Securities Regulation & Law Report Index-Summary

TAIWAN

– Nasdaq and Taiwan Futures Exchange sign MOU for possible partnership, 511

TARP

See TROUBLED ASSET RELIEF PROGRAM (TARP)

TAXATION

– Accounting

– – IASB seeks comment on new standard, 636
– – Passthroughs and not-for-profits, FASB finalizing proposal on uncertainty, 1336; guidance amended, 1704

– Canada, updated guidance for fair value impact on capital requirements issued, 31
– Evasion

– – Honest services to third parties, tax avoidance is harm to shareholders (U.S., rev grant), 960
– – Money laundering

See LEGISLATION, FEDERAL, HR 1748, S 386

– – Retirement system files claims against UBS for investor loss from tax scheme (S.D.N.Y.), 213
– – Undisclosed accounts, UBS settles charges it enabled tax avoidance (D.D.C.), 290

– IFRS conversion, group sees tax authority readiness as key milestone, urges SEC to delay implementation, 794
– Investment adviser, tax loans to chairman of firm, administrative actions against officers (SEC), 1400
– Madoff fraud, potential clawbacks raise tax questions on false gains, 336
– Money funds, IRS safe harbor for payments to maintain $1 share value, 33
– Passthrough and tax-exempt nonprofits, FASB seeks comments on current accounting for uncertainty in income taxes, 993
– Ponzi schemes

– – Gambling winnings, fraudster pleads guilty to multiple charges (C.D. Cal.), 617; sentencing, 1492
– – Relief for victims

See LEGISLATION, FEDERAL, HR 1159

– – Tax cheat charged with fraudulent solicitation and misappropriation (E.D. Tenn.), 531

– Stimulus plan includes tax incentives, Treasury nominee Geithner tells Senate Finance Committee, 109
– Swap agreements, Citigroup agrees to fine over improper trading to minimize tax liability (FINRA), 1892
– TARP, recoupment of costs through securities tax

See LEGISLATION, FEDERAL, HR 1068

– UK Stamp Duty Reserve Tax on foreign capital found unlawful by EU (E.C.J.), 1847

TELECOMMUNICATIONS

– Adelphia

– – Bar on executive receiving value from Rigas family vacated (2d Cir.), 344
– – Sentences imposed on Rigas father and son upheld (2d Cir.), 1875

– Avaya, CFO's actions created strong inference of scienter re price pressures, claims reinstated (3d Cir.), 877
– Enron broadband unit, CFO pleads guilty to falsification of 10K (S.D. Tex.), 1085
– Ericsson securities fraud class action dismissed (S.D.N.Y.), 14; dismissal affirmed, 1892
– Fiber optic spin-off, no causation in misrepresentation claims against energy company, summary judgment affirmed (10th Cir.), 291
– Ga., forbearance from sale based on recommendation of celebrity analyst, question certified to state supreme court (2d Cir.), 1073
– IPO, single class may assert '33 and '34 Act claims (2d Cir.), 1407
– Motorola may not omit cumulative voting proposal (SEC No-Action Letter), 99
– Qualcomm executive faces insider trading charges (S.D. Cal.), 1493
– Qwest

– – Bribery claims against equipment provider, dismissal affirmed (9th Cir.), 919
– – CEO insider trading 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
– – Deliberative process privilege properly asserted by SEC officials in Qwest fraud action (D. Colo.), 381
– – State secrets, evidence re classified transactions largely immaterial, does not compromise ability to defend (D. Colo.), 589

– Statute of limitations, adult telephone entertainment company investor who did not discover fraud was not put on notice by failure of company (Cal. Ct. App.), 314
– Television

See TELEVISION

– Tellabs securities fraud claims, choice of class representatives revisited (N.D. Ill.), 355
– U.K., insider trading, first criminal conviction for case involving Motorola takeover of TTP, 612
– Unjust enrichment claim can be made for services provided to partnership inside limitations period (N.Y. App. Div.), 882
– VeriFone, employee settles SEC charges over falsified financials (N.D. Cal.), 1708
– Verizon, corporate responsibility committee proxy proposal may be omitted (SEC No-Action Letter), 35
– Wireless communications

