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Group of 30 Issues Sweeping Report on Financial Reform
January 26, 2009
On January 15, the Group of Thirty (G30), a private, nonprofit, international body made up of senior representatives of the private and public sectors and academia, released a report entitled Financial Reform: A Framework for Financial Stability. The stated purpose of… read more
First Circuit Finds Liability for Implied Statements
January 22, 2009
An article by Gibson Dunn's Mark Schonfeld, former SEC Director of the New York region, examines a novel First Circuit decision (December 2, 2008) holding that a fund's distributor could be held to violate the Securities Act (Section 10(b) and Rule 10b-5) for… read more
Settlement Fails Emperil U.S. Treasury Market
January 09, 2009
The unprecedented decline in short-term interest rates since November has had a drastic effect on the U.S. Treasury market. Reacting to this situation, the Treasury Market Practices Group (TMPG) has announced new market practices aimed at addressing settlement fails in Treasury securities, and enhancing liquidity… read more
Inspector General to Ask SEC Some Tough Questions
January 07, 2009
On January 5, the SEC's Inspector General, H. David Kotz, testified before the House Committee on Financial Services regarding the Office of the Inspector General's (OIG's) activities and plans to investigate the SEC's handling of matters related to Bernard Madoff and affiliated entities. The… read more
Fed Authorizes Bank Purchase of Assets from Affiliated Money Market Fund
January 02, 2009
The Federal Reserve Bank recently published a letter granting an exemption from Section 23A of the Federal Reserve Act and Regulation W to allow a bank to purchase specified assets from affiliated money market mutual funds. In the letter, the Fed stated that it granted… read more