The Securities and Exchange Commission today charged registered investment adviser Global Infrastructure Management, LLC for failing to properly offset management fees and for making misleading statements about the fees and expenses it charged. Global… Read the Full Press Release Have a securities law question? Call New York Securities Lawyers at […]
Other News
SEC Proposes Amendments Regarding Rule 10b5-1 Insider Trading Plans and Related Disclosures
Rule 10b5-1 formalizes a defense that has always been available to the corporate insider accused of trading on inside information – I ordered the sale of the stock before I knew of any such information, and therefore I could not have traded on the information. Of course, the Rule, and […]
SEC Proposes New Share Repurchase Disclosure Rules
The Securities and Exchange Commission today proposed amendments to its rules regarding disclosure about an issuer’s repurchases of its equity securities, often referred to as buybacks. “Share buybacks have become a significant component of how public… Read the Full Press Release Have a securities law question? Call New York Securities […]
James E. Grimes Named Chief ALJ at SEC
We are certain that Judge Grimes will be an excellent Chief ALJ, but we found it interesting, given the fact that the SEC ALJs rule in favor of the SEC in almost all of their cases that the SEC thought that including the word “impartial” in the title “SEC impartial Office […]
JPMorgan Admits to Widespread Record-Keeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges
The SEC announced charges against J.P. Morgan Securities LLC (JPMS), a broker-dealer subsidiary of JPMorgan Chase & Co., for widespread and longstanding failures by the firm and its employees to maintain and preserve written communications. JPMS admitted the facts set forth in the SEC’s order and acknowledged that its conduct […]
SEC Proposes Amendments to Money Market Fund Rules
The Securities and Exchange Commission today voted to propose amendments to certain rules that govern money market funds under the Investment Company Act of 1940. In March 2020, growing economic concerns about the impact of the COVID-19 pandemic led… Read the Full Press Release Have a securities law question? Call […]
SEC Proposes Rules to Prevent Fraud in Connection With Security-Based Swaps Transactions, to Prevent Undue Influence over CCOs and to Require Reporting of Large Security-Based Swap Positions
The Securities and Exchange Commission voted to propose rules to prevent fraud, manipulation and deception in connection with security-based swaps, to prevent undue influence over the chief compliance officer (CCO) of security-based swap dealers and major security-based swap participants (SBS Entities), and to require any person with a large security-based […]
SEC Approves 2022 PCAOB Budget and Accounting Support Fee
The Securities and Exchange Commission today voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. “Finance is about trust, and the PCAOB has a critical role to play in… Read the Full Press Release Have a securities law […]
Wedbush Securities Charged with Unregistered Sales of Microcap Securities and Failing to Report Suspicious Transactions
The Securities and Exchange Commission announced today that Wedbush Securities Inc., a California-based broker-dealer, has agreed to pay more than $1.2 million to settle charges arising from the unlawful unregistered distribution of nearly 100 million shares of more than 50 different low-priced microcap companies, and from Wedbush’s failure to file […]
Wells Fargo Gets Fined…Again
What happened to Wells Fargo? Fine after fine. Our colleagues from Wachovia who are still there must be shaking their heads. This fine is for the same violation that Wells Fargo was fined for in 2016. FINRA Fines Wells Fargo $2.25M Over Handling of Client Data
