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ANALYSIS: U.S. Securities And Exchange Commission Guidance On Disclosure Obligations Relating To Cybersecurity Risks And Cyber Incidents

The Staff of the SEC’s Division of Corporation Finance October 13, 2011, issued written guidance (CF Disclosure Guidance: Topic No. 2) setting forth the views of the Staff regarding disclosure obligations in respect of cybersecurity risks and cyber incidents…

U.S. Court Imposes Record $92.8 Million Fine for Insider Trading on Rajaratnam

Billionaire hedge fund manager Raj Rajaratnam, recently handed a record 11-year prison term for masterminding a massive insider trading scheme, was ordered by the U.S. District Court to pay a record monetary penalty of $92,805,705 in the SEC’s related enforcement action…

MF Global Bankruptcy May Illustrate Need For Volcker Rule Reform, Practitioners Say

Supporters of a landmark financial regulatory law currently being implemented may point to the Oct. 31 bankruptcy filing of MF Global Holdings Ltd. as evidence of the need for statutory and regulatory changes that are included in the legislation, sources told BNA…

BNA INSIGHTS: Claims of Excessive Risk Taking by Bank Directors and Officers Are in the Eye of the Beholder

This is the second of a two-part series analyzing the historical context beneath the Federal Deposit Insurance Corporation’s lawsuits against directors and officers (D’s & O’s) of banks that have failed since 2008. Part I examined statutory and common law standards of liability as they have developed since the S&L crisis of the 1980s and 1990s (97 BBR 762, 11/1/11). Part II examines the nature of claims asserted by regulators against D’s & O’s of institutions that failed during that prior crisis, the issues of standard of liability for D’s & O’s, whether the business judgment rule applies, what conduct the FDIC seeks to use as a basis for liability in the 15 lawsuits it has filed since 2008, and what the litigation might portend for D’s & O’s of banks that have thus far made it through the most turbulent financial crisis since the Great Depression.

BNA INSIGHTS: CFTC’s New Whistleblower Office Opens for Business

On October 24, 2011, the Commodity and Futures Trading Commission’s (CFTC) whistleblower rules became effective and its Whistleblower Office opened for business…

SEC Adopts Scaled-Back Hedge, Private Fund Adviser Risk Reporting Rule

The Securities and Exchange Commission Oct. 26 unanimously adopted a rule that will require hedge and other private fund advisers to report information—scaled to the size and types of funds—that will be used by the Financial Stability Oversight Council to assess systemic risk…

BNA INSIGHTS: The SEC Adopts a Large Trader Reporting System: New Rule 13h-1

On July 27, 2011, the SEC (or “Commission”) adopted Rule 13h-1 and Form 13H under the Securities Exchange Act of 1934 (“Exchange Act”), which requires persons who are deemed to be large traders to register with, and to provide certain information about themselves and their affiliates to, the Commission…

BNA INSIGHTS: FDIC Lawsuits Against Former Directors and Officers of Banks That Have Failed Since 2008: Is This Déjà Vu All Over Again?

Since the recession of 1980-81, each round of failures of federally-insured depository institutions has brought with it a tidal wave of post-failure investigations and civil actions by the FDIC, criminal investigations and prosecutions by the DoJ, and administrative enforcement proceedings by the federal banking agencies to recover the resulting losses suffered by the government due to defaulted loans, devalued securities, borrower fraud and conflicts of interest and other insider abuses…

SEC, Banking Regulators Propose Rule To Ban Proprietary Trading By Banks

Federal banking regulators Oct. 11 issued a controversial and long-awaited proposalto bar, with certain exemptions, banking entities from engaging in proprietary trading, and to limit their investment and sponsorship of hedge and private equity funds…

Hedge Fund Manager Rajaratnam Receives Record 11-Year Sentence On Insider Trading Charges

Former Galleon Management LLC principal Raj Rajaratnam was sentenced Oct. 13 in the U.S. District Court for the Southern District of New York to 11 years in prison—the lengthiest term ever imposed on an individual for insider trading violations…

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