http://www.lawupdates.com en LawUpdates.com, LLC Copyright 2013 2013-06-18T02:29:16+00:00 http://www.lawupdates.com/summary/revlon_settles_case_relating_to_allegations_that_it_m/ http://www.lawupdates.com/summary/revlon_settles_case_relating_to_allegations_that_it_m/ New Releases/No Action Letters || In the Matter of Revlon, Inc. || Going private transactions can occur in many forms and typically involve the company delisting and deregistering its stock and cashing out their shareholders so the company or a private equity firm can acquire all of the outstanding shares. securities_new-releases-no-action-letters 2013-06-18T01:29:16+00:00 http://www.lawupdates.com/summary/finra_orders_wells_fargo_and_banc_of_america/ http://www.lawupdates.com/summary/finra_orders_wells_fargo_and_banc_of_america/ New Releases/No Action Letters || Banc of America Investment Services, Inc. Action/Wells Fargo Investments, LLC Action || The Financial Industry Regulatory Authority (FINRA) announced today that it has fined two firms a total of $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds. FINRA ordered Wells Fargo Advisors, LLC,… securities_new-releases-no-action-letters 2013-06-11T22:24:55+00:00 http://www.lawupdates.com/summary/money_market_fund_reforms/ http://www.lawupdates.com/summary/money_market_fund_reforms/ New Statutes, Regulations and Rules || Reforming Money Market Funds || The Securities and Exchange Commission has voted unanimously to propose rules that would reform the way that money market funds operate in order to make them less susceptible to runs that could harm investors. securities_new-statutes-regulations-and-rules 2013-06-11T01:32:17+00:00 http://www.lawupdates.com/summary/sec_suspends_trading_of_61_companies_ripe_for_fraud_in/ http://www.lawupdates.com/summary/sec_suspends_trading_of_61_companies_ripe_for_fraud_in/ New Releases/No Action Letters || In the Matter of 3CI Complete Compliance Corp. || The Securities and Exchange Commission has announced the second-largest trading suspension in agency history as it continues its "Operation Shell Expel" crackdown against the manipulation of microcap shell companies that are ripe for fraud as they lay dormant in the over-the-counter market. securities_new-releases-no-action-letters 2013-06-4T20:36:22+00:00 http://www.lawupdates.com/summary/nasdaq_ordered_to_pay_10_million_in_penalties_for_failures_during_facebook_/ http://www.lawupdates.com/summary/nasdaq_ordered_to_pay_10_million_in_penalties_for_failures_during_facebook_/ New Releases/No Action Letters || In the Matter of NASDAQ Stock Market, LLC || The Securities and Exchange Commission yesterday charged NASDAQ with securities laws violations resulting from its poor systems and decision-making during the initial public offering (IPO) and secondary market trading of Facebook shares. NASDAQ has agreed to settle the SEC’s charges by paying a $10 million penalty – the largest ever… securities_new-releases-no-action-letters 2013-05-30T12:18:34+00:00 http://www.lawupdates.com/summary/sec_proposes_rules_for_cross-border_security-based_swap_activit/ http://www.lawupdates.com/summary/sec_proposes_rules_for_cross-border_security-based_swap_activit/ New Statutes, Regulations and Rules || Cross-Border Security-Based Swap Activities || The Securities and Exchange Commission has voted unanimously to propose rules and interpretive guidance for parties to cross-border security-based swap transactions. securities_new-statutes-regulations-and-rules 2013-05-28T23:49:23+00:00 http://www.lawupdates.com/summary/house_committee_passes_swaps_regulatory_improvement_act/ http://www.lawupdates.com/summary/house_committee_passes_swaps_regulatory_improvement_act/ New Proposed Legislation || Swaps Regulatory Improvement Act || The House Financial Services Committee has ordered to be reported by a vote to 53 to 6 the Swaps Regulatory Improvement Act, a legislation that will modify the “push-out” provision in the Dodd-Frank Act to ensure that federally insured financial institutions can continue to conduct risk-mitigation efforts for clients like… securities_new-proposed-legislation 2013-05-24T16:30:28+00:00 http://www.lawupdates.com/summary/house_passes_jobs_act_deadline_bil/ http://www.lawupdates.com/summary/house_passes_jobs_act_deadline_bil/ New Proposed Legislation || To Amend a Provision of the Securities Act of 1933 Directing the SEC to Add a Particular Class of Securities to Those Exempted || The House of Representatives has passed a bipartisan Financial Services Committee bill that sets a deadline for the Securities and Exchange Commission (SEC) to implement a key provision of the JOBS Act. securities_new-proposed-legislation 2013-05-22T19:17:43+00:00 http://www.lawupdates.com/summary/sec_finra_issue_investor_alert_on_pension_or_settlement_income_streams/ http://www.lawupdates.com/summary/sec_finra_issue_investor_alert_on_pension_or_settlement_income_streams/ New Releases/No Action Letters || Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them || The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) have issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. securities_new-releases-no-action-letters 2013-05-21T03:55:50+00:00 http://www.lawupdates.com/summary/house_committee_passes_bill_fast-tracking_exemptions_to_securities_registra/ http://www.lawupdates.com/summary/house_committee_passes_bill_fast-tracking_exemptions_to_securities_registra/ New Proposed Legislation || To Amend a Provision of the Securities Act of 1933 Directing the SEC to Add a Particular Class of Securities to Those Exempted || The House Committee on Financial Services has passed on voice vote a bipartisan bill providing the U.S. Securities and Exchange Commission (SEC) with an October 31st deadline to finalize Regulation A rules. securities_new-proposed-legislation 2013-05-16T18:01:40+00:00 http://www.lawupdates.com/summary/traders_charged_in_massive_kickback_scheme_involving_venezuelan_official/ http://www.lawupdates.com/summary/traders_charged_in_massive_kickback_scheme_involving_venezuelan_official/ New Releases/No Action Letters || SEC v. Tomas Alberto Clarke Bethancourt , et al. || The Securities and Exchange Commission has charged four individuals with ties to a New York City brokerage firm in a scheme involving millions of dollars in illicit bribes paid to a high-ranking Venezuelan finance official to secure the bond trading business of a state-owned Venezuelan bank. securities_new-releases-no-action-letters 2013-05-9T20:33:06+00:00 http://www.lawupdates.com/summary/sec_charges_gatekeepers_of_two_mutual_fund_trusts_for_inaccurate_disclosure/ http://www.lawupdates.com/summary/sec_charges_gatekeepers_of_two_mutual_fund_trusts_for_inaccurate_disclosure/ New Releases/No Action Letters || In the Matter of Northern Lights Fund Trust and the Northern Lights Variable Trust || The Securities and Exchange Commission has charged the gatekeepers of a pair of mutual fund trusts with causing untrue or misleading disclosures about the factors they considered when approving or renewing investment advisory contracts on behalf of shareholders. securities_new-releases-no-action-letters 2013-05-3T00:21:42+00:00 http://www.lawupdates.com/summary/sec_seeks_to_halt_scheme_raising_investor_funds_under_guise/ http://www.lawupdates.com/summary/sec_seeks_to_halt_scheme_raising_investor_funds_under_guise/ New Statutes, Regulations and Rules || SEC v. USA Real Estate Fund 1, Inc., et al. || The Securities and Exchange Commission has filed fraud charges against a Spokane Valley, Wash., company and its owner for misleading investors with claims to raise billions of investment capital under the Jumpstart Our Business Startups (JOBS) Act and invest it exclusively in American businesses. securities_new-statutes-regulations-and-rules 2013-04-26T22:55:56+00:00 http://www.lawupdates.com/summary/investors_to_receive_their_entire_investments_back_after_sec_halted_sche/ http://www.lawupdates.com/summary/investors_to_receive_their_entire_investments_back_after_sec_halted_sche/ New Releases/No Action Letters || SEC v. A Chicago Convention Center, LLC, et al. || The Securities and Exchange Commission has announced that investors in a fraudulent investment scheme that offered foreign investors a path to citizenship will get their money back promptly thanks to the SEC’s recent court action. securities_new-releases-no-action-letters 2013-04-25T22:26:57+00:00 http://www.lawupdates.com/summary/finra_fines_merrill_lynch_1_million_and_orders_restitution_of_more_than_320/ http://www.lawupdates.com/summary/finra_fines_merrill_lynch_1_million_and_orders_restitution_of_more_than_320/ New Releases/No Action Letters || In re Merrill Lynch, Pierce, Fenner & Smith Incorporated || The Financial Industry Regulatory Authority (FINRA) has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $1.05 million for failing to provide best execution in certain customer transactions involving non-convertible preferred securities executed on one of its proprietary order management systems (ML BondMarket), and for failing to have an adequate supervisory… securities_new-releases-no-action-letters 2013-04-24T18:18:05+00:00 http://www.lawupdates.com/summary/ralph_lauren_corporation_resolves_foreign_corrupt_practices_act_investigati/ http://www.lawupdates.com/summary/ralph_lauren_corporation_resolves_foreign_corrupt_practices_act_investigati/ New Statutes, Regulations and Rules || In re : FPCA Violations of Ralph Lauren Corporation || Ralph Lauren Corporation (RLC), a New York based apparel company, has agreed to pay an $882,000 penalty to resolve allegations that it violated the Foreign Corrupt Practices Act (FCPA) by bribing government officials in Argentina to obtain improper customs clearance of merchandise, according to Mythili Raman, the Acting Assistant Attorney… securities_new-statutes-regulations-and-rules 2013-04-23T17:45:17+00:00 http://www.lawupdates.com/summary/nfl_nba_players_among_58_investors_fraudulent_sales_of_promissory_note/ http://www.lawupdates.com/summary/nfl_nba_players_among_58_investors_fraudulent_sales_of_promissory_note/ New Releases/No Action Letters || FINRA Department of Enforcement v. Success Trade Securities, Inc. || The Financial Industry Regulatory Authority (FINRA) has filed a Temporary Cease-and-Desist Order (TCDO) to halt further fraudulent activities by Washington, D.C.