Items Tagged with 'United States securities law'


  • There Was a Surprise in the Dodd-Frank Act?

    Last week, various corners of the mediamonde asserted that the Dodd-Frank Act's repeal of Rule 436(g), under the Securities Act of 1933, caught Nationally Recognized Statistical Rating Organizations (NRSROs) like Standard and Poor's, Moody's Investors Service and Fitch Ratings by surprise.
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  • Proposed Legislation Calls for Broader SEC Authority

    As part of the Obama Administration's plans for sweeping financial regulation overhaul, the US Treasury Department announced today the delivery of proposed legislation that would beef up the Securities and Exchange Commission's (SEC) authority to protect investors. The legislation establishes standards for anyone who provides investment advice relating to the purchase of securities, improves the timing and quality of disclosures and requires greater accountability from securities professionals.
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  • FINRA Sanctions Three Brokers Over CMO Sales

    Long-time HW readers may recall an earlier brouhaha over failed Orange County, Calif.-based brokerage Brookstreet Securities Corp., and regulators' subsequent investigation into collateralized mortgage obligations, or CMOs; at the time, the Financial Industry Regulatory Authority said it was probing individual brokerages over suitability concerns tied to CMOs.
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  • New Century Faces Claims of Securities Fraud

    Potential liabilities continue to mount for troubled subprime mortgage banker New Century Financial Corporation today, after announcing last week that it had failed to properly account for the impact of loan repurchases. Housing Wire has learned that at least seven law firms in four different states are currently seeking to gain class action status for claims of securities fraud against New Century, as a result of the company's pending income restatements and resulting stock tumble. The financial implications of any pending class action suit are as of yet unclear, as none of the existing classes have been certified by the respective courts in which the motions were filed.
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