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Posted Date: Tuesday, June 13, 2023
The U.S. Supreme Court issued a unanimous decision in Slack Technologies, LLC v. Pirani, holding that, under Section 11 of the Securities Act of 1933, plaintiffs must plead and prove that they purchased securities that were traceable to the registration statement that plaintiffs claim contained a material misstatement or omission.
Read on for more details. Read on »
Posted Date: Friday, January 13, 2023
The U.S. Supreme Court turned away four appeals from shareholders of Fannie Mae and Freddie Mac who claimed they were entitled to compensation after the U.S. Treasury Department collected more than $100 billion in profits from the two government-sponsored enterprises.
The rejection follows the 2021 Collins v. Yellen decision which denied other legal arguments attempting to invalidate the profit sweep.
Read on for more details. Read on »
Posted Date: Tuesday, August 23, 2022
A Coinbase shareholder has brought a shareholder derivative suit against the company for allegedly misleading shareholders and the public.
Read on for more details. Read on »
Posted Date: Friday, July 24, 2020
It took 10 years and one day, but the Commodity Futures Trading Commission (CFTC) has completed the rulemaking required of the agency by the Dodd-Frank Act.
A day after the 10th anniversary of the signing of the act into law, the CFTC finalized its rule regarding new capital and financial reporting requirements for swap dealers and major swap participants.
Read on for details of the rule and reaction from the CFTC commissioners on completing their statutory mission. Read on »
Posted Date: Tuesday, November 8, 2016
The New York-based company Forcerank, LLC recently agreed to pay a $50,000 penalty after the Securities and Exchange Commission found that its mobile phone app violated certain aspects of the Dodd-Frank Act.
Described as “fantasy sports for stocks,” the SEC said the app was in conflict with the Securities Act and the Securities Exchange Act.
Read on to learn more about how the company’s app violated Dodd-Frank. Read on »
Posted Date: Friday, August 12, 2016
A report from the Office of the Comptroller of the Currency shows that institutions under its supervision brought in less trading revenue than a year ago and overall credit risk from derivatives and trades increased from the fourth quarter of 2015. Read on for details from the report. Read on »
Posted Date: Tuesday, July 19, 2016
As unlikely as it might seem, 18 years after the repeal of the Glass-Steagall Act of 1933, the next president of the United States may make its reinstatement part of the financial services priorities for the next administration. The Republican Party announced it added the reinstatement of Glass-Steagall to its platform at the urging of presumptive nominee Donald Trump. Could the bill, which separates commercial banks from their investment banking business, be reinstated as soon as 2017? Read on for the details. Read on »
Posted Date: Friday, July 15, 2016
Banking entities have one year to conform with Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule, after the Federal Reserve Board issued the last of three annual extensions to compliance. Read on for the details to be sure your institution will be ready to comply. Read on »
Posted Date: Tuesday, July 12, 2016
New legislation from Democratic senators Elizabeth Warren and Mark Warner and Rep. Elijah Cummings would add oversight and regulations to the derivatives market. The trio said the Dodd-Frank Act’s work to strengthen oversight of the market needed help in part because of “Republican obstruction in Congress and weak rules from the Commodity Futures Trading Commission.” Read on for details of the proposal. Read on »
Posted Date: Friday, June 17, 2016
To provide clarity to swap counterparties and registered entities regarding their reporting obligations for cleared swap transactions, the Commodity Futures Trading Commission approved a final rule June 14 that amends existing swaps reporting regulations. The rule amends the definition of original swap and clearing swap, among other things. Read on to find out more about the rule CFTC Chairman Timothy Massad says will “significantly enhance data quality and reduce reporting costs.” Read on »
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