-based Success Trade Securities, Inc. and its CEO & President, Fuad Ahmed, as well as the misuse of investors' funds and assets. securities_new-releases-no-action-letters 2013-04-22T18:22:57+00:00 http://www.lawupdates.com/summary/california-based_biotech_giant_amgen_to_pay_u.s._24.9_million_to_resolve_fa/ http://www.lawupdates.com/summary/california-based_biotech_giant_amgen_to_pay_u.s._24.9_million_to_resolve_fa/ New Releases/No Action Letters || U.S. v. Amgen, et al. || Amgen Inc., a California-based biotechnology company, has agreed to pay the United States $24.9 million to settle allegations that it violated the False Claims Act, the Justice Department announced today. Amgen develops, manufactures, and sells pharmaceutical products, including products sold under the trade name Aranesp. securities_new-releases-no-action-letters 2013-04-18T16:14:11+00:00 http://www.lawupdates.com/commentary/iamgen_inc._v._connecticut_retirement_plans_trust_fund_i_supreme_court/ http://www.lawupdates.com/commentary/iamgen_inc._v._connecticut_retirement_plans_trust_fund_i_supreme_court/ Expert Legal Commentary || By Josh Lawler || In a 6-3 decision, the Supreme Court recently held that plaintiffs alleging § 10(b) securities fraud do not need to prove the materiality of a defendant’s alleged fraudulent statements and omissions in order to receive class certification, settling a circuit split. In Amgen Inc. v. Connecticut Retirement Plans & Trust… securities 2013-04-17T21:23:09+00:00 http://www.lawupdates.com/summary/cftc_provides_no-action_relief_from_swap_data_reporting_requirements_to_swa/ http://www.lawupdates.com/summary/cftc_provides_no-action_relief_from_swap_data_reporting_requirements_to_swa/ New Releases/No Action Letters || Time-Limited No-Action Relief for Swap Counterparties that are not Swap Dealers or Major Swap Participants || The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) has issued a no-action letter providing swap counterparties that are not swap dealers or major swap participants (“non-SD/MSP counterparties”), with certain relief from the reporting requirements of the CFTC’s swap data reporting rules, which are set forth… securities_new-releases-no-action-letters 2013-04-16T21:22:51+00:00 http://www.lawupdates.com/summary/former_kpmg_partner_and_friend_charged_wit/ http://www.lawupdates.com/summary/former_kpmg_partner_and_friend_charged_wit/ New Statutes, Regulations and Rules || SEC v. Scott London, et al. || The Securities and Exchange Commission yesterday charged the former partner in charge of KPMG's Pacific Southwest audit practice and his friend with insider trading on nonpublic information about firm clients. securities_new-statutes-regulations-and-rules 2013-04-12T18:05:52+00:00 http://www.lawupdates.com/summary/sec_adopts_rules_to_help_protect_investors_from_ide/ http://www.lawupdates.com/summary/sec_adopts_rules_to_help_protect_investors_from_ide/ New Statutes, Regulations and Rules || Identity Theft Red Flags Rules || The Securities and Exchange Commission has voted unanimously to adopt rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agency to adopt programs to detect red flags and prevent identity theft. securities_new-statutes-regulations-and-rules 2013-04-11T19:56:36+00:00 http://www.lawupdates.com/commentary/igabelli_v._sec_i_unanimous_supreme_court_rejects_extending_statute_of_limi/ http://www.lawupdates.com/commentary/igabelli_v._sec_i_unanimous_supreme_court_rejects_extending_statute_of_limi/ Expert Legal Commentary || By Josh Lawler || The Supreme Court recently upheld the five-year statute of limitations for SEC enforcement actions. In Gabelli v. SEC, No. 11-1274, (U.S. Feb. 27, 2013), the Court unanimously rejected the use of the discovery rule, which would have started to run the statute of limitations once the SEC knew of, or… securities 2013-04-8T21:44:46+00:00 http://www.lawupdates.com/summary/finra_bars_florida_broker_for_unsuitable_recommendation/ http://www.lawupdates.com/summary/finra_bars_florida_broker_for_unsuitable_recommendation/ New Releases/No Action Letters || In re Jeffrey Brett Rubin, Respondent || The Financial Industry Regulatory Authority (FINRA) has barred broker Jeffrey Rubin of Lighthouse Point, Florida, from the securities industry for making unsuitable recommendations to his customer, an NFL player, to invest in illiquid, high-risk securities issued in connection with a now-bankrupt casino in Alabama. securities_new-releases-no-action-letters 2013-04-4T23:59:19+00:00 http://www.lawupdates.com/summary/sec_says_social_media_ok_for_company_announcements_if_i/ http://www.lawupdates.com/summary/sec_says_social_media_ok_for_company_announcements_if_i/ New Statutes, Regulations and Rules || Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: Netflix, Inc., and Reed Hastings || The Securities and Exchange Commission has issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to… securities_new-statutes-regulations-and-rules 2013-04-3T18:35:23+00:00