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Tag Archives: SEC

SEC official Elisse Walter chosen to lead agency

WASHINGTON — President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to head the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the ...

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High Court to decide on SEC lawsuit

WASHINGTON — The U.S. Supreme Court will decide how long the Securities and Exchange Commission can wait before suing fund executives for securities fraud. The high court on Tuesday agreed to hear an appeal from Gabelli Funds LLC executives Bruce ...

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SEC requires uniform system for US exchanges

WASHINGTON — U.S. stock exchanges and markets must establish a uniform system for tracking all orders and trades under a rule approved Wednesday. The Securities and Exchange Commission said the requirement is intended to make it easier for the government ...

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SEC reviews JPMorgan’s filings after $2B loss

WASHINGTON — Federal regulators are reviewing what JPMorgan Chase told investors about its finances and the risks it took weeks before suffering a multibillion-dollar trading loss. Mary Schapiro, chairman of the Securities and Exchange Commission, told the Senate Banking Committee ...

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Ruling ends confusion for securities attorneys

Local securities lawyers say a Second Circuit ruling defines for the first time the meaning of “domestic transaction” under a test laid out by the U.S. Supreme Court in its landmark 2010 decision, Morrison, et al. v. National Australia Bank ...

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SEC changes rule on advisory performance fees

The Securities and Exchange Commission announced a rule change last week that raises the net worth requirement of investors who pay advisory performance fees and excludes the value of a client’s home from that net worth consideration. Rule 205 of ...

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Facebook surrenders its privacy in IPO documents

SAN FRANCISCO — Facebook is baring its business soul. The unveiling came late Wednesday when the company that depends on people to share their lives online filed its plans to raise $5 billion in an initial public offering of stock. ...

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Record breaking years for EEOC, SEC

The Equal Employment Opportunity Commission and Securities and Exchange Commission both announced a record number of enforcement actions filed for the 2011 fiscal year, ending Sept 30. The SEC announced it filed 735 cases, the most in its history, and ...

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Judge challenges $285M Citigroup settlement

NEW YORK — A federal judge in New York is casting doubt on the fairness of a $285 million settlement that Citigroup reached with the Securities and Exchange Commission. Judge Jed Rakoff in Manhattan scheduled a Nov. 9 hearing on the deal announced earlier this month.

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SEC may recommend legal action against S&P

NEW YORK — The staff of the Securities and Exchange Commission is considering recommending civil legal action against the Standard & Poor’s debt ratings agency over its rating of a 2007 collateralized debt offering. Collateralized debt obligations ...

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Chinese-based firms on U.S. exchanges face fraud charges

After dozens of companies based in China went public in the United States over the past five years, regulators are uncovering fraud at some, cooling down what has become a hot sector of the stock market. Since March, more than 24 Chinese-based firms disclosed accounting problems or auditor resignations.

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