standards-setting boards, chairmen warn against U.S. delay in adoption, 1082

– Off-balance sheet activities, joint commitment released for common standards with FASB, 587
– Reconciliation with GAAP, inconsistencies remain, Reed (D-RI) tells conferees, 154
– Regionalization, SEC accountants plan to focus on effects of differences, 1504
– Share-based payments standard, proposals to update approved, 30
– Tax accounting, comments sought on new principle-based standard, 636

INTERNET

– Anonymous posts by corporate executives, Analysis and Perspective, 417
– Auction rate securities, NASAA launches website to guide investors filing claims, 625
– Blogs, Regulation FD implications for corporate disclosures, Analysis and Perspective, 417
– craigslist used to advertise securities fraud targeting retirees (D.N.J.), 914
– E-mail

See E-MAIL

– Insider trading rings easier to investigate due to social networking and internet, speaker tells conferees, 812
– Statute of limitations, investor who did not discover fraud was not put on notice by failure of company (Cal. Ct. App.), 314
– Sweep letter, SEC investigation includes inquiry into electronic communications at firms, 340

INTERVIEW

– SEC Chief Accountant James L. Kroeker, 1948
– Widener Institute of Delaware Corporate Law Professor Lawrence A. Hamermesh, 980

INVESTMENT ADVISERS

– Arbitrage, adviser settles claims re undisclosed premerger acquisition of significant voting rights (SEC), 1408
– Arbitration, FINRA rules prohibiting do not apply to advisers (D. Minn.), 1731
– ARS sale, broker not covered under Advisers Act (S.D.N.Y.), 18
– Assets, SEC staff to confirm holdings through third-party verification, 451
– Best practices, NASAA releases recommendations, 1837
– Clerk settles charges over unauthorized trades (S.D.N.Y.), 1892
– College savings plan, recommendations of risky investments draw state charges (Or. Cir. Ct.), 706
– Compliance, SEC official urges conferees to create “evergreen” programs, 452
– Conflicts, Morgan Stanley resolves charges re money manager recommendations (SEC), 1411
– Confusion with broker-dealers, SEC regulation harmonization may progress, 247; Analysis and Perspective, 776
– Conn., senate passes disclosure bill, 1021; filibuster threat causes adjournment without action, 1121
– Credit crisis, related claims jumped significantly in 2008, study says, 1204
– Custody of client assets

– – Abuse, SEC considering contacting investors and changing exam practices, 601; meeting set to weigh proposed changes to adviser custody rule, 853
– – Audits and surprise examinations proposed for advisers with physical control of assets, 898; Paredes questions value of surprise exams, 1776
– – Independence, SEC Inspector General to recommend mandating use of custodians, 1240
– – Internal controls and senior officer certification may be among SEC initiatives, Schapiro tells conferees, 804
– – Surprise examinations and independent public accountants recommended by AICPA, 811

– Dual registrants, association asks SEC to tighten custody rules, 453
– Due diligence, advisers who recommended Bayou fund settle claims (SEC), 765
– Elderly persons, temporary order issued against adviser for unauthorized transfer of client funds (S.D. Ohio), 713
– Examinations

– – Growth of industry has outstripped SEC oversight capacity, 561
– – Preparation is recommended for routine SEC action, 1779

– Fabricated client used to lure customers, SEC alleges (D.R.I.), 461
– Fees

– – Disclosure, adviser settles charges (SEC), 1065
– – Fraudulent deductions used for personal items and to prop up failing firm (D. Neb.), 1313
– – Inflated portfolio to generate higher fees, SEC alleges (N.D. Ohio), 1535
– – Reasonableness, marketplace competition standard used to examine (U.S., rev grant), 447; SEC will file amicus brief, 855; remand urged (amicus brief filed), 1191; court likely to define fiduciary duty, attorneys tell conferees, 1532; trade groups side with adviser (amicus briefs filed), 1665; Solicitor General amicus oral argument motion granted, 1859

– Financial planners, FPA asks SEC to clarify FINRA authority, 1568
– Fla., new laws would enhance registration requirements and investigations, 275
– Form ADV, SEC likely to propose amendments, SEC official tells conferees, 603
– Hedge funds

– – Broker-dealers, FINRA reviewing advisory businesses, 109
– – Missing manager alleged to have overstated value of funds, emergency relief granted (M.D. Fla.), 117; adviser arrested on criminal fraud charges (S.D.N.Y.), 162; manager indicted (S.D.N.Y.), 818; investors seek to consolidate claims, 1491
– – President's Working Group issues recommendations for asset managers and investors, 107
– – Registration, Geithner outlines proposals in congressional hearing, 545; Obama administration sends legislation to Congress, 1347
– – Regulation, speakers agree on likelihood of federal intervention, disagree on regulation of funds, 906

