Securities Law Updates

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PIMCO v. Mayer Brown: Adopting the “Attribution” Standard for Secondary Actors

By Josh Lawler and Joel B. Ginsberg of Zuber & Taillieu LLP

The Second Circuit has held that secondary actors can be held liable for Rule 10b-5 damages actions only for false statements attributed directly to the secondary actor at the time of their dissemination. In Pacific Investment Management Co. v. Mayer Brown, 603 F.3d 144 (2nd Cir. 2010), the Court of… More...

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Treasury Department Issues Iranian Financial Sanctions Regulations

Regulations to Implement Comprehensive Iran Sanctions, Accountability and Divestment Act  |  TG-829  |  8/16/2010

The U.S. Department of the Treasury has issued the Iranian Financial Sanctions Regulations (“IFSR”) to implement subsections 104(c) and 104(d) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”). More...

FTC to Improve Premerger Notification Form

Premerger Notification  |  16 CFR Parts 801, 802 and 803  |  8/13/2010

The Federal Trade Commission (“FTC”) has proposed to modify the form that companies must file when seeking FTC or Department of Justice review of a proposed transaction under the Hart-Scott-Rodino Act. More...

FTC Amends Telemarketing Sales Rule to Prohibit Debt Relief Companies from Collecting Advance Fees

Amendments to the Telemarketing Sales Rule  |  16 CFR Part 310, BILLING CODE: 6750-01-S  |  7/29/2010

Starting on October 27, 2010, for-profit companies that sell debt relief services over the telephone may no longer charge a fee before they settle or reduce a customer’s credit card or other unsecured debt. More...

New CFTC Rule Allows Commodities Brokers in Bankruptcy to Continue Their Usual Operations

Operation, in the Ordinary Course, of a Commodity Broker in Bankruptcy (Amendment to Regulation 190.04(d)(2))  |  17 CFR Part 190, RIN 3038–AC90  |  7/29/2010

The Commodity Futures Trading Commission (“CFTC,” or “Commission”) has adopted an amendment to its regulations regarding the operation of a commodity broker in bankruptcy. More...

SEC Staff Report: Life Settlements Should be Classified as Securities Subject to Federal Securities Laws

Staff Report to the United States Securities and Exchange Commission  |  Release No. 2010-129  |  7/22/2010

The Securities and Exchange Commission (“SEC,” or “Commission) has released a staff report recommending that life settlements be clearly defined as securities so that the investors in these transactions are protected under the federal securities laws. More...

SEC Adopts Supplemental Standards of Ethical Conduct for Its Members and Employees

Adoption of Supplemental Standards of Ethical Conduct for Members and Employees of the SEC  |  CFR Part 4401 and 17 CFR Part 200  |  7/14/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) with the concurrence of the Office of Government Ethics (“OGE,” or “Office”) is adopting supplemental standards of ethical conduct for the Commission’s members and employees. More...

SEC Approves Rule to Increase Arbitrator List

Release No. 34-62480; File No. SR-FINRA-2010-022  |  Order Approving Proposed Amendment of the Codes of Arbitration Procedure to Increase the Number of Arbitrators  |  7/9/2010

The Securities and Exchange Commission (“SEC,” or “Commission”) has approved a proposed rule change (SR-FINRA-2010-022), filed by the Financial Industry Regulatory Authority (“FINRA”) to amend the Codes of Arbitration Procedure to increase the number of arbitrators on lists generated by the Neutral List Selection System (“NLSS”). More...

FINRA to Make Additional Information About Brokers, Former Brokers Publicly Available Through BrokerCheck

FINRA Record of Brokers and Former Brokers  |  No._____  |  7/13/2010

The amount of information available to the public about current and former securities brokers will expand significantly in coming months, as the Financial Industry Regulatory Authority (“FINRA”) implements changes to its free, online BrokerCheck service recently approved by the Securities and Exchange Commission ("SEC"). More...

SEC Extends Authority of Director of Enforcement Division to Issue Formal Orders of Investigation

Delegation of Authority to the Director of its Division of Enforcement  |  17 CFR Part 200, Release No. 34-62690  |  8/11/2010

The Securities and exchange Commission (“SEC,” or “Commission”) is amending its rules to remove a sunset provision from the delegation of authority to the Director of the Division of Enforcement to issue formal orders of investigation. More...

SEC Announces Open Process for Regulatory Reform Rulemaking

Process of Regulatory Rule-Making under the Dodd-Frank Wall Street Reform and Consumer Protection Act  |  No. 2010-135  |  7/27/2010

The Securities and Exchange Commission (“SEC,” or “Commission”), through its Chairman Mary L. Schapiro, has announced that the agency is making it easier for the public to provide comments as the agency sets out to make rules required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. More...

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Companies Mentioned

Securities Law

The following companies are mentioned in Securities Law Updates:

Securities and Exchange Commission

Harris Associates, L.P.

Banc of America Securities LLC

Citicorp USA, Inc.

The Public Employees’ Retirement System of Mississippi

Morgan Stanley & Co., Inc.

Jan Charles Finance S.A.

Park East, Inc.

CIBC World Markets Corp.

Citigroup Inc.

Barclays Capital Inc.

Citigroup Global Markets, Inc.

Florida State Board of Administration

Credit Suisse Securities (USA) LLC

Credit Lyonnais Securities (USA) Inc.

The Cleaners & Caulkers Local 1 Pension Fund

Credit Suisse, New York Branch

Ameriprise Financial, Inc. f.k.a. American Express Financial Corp.

Deutsche Bank AG

California Department of Corporations

The Royal Bank of Scotland plc

RiverSource Investments, LLC

Harris Nesbitt Corp.

Consolidated Management Group, LLC

The Bank of Nova Scotia

Asset Management Holding AG

Deutsche Bank

Toronto Dominion Texas, LLC f.k.a. Toronto Dominion Texas, Inc.

Alex Brown, Inc.

Tellabs, Inc.

Deutsche Bank Securities, Inc.

Mizuho International PLC

SG Cowen Securities Corp.

Makor Issues & Rights, Ltd.

ABN AMRO Inc.

Lydia Capital, LLC

Suntrust Capital Markets, Inc.

Tribune Company

Fleet Securities, Inc. n.k.a. Bank of America, N.A.

City of Philadelphia Board of Pensions and Retirement

The Bank of New York Company, Inc.

Staples, Inc.

CIBC, Inc.

Citibank, N.A.

Metal Management, Inc.

European Metal Recycling, Ltd.

Salomon Smith Barney Inc. n.k.a. Citigroup Global Markets, Inc.

Calyon Securities (USA), Inc. f.k.a. Credit Lyonnais Securities (USA) Inc.

Salomon Smith Barney, Inc.

Calyon New York Branch (successor by operation of law to Credit Lyonnais New York Branch)

Additional Resources

Securities Law