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Category Archives: Securities Law

SEC Issues Annual Staff Reports on Credit Rating Agencies

“The Securities and Exchange Commission issued its two annual staff reports [December 28, 2015] on credit rating agencies registered as nationally recognized statistical rating organizations (NRSROs).  The reports show that NRSROs have made operational improvements and have enhanced process accountability, controls and governance, and that smaller NRSROs have made competitive inroads in certain rating categories…The… Continue Reading

Paper – SEC Enforcement Actions Against Broker-Dealers

Posted by Jon Eisenberg, K&L Gates LLP, December 26, 2015 – Harvard Law School Forum on Corporate Governance and Financial Regulation: “In its 2015 Financial Report, the SEC repeated its view that one of the two principal purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934 is to ensure that… Continue Reading

Corporate Governance Study 2015

“Over the past decade, the stability of the corporate world has been tested by accounting scandals and the 2008 financial crisis, among other things. These events eroded relations between boards and shareholders, and stressed the need for high corporate governance standards to restore trust. Among shareholders today, corporate governance is considered an integral part of… Continue Reading

GAO Reports – DOD Manufacturing Arsenals, InfoSec, Military Recruiting, SEC Conflict Minerals Program, Wildland Fire Management

DOD Manufacturing Arsenals: Actions Needed to Identify and Sustain Critical Capabilities, GAO-16-86: Published: Nov 17, 2015. Publicly Released: Nov 17, 2015. Information Security: Department of Education and Other Federal Agencies Need to Better Implement Controls, GAO-16-228T: Published: Nov 17, 2015. Publicly Released: Nov 17, 2015. Information Security: Federal Agencies Need to Better Protect Sensitive Data,… Continue Reading

An Exploratory Study of Financial Reporting Structures: A Graph Similarity Approach Using XBRL

Yang, Steve Y. and Liu, Fang-Chun and Zhu, Xiaodi, An Exploratory Study of Financial Reporting Structures: A Graph Similarity Approach Using XBRL (September 8, 2015). Available for download at SSRN: http://ssrn.com/abstract=2687275 “Financial reporting information is crucial to both investors and regulators for their decision-making purposes as it reveals corporate financial position and performance over a… Continue Reading

Law on the Market? Evaluating the Securities Market Impact of Supreme Court Decisions

Katz, Daniel Martin and Bommarito, Michael James and Soellinger, Tyler and Chen, James Ming, Law on the Market? Evaluating the Securities Market Impact of Supreme Court Decisions (August 24, 2015). Available for download at SSRN: http://ssrn.com/abstract=2649726 or http://dx.doi.org/10.2139/ssrn.2649726  “Do judicial decisions affect the securities markets in discernible and perhaps predictable ways? In other words, is… Continue Reading

SEC Interpretation of “Whistleblower” Definition

SEC Interpretation of “Whistleblower” Definition Posted by Nicholas S. Goldin, Simpson Thacher & Bartlett LLP, on Sunday, October 4, 2015. “On August 4, 2015, the Securities and Exchange Commission (“SEC”) issued an interpretive release to clarify its reading of the whistleblower rules it promulgated in 2011 under Section 21F of the Securities Exchange Act of… Continue Reading

New SEC Rulemaking Database

SEC news release Sept. 24, 2015: “Strong regulations are central to the Commission’s mission.  For more than 80 years, we have used rulemaking to establish a comprehensive framework for our securities markets that protects investors, enhances market integrity, and promotes capital formation.  The rulemaking process is the means through which the Commission responds to the… Continue Reading

GAO Report – SEC Conflict Minerals Rule

SEC Conflict Minerals Rule: Initial Disclosures Indicate Most Companies Were Unable to Determine the Source of Their Conflict Minerals. GAO-15-561: Published: Aug 18, 2015. Publicly Released: Aug 18, 2015. “According to a generalizable sample GAO reviewed, company disclosures filed with the Securities and Exchange Commission (SEC) for the first time in 2014 in response to… Continue Reading

GAO Reports – SEC Conflict Minerals Rule, Unmanned Aerial Systems, U.S. Savings Bonds

SEC Conflict Minerals Rule: Initial Disclosures Indicate Most Companies Were Unable to Determine the Source of Their Conflict Minerals, GAO-15-561: Published: Aug 18, 2015. Publicly Released: Aug 18, 2015. Unmanned Aerial Systems: FAA Continues Progress toward Integration into the National Airspace, GAO-15-610: Published: Jul 16, 2015. Publicly Released: Aug 17, 2015. U.S. Savings Bonds: Future… Continue Reading

Google Maps Streetview Player

Excellent work by Brian Folts – “The google maps streetview player will take in either a starting point and end point, or a provided file of a route and provide a playthrough of the google streetview images that are available.” Users may choose from a list of languages to enter origin and destination. Continue Reading

SEC and CFTC Turn to Swaps and Security-Based Swaps Enforcement

Harvard Law School Forum on Corporate Governance and Financial Regulation – July 5, 2015 – Annette L. Nazareth, Davis Polk & Wardwell:  “The week of June 15, 2015 saw two of the first publicly announced enforcement actions brought by the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) to enforce security-based swap… Continue Reading