Analyst Disclosure Issue Would Snag Brokers New NASD Proposal will require more disclosures by retail brokers. The war on analysts is now threatening brokers. In proposing heightened disclosures from analysts, the NASDR has included retail brokers as well. The July proposal, NASD Notice to Members 01-45, broadens disclosure obligations for […]
Analysis
Web Aggregators Under Scrunity
Registration and Regulation Considered By John M. Baker, Esq. Web aggregation is among the most recent financial services developments. Web aggregators collect an individual’s financial account information from a variety of web sites and enable the individual to view and manage it all at a single site. Current estimates are […]
SEC Cautionary Advice on Accounting Policies
SEC Cautionary Advice on Accounting Policies New rules considered for more precise accounting policy disclosures. By John M. Baker, Esq. Dec. 12, 2001 – The Securities and Exchange Commission today issued cautionary advice on the selection and disclosure by public companies of critical accounting policies and practices. Release Nos. 33-8040, […]
SEC Approves All-Electronic Offering
Web based offering approved by Commission for First Time By John M. Baker, Esq. The Securities and Exchange Commission has for the first time approved an offering that is to be made only by means of the World Wide Web. In a rare action, the registration statement for The […]
Independent Director Rules for Mutual Funds
After much discussion and controversy, a decision. By John M. Baker, Esq. The Securities and Exchange Commission today announced that it has adopted its much-awaited rules on the role of independent directors of investment companies. Release Nos. 33-7932, 34-43786, IC-24816 (Jan. 2, 2001). As proposed, the salient provision of the […]
SEC Proposed New Rules for Independent Auditors
New Definitions and Rules to Measure Independence, New Restrictions By John M. Baker, Esq. On June 30, 2000 the SEC posted proposed rules that would substantially revise the independence standards for auditors. Release Nos. 33-7870, 34- 42994, 35-27193, IC-24549 (June 30, 2000). The proposal would modernize the rules for auditor […]
Variable Annuities Under Scrunity
SEC Notes Explosive Growth and Fee Issues, Shareholders Sue Over Fees By John M. Baker, Esq. Variable annuities typically do not get a great deal of attention from the SEC’s upper levels, but they were the subject of a speech by Investment Management Director Paul Roye before the National Association […]
Compliance officer wins attorneys fee award from SEC
Compliant not “substantially justified”, ALJ orders SEC to pay attorneys fees. By John M. Baker, Esq. A compliance officer recently had a major win against the SEC under the Equal Access to Justice Act, which provides for reimbursement of attorney fees in some cases when an administrative agency’s position […]
SEC Bulletin on Aftermarket Purchases, Tying Transactions
Tying aftermarket purchases to initial distributions is prohibited. By John M. Baker, Esq. SEC Bulletin on Aftermarket Purchases On August 25, 2000, the SEC’s Division of Market Regulation issued a legal bulletin stating that underwriters, broker-dealers, and other distribution participants are prohibited from soliciting or requiring their customers to […]
LAW REVIEW: Liar, Liar?
Form u-4 and form u-5 are two of the most oppressive and abused securities industry documents. recent changes were approved without a single comment from the industry. The SEC’s Bad Form By Mark J. Astarita, Esq. On July 5, 1996, the Securities and Exchange Commission (SEC) announced it had approved […]
