Husband of a Merrill Lynch Canada employee tipped information to two others who made trades based on it
The U.S. Securities and Exchange Commission is the latest securities regulator to announce the creation of an investor advisory committee to give investors a greater voice in regulation.SEC chairman Mary Schapiro announced Wednesday the formation of the committee, and commissioner Luis Aguilar will serve as the primary sponsor of the committee. It will be charged […]
The U.S. Securities and Exchange Commission announced finalized settlements with RBC Capital Markets, Bank of America, and Deutsche Bank, to resolve charges that they misled investors regarding the liquidity risks associated with auction rate securities that they underwrote, marketed, or sold.The SEC announced preliminary settlements with RBC and Bank of America last October 8. Wednesday’s […]
U.S. securities regulators have charged several brokers with fraud for selling collateralized mortgage obligations (CMOs) as securities suitable for risk-averse investors.The U.S. Securities and Exchange Commission filed a complaint in federal district court in West Palm Beach, Fla., alleging that 10 brokers who worked for now-defunct Brookstreet Securities Corp. did not clearly define the risks […]
The U.S. Securities and Exchange Commission announced Friday that it is taking steps to guard against inappropriate trading by its employees.New internal rules governing securities transactions for all SEC employees will require preclearance of all trades, and will prohibit staff trading in the securities of companies under investigation regardless of whether the employee has personal […]
Propose amendments would facilitate rights of shareholders to nominate directors
The U.S. Securities and Exchange Commission is proposing rule amendments to beef up oversight of investment advisors that retain custody of client assets.The SEC is seeking public comment on proposed rules, which are intended to ensure that investment advisors who have custody of clients’ assets are handling those assets properly. Among other things, the SEC […]
Among other things, the GAO recommends that SEC’s new office of collections and distributions adopt a new structure
Company reviewing regulator's complaint
The U.S. Securities and Exchange Commission has a former Citigroup investment banker for allegedly tipping his brother about upcoming merger deals, the SEC said Thursday.The SEC alleges that a former director in Citigroup Global Markets’ investment banking division in New York, repeatedly told his brother about upcoming deals involving Citigroup’s health care industry clients. It […]