One of the outstanding issues relating to the Dodd-Frank Act was the SEC’s use of statutory power to regulate conduct that occurred prior to its enactment in July 2010.
The United States Court of Appeals for the District of Columbia recently decided that the SEC did not have the power to impose collateral bars on
According to Bloomberg, Trump plans to order a review of Dodd-Frank, with an eye to significantly scale back the regulations. Trump also plans to do away with the “fiduciary rule”, which requires retirement account advisers to perform in the best interests of their clients.
This confirms Trump’s goal to loosen regulations in the financial
According to Fortune, outgoing Securities and Exchange Commission Chair Mary Jo White is refusing to delay adoption of new rules and regulations. Senate Republicans–in particular the Senate Banking Committee’s top two Republicans, Chairman Richard Shelby and Mike Crapo–requested White delay adopting new rules until after Trump takes office. However, as reported by Reuters,
Now that the election is over, it remains to be seen whether a Trump administration will do away with Dodd-Frank and dump the Department of Labor fiduciary duty rule as promised. Come inauguration, all bets are off. The one thing for certain is that the world for securities professionals will surely be changing come January.
The Securities and Exchange Commission released its 2015 Annual Report on its Whistleblower Program this week and announced another rise in the number of whistleblower tips that it received. The SEC reported receiving 3,923 tips during its 2015 Fiscal Year, which is up from 3,620 in 2014 (as we previously reported), and up over
As we predicted last month, the Securities and Exchange Commission adopted a final rule that requires a public company to disclose the ratio of the compensation of its CEO to the median compensation of its employees. This measure was mandated under Dodd-Frank (section 953(b)), but the SEC maintains that its rule “provides companies with
According to Andrew Ackerman and Joann Lublin of the Wall Street Journal, the Securities and Exchange Commission is “poised to complete a rule requiring companies to disclose the pay gap between chief executives and employees”. Under the proposed rule, companies would be forced to disclose median worker pay as compared to their CEO compensation.
The number of whistleblower tips to the Securities and Exchange Commission (SEC) continues to rise, according to the SEC’s 2014 Annual Report to Congress on the Dodd-Frank Whistleblower Program. In the November 17, 2014 report, Sean X. McKessy, Chief, Office of the Whistleblower, notes that his office received 3,620 whistleblower tips in Fiscal Year
In what is sure to add more “fuel to the fire,” it was recently reported that the SEC has won every case brought in its administrative courts over the last year. The SEC has not been so successful with its federal court cases, winning 61% of those cases over that same period.
Of course, regular
Although it has been many years since Yogi Berra uttered this famous line, it seems like he must have been thinking about the debate regarding the adoption of a uniform fiduciary duty standard. All kidding aside, one SEC commissioner recently expressed his doubts regarding the SEC proposing such a rule for those who give retail