See WIRELESS COMMUNICATIONS

TELEVISION

– Class certified in shareholder suit over set distributor disclosures (D. Ariz.), 1620
– Merger, no factual support for claims that fund would finance cable acquisition, claims dismissed (Del. Ch.), 1173
– Programming partnership interests, conviction of promoter for fraud affirmed (Colo. Ct. App.), 787

TENDER OFFERS

– Dividends, announcement of increase in payouts after share buyback does not prove intent to mislead (5th Cir.), 698; (U.S., rev den), 1859
– Hedge funds acting without reliance on alleged fraud may not bring claims (7th Cir.), 60
– Hostile takeover, shareholder request to expedite board elections denied (Del. Ch.), 730
– Phony takeovers, SEC files suit against Kuwaiti trader and affiliates (S.D.N.Y.), 1406

TESTIMONY

See WITNESSES AND TESTIMONY

THRIFT SUPERVISION OFFICE (OTS)

– Merger with Comptroller of the Currency proposed by Obama administration, 1137

TIPPING

See INSIDER TRADING

TRADE SECRETS

– Trading software, Goldman programmer charged with theft of proprietary code (S.D.N.Y.), 1302; group asks SEC and CFTC for investigation re possible use for market manipulation, 1303; SEC says request to investigate is under consideration, 1440

TRADING AHEAD

– Hearing board decisions returned in five cases, fines imposed, 1364
– Joseph Stevens & Co. employees charged (N.Y. Sup. Ct.), 985
– NYSE censures firm for failure to give precedence to customer orders, 303
– Specialists on regional and options exchanges settle claims (S.D.N.Y., SEC), 406
– Squawk boxes, Merrill Lynch settles charges of misuse (SEC), 455; brokers found guilty, receive jail sentences and fines (E.D.N.Y.), 753

TRADING HALTS

– Circuit breakers, NYSE trigger levels, quarterly revision, 53
– Music production company, trading suspended over promotional brochure (SEC), 1315

TRANSPARENCY

– Alternative trading systems, Schumer (D-NY) calls on SEC to regulate like exchanges, 1924
– Dark pools, SEC is considering post-trade disclosure, official tells conferees, 971; Schapiro says SEC has received complaints about dark pools, 1150; dark pools and related strategies are focus of SEC, 1853; SEC sets meeting to consider rule changes, 1888; proposed rule changes issued, 1922; needs of large investors must be considered, SEC official tells conferees, 1923
– Financial regulation modernization, Dodd (D-Conn) and Frank (D-Mass) pledge to work on plain language in financial system, 604
– Flash orders, Schumer (D-NY) asks Schapiro to ban premarket viewing, 1439; Nasdaq and BATS to voluntarily eliminate use of programs that facilitate flash orders, 1487; Kaufman (D-Del) asks for SEC study before regulation, 1664; SEC votes to ban flash orders, 1717; Schapiro responds to Kaufman inquiry, 1734; Paredes concerned re effect of flash order ban, 1775; Kaufman (D-Del) praises ban as first step, 1826
– Municipal securities

See MUNICIPAL SECURITIES

TRANSPORTATION

– Motor vehicles

See MOTOR VEHICLES

– Railroads

See RAILROADS

TRAVEL INDUSTRY

– Controlling stockholder, minority hotel shareholder class claims of self-dealing may proceed (Del. Ch.), 1904
– Hotels, shareholders may review post-merger financial data (Del. Ch. Ct.), 729

TREASURY DEPARTMENT

– Analysts, excess proceeds from 2003 conflict-of-interest settlement to go to Treasury (S.D.N.Y.), 1100
– Appointments and personnel issues, Secretary, Geithner confirmation could be held up on tax issues, 109
– Federal Reserve, Obama plan would give Treasury approval rights over loans in unusual and exigent circumstances, 1137
– Money laundering, exchange-information agreement with CFTC created, 137
– Money market fund guarantee extended, 613; program allowed to expire, 1722
– Municipal securities, credit facility and support

See LEGISLATION, FEDERAL, HR 1669

– National Bank Supervisor, legislative proposals to create sent to Congress for merger of Comptroller of Currency and Office of Thrift Supervision, 1387; FDIC and SEC urge Senate Banking Committee to give financial stability oversight council more power than Fed, 1388; Schapiro reiterates call for hybrid regulatory approach, 1888
– Nonbank firms, Treasury plan to regulate names FDIC 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; CRS report compares receivership with bankruptcy, 763
– Office of Insurance Information

