Two years ago, the United States Supreme Court stated in an opinion that the five-year statute of limitations for the SEC to seek civil monetary sanctions began from the date
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Securities Legislation
REVERSE TRIANGULAR MERGERS ARE NOT ASSIGNMENTS
By Fox Rothschild on
A reverse triangular merger was not an assignment by operation of law. See Meso Scale Diagnostics LLC v. Roche Diagostics GMBH, Del. Ch., C.A. No. 5589-VCP, 2/22/13, http://www.bloomberglaw.com/public/document/CONF_ORD_Meso_Scale_Diagnostics_LLC_vs_Roche_Diagnostics_GmbH_Do.
The court…
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If Your Client Does Not Understand Your Recommendation, You Need To Do More
By Joshua Horn on
The SEC recently completed the Dodd-Frank mandated study on financial literacy for retail investors and it revealed, not shockingly, an absence of basic financial literacy. The study also found that…
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Recent Legislative Initiatives. . . Yes, We Have Reached the Silly Season
By Fox Rothschild on
Despite the fact people are still unemployed, the drought rages and farmers suffer, and the deficit continues to grow, Congress seems to float absurd legislation across the partisan divide to…
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Broker Routing Decisions; Are There Conflicts Of Interest
By Joshua Horn on
As a result of conclusions from a recent study by Woodbine Associates, Senator Charles Schumer wrote to SEC Chairman Schapiro requesting that the SEC take action to ensure that brokerages…
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PRIVATE GROUP SEEKS TO BAN ACCOUNTS FROM DUAL REGISTRANTS
By Fox Rothschild on
Recently, an investor advocacy group petitioned the SEC to prohibit brokerage firms, who offer wraparound accounts, to also provide investment advice through both a duly registered BD and investment adviser. …
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IS IT POSSIBLE TO FIND CAPITAL FORMATION SUCCESS OVERSEAS?
By Fox Rothschild on
In its never ending quest to find suitable ways to address capital formation issues in the United States, the SEC’s Division of Corporation Finance is looking to see if foreign jurisdictions…
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A Bill Is Pending That Backs An SRO for RIAs, Which May Be FINRA.
By Joshua Horn on
Congressman Bachus (R-Ala.) introduced a bill that would shift the oversight of registered investment advisers from the SEC to a self-regulatory organization that would report to the SEC. This development…
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The SEC Is To Employ Cost-Benefit Analysis For Its Rule-Making
By Joshua Horn on
According to an internal SEC guidance report, the SEC is taking to heart the criticism that it does not employ enough of an economic analysis in its rule-making process. The…
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Could the Department of Labor’s Fiduciary Duty Standard Be the Next To Go?
By Joshua Horn on
The Department of Labor has a rule pending that would impose a fiduciary duty standard for investment advice pertaining to retirement plans. Like the resistance faced by the SEC in…
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