– High risk firms, SEC official announces nationwide sweep, 1157
– Insider trading, Blackstone executive charged re acquisition (S.D.N.Y.), 81
– Inspection and examinations

– – Delegation of SEC authority, 1054
– – Priorities of SEC, 1108

– Kickbacks, adviser charged with taking payments from unregistered pools (E.D. Wis.), 1012
– Leverage, adviser charged with unsuitable investments for client risk profiles leading to massive losses (C.D. Cal.), 1011
– Life insurance portfolio, final judgment entered against adviser of unregistered fund (D. Mass.), 659
– Madoff fraud

See MADOFF FRAUD

– Market timing

– – Fair Fund distributions made in Alliance claims, 303
– – UK adviser settle claims (S.D.N.Y.), 1244
– – Variable annuity portfolios, American Skandia consents to sanctions (SEC), 769

– Mass., adviser charged with fraudulent transfers from client accounts (Mass. Sec. Div.), 581
– Misrepresentations of liquidity, risk, and redemptions alleged in asset freeze order (M.D. Fla.), 761; financial firms dismissed as relief defendants, 1207
– Multiple business entities used to lure and defraud investors, adviser settles claims (D. Or.), 878
– Municipal securities, majority of advisers are unregistered and unregulated, report shows, 656
– Mutual fund advisers

See MUTUAL FUNDS

– North Am. Securities Administrators Ass'n

See NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION (NASAA)

– Nutmeg Group, claims re allegedly misappropriated funds, incorrectly reported values, and commingled assets (N.D. Ill.), 570
– Pensions

– – Merrill advisers charged with misrepresentations (SEC), 209
– – Pay-to-play, investigation widened to Cal., state and federal regulatory changes proposed, 814; SEC to propose new rules barring advisers from managing pensions after political contributions, 899; N.Y. City Comptroller urges SEC to tighten regulations, 906; proposal under '40 Act to be considered, Schapiro says, 1052; SEC sets meeting to consider rule, 1351

– Phony balances, emergency relief granted against manager and firm (D. Minn.), 355
– Ponzi schemes

See PONZI SCHEMES

– Private fund managers, Obama plan to regulate draws mixed reactions, 1143
– Proxy voting rule, firm settles claim of inadequate policy disclosures (SEC), 869
– Regulation

– – Fiduciary standard, Aguilar commends Obama for extending to broker-dealers, 1241; NASAA praises Obama plan to hold advisers to fiduciary standard, 1372
– – Gaps, SEC official says Stanford fraud demonstrates need for more effective regulation, 1567
– – “Harmonization” of rules controlling broker-dealers and advisers, Walter calls for, 854; Schapiro says harmonization is high on SEC agenda, 855; group predicts closer cooperation between FINRA and SEC, 971; Schapiro says staff is working on proposal for convergence of regulation, 1150; Ketchum urges harmonization of rules, 1939
– – Registration and periodic examinations, Schapiro endorses Treasury legislative proposals, 1391

– SEC compliance office, internal audit finds no security issues in computer systems, 610
– “Senior” specialists, bill targets fraudulently designated investment advisers

See LEGISLATION, FEDERAL, S 906

– Squawk boxes, Merrill Lynch settles charges of misuse (SEC), 455; brokers found guilty, receive jail sentences and fines (E.D.N.Y.), 753
– Standing, adviser may not bring fraud claim on behalf of clients (U.S., rev den), 746
– Stanford Group

See PONZI SCHEMES

– Statutes of limitations, “cherry picking” trading activity not continuous, charges on old trades dismissed (E.D.N.Y.), 1624
– Sweep letter, SEC seeks to examine custodial arrangements and controls, 340
– Tax loans to chairman of firm, administrative actions against officers (SEC), 1400
– Terminally ill and mentally impaired clients were target of theft, adviser settles with SEC and faces criminal charges (S.D.N.Y.), 1111
– Troubled Asset Relief Program

– – Fraud, unregistered adviser claimed to invest in federal bailout plan (M.D. Tenn.), 166; “life coach” agrees to plead guilty, 762
– – Portfolio managers chosen for assets acquired in bailouts, 751

– UK, regulator calls for end to commission-based remuneration, 1196
– Undisclosed accounts, UBS settles charges it enabled tax avoidance (D.D.C.), 290
– Warrants, charges settled re taking securities from hedge funds without compensation (SEC), 414
– Wis., division of profits by owners is constructive dividend, not bonus (Wis. Ct. App.), 1026

IPOs

See INITIAL PUBLIC OFFERINGS (IPOs)

IRAQ

– Oil for Food kickbacks, firms settle FCPA claims (D.D.C.), 10

ISRAEL

– Jurisdiction, failure to allege share purchase on U.S. stock exchange dooms claim (N.D. Cal.), 1057

ITALY

– Blue-chip companies, Consob drops temporary notice rule for large holders, 160
– Derivatives sale fraud, assets seized from non-Italian banks, 820