See LEGISLATION, FEDERAL, HR 2609

– Public-Private Investment Program, support is unlikely without valuation mechanisms for toxic assets, 298; competition mechanism proposed in updated plan, 550
– Regulatory reform, Treasury proposes role as overseer and harmonizer of derivatives rulemaking, 1517; CFTC suggests enhancements, 1592; Schapiro suggests modifications to reduce regulatory arbitrage, 1769; Gensler outlines regulatory ideas in European speeches, 1800; passage of proposal would create CFTC staffing challenges, 1839
– Strategy, Congressional Oversight Panel asks Geithner to explain plan, 493
– TARP, companies seek guidance on executive compensation and proxy requirements, 299; ABA tells Treasury key decisions are on hold pending clarifications, 300
– Term Asset-Back Securities Loan Facility, Conn. Atty. Gen. calls on Geithner to increase competition in ratings, 938

TROUBLED ASSET RELIEF PROGRAM (TARP)

– Audit planned to examine use of funds and compliance, 166
– Executive compensation

– – Advisory shareholder vote, SEC to consider mandating, 1190; SEC proposal published, 1237
– – AIG, House panel hears testimony on retention payments to financial products unit, 503
– – Audit planned to examine compliance with restrictions, 166
– – Bank CEOs face criticism at House Fin. Serv. Comm. hearing, 265
– – Exceptional assistance, companies requiring aid to be subject to additional restrictions, 205
– – Limits issued by Obama administration, 1927
– – Merrill Lynch and Bank of America, executives subpoenaed over bonuses, 176; N.Y. attorney general demands names, 426; House Oversight Committee initiates investigation into potentially misleading statements re Merrill compensation, 495; Kucinich (D-Ohio) asks SEC to determine if material omissions occurred, 654; SEC investigates disclosures, 695; settlement between Bank of America and SEC rejected (S.D.N.Y.), 1476; court rebukes SEC for settlement attempt with shareholder funds, 1609; SEC defends decision not to charge executives, 1660; settlement rejected, 1718; Inspector Gen. to investigate SEC charges, 1720; House Oversight Committee seeks testimony on regulatory role in deal, 1726; Khuzami says rejection of settlement will not change SEC resolution process, 1810
– – New certification requirements, reporting, and recordkeeping requirements, 118; recipients of funds seek Treasury guidance on new rules, 299; ABA tells Treasury key decisions are on hold pending clarifications, 300
– – “Pay czar” announced, special master will have broad powers, 1093
– – Say-on-pay, Dodd (D-Conn) urges SEC to clarify rules, 337; SEC issues guidance, 339

– Fair value, Chamber of Commerce recommends implementation of SEC study, 282
– Fraud, unregistered adviser claimed to invest in TARP, assets frozen (M.D. Tenn.), 166; “life coach” pleads guilty, 762
– Investigation, congressional inquiry into meltdown is contemplated, Pelosi (D-Cal) tells conferees, 695; Dingell (D-Mich) introduces resolution to create investigative commission, 756
– Oversight Panel

– – Reform recommendations, 155
– – Stabilization of financial system may still be undone by assets on bank balance sheets, panel warns, 1518

– Portfolio managers chosen for assets acquired in bailouts, 751
– Public-Private Investment Program (PPIP), support is unlikely without valuation mechanisms for toxic assets, 298; competition mechanism proposed in updated plan, 550; new deadlines set for private investors, 656
– Public relations, Towns (D-NY) inquires into possible AIG use of TARP funds for publicity, 698; Towns and Issa (R-Cal) reiterate demands, 815
– Recoupment of costs through securities tax

See LEGISLATION, FEDERAL, HR 1068

– Repayment, Geithner would welcome return of funds under conditions, credit remains tight, 769
– Second funding round, Treasury nominee Geithner testifies re Obama plan, 109
– Stress test to be imposed for banks, 262; results show ten banks need additional capital, 862
– Transparency, Inspector Gen. criticizes Treasury, may use subpoena power, 1930