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…

SEC, CFTC Propose Definitions of Swaps Terms, Removal of Credit Ratings in Broker Rules

The Securities and Exchange Commission unanimously voted jointly to propose with the Commodity Futures Trading Commission a series of rules and interpretive guidance to define the terms “swaps,” “security-based swaps,” and “security-based swap agreements.”…

BNA INSIGHTS: Social Media and the Federal Securities Laws

Social media has become a key component of corporate communications strategies. These internet sites allow for the creation and exchange of user generated content, and encompass a vast array of social networks, blogs, microblogs, photo and video sharing sites, news aggregation sites and reference sites…

Sarbanes-Oxley Whistleblower Protections Extend to Reporting of Client’s Violations, Court Rules

The Sarbanes-Oxley Act’s whistleblower protections are applicable to the reporting by a former J.P. Morgan Chase & Co. (JPM) vice president of possible securities law violations by a long time client, the…

OUTLOOK 2011: Republicans to Side-Step Dodd-Frank Repeal, Will Seek to Influence SEC Rulemaking

While some Republicans in the 112th Congress are unhappy with the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, it is highly unlikely that any effort will be made to repeal the law in its entirety.

Instead, the 112th Congress is shaping up as one in…

FINRA Announces Plan to Expand Regulatory Oversight for Private Placements

The Financial Industry Regulatory Authority, as part of its enforcement focus on misconduct in the sale of private placements, Dec. 17 said it plans to propose rule amendments to extend its

Regulators Attribute May 6 Flash Crash to One Large Trader’s Rapid Sell Program

In a final report published Oct. 1, the Securities and Exchange Commission and the Commodity Futures Trading…

BNA INSIGHTS: Unnecessary Burdens and Costs Raise Concerns for SEC’s Large Trader Reporting System

The U.S. Securities and Exchange Commission (“Commission” or “SEC”) has proposed a new rule that would establish a system for registered broker-dealers to electronically report on a confidential basis the trading activity in national market system (“NMS”) securities of large market participants upon request from the Commission.

Bankruptcy Court Enlists U.K. Help to Force Production of Madoff Records

The U.S. Bankruptcy Court for the Southern District of New York Aug. 17 asked a British court to order HSBC Holdings plc and HSBC Bank plc, two U.K. financial institutions, to produce records of administrative, custodial, and other services they provided to feeder funds with accounts at Bernard Madoff’s broker-dealer

Feeder Fund Sues for Repayment of Millions of Dollars in Redemptions

A feeder fund that entrusted almost all of its investors’ money to convicted fraudster Bernard Madoff Aug. 16 sued 17 of its shareholders seeking repayment of redemptions it processed based…

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