SEC Names Mark D. Reinhold as Deputy Chief Human Capital Officer in the Office of Human Resources

The Securities and Exchange Commission today announced that Mark D. Reinhold has been named Deputy Director of the agency’s Office of Human Resources (OHR). Mr. Reinhold will help to manage programs and policies in areas such as leadership and employee…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from The Securities Law Home Page – SECLaw.com

Fee Rate Advisory #2 for Fiscal Year 2020

The Securities and Exchange Commission announced that starting on Feb. 18, 2020, the fee rates applicable to most securities transactions will be set at $22.10 per million dollars. Consequently, each SRO will continue to pay the Commission a rate of $20…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from The Securities Law Home Page – SECLaw.com

SEC Issues Agenda for Inaugural Meeting of the Asset Management Advisory Committee

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from The Securities Law Home Page – SECLaw.com

SEC Proposes Improvements to Governance of Market Data Plans

The Securities and Exchange Commission is seeking public comment on a proposed order to modernize the governance of National Market System (NMS) plans that produce public consolidated equity market data and disseminate trade and quote data from trading…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from The Securities Law Home Page – SECLaw.com

SEC Office of Compliance Inspections and Examinations Announces 2020 Examination Priorities

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today announced its 2020 examination priorities. OCIE publishes its examination priorities annually to enhance the transparency of its examination…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from The Securities Law Home Page – SECLaw.com

SEC Investor Advisory Committee to Hold Jan. 24 Telephone Meeting

The Securities and Exchange Commission’s Investor Advisory Committee (IAC) will meet telephonically on Jan. 24 at 11:30 a.m. Eastern time. The public is invited to listen to the meeting live using the dial-in details provided below. A recording of…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from The Securities Law Home Page – SECLaw.com

Indicting Corporate Officers?

A common criticism of our system of securities and banking regulation is that the regulators do not punish the executives at the large banks who create, or permit, the wrongful conduct. Of course, they will fine the same executives at a small bank, but executives at the large banks seem to get away unscathed.

Take for example Wells Fargo’s phony account scandal. In September 2016,Wells Fargo agreed to pay $185 million in fines in connection with the more than two million customer accounts that had been flagged as potentially unauthorized. Wells Fargo also disclosed that it was facing investigations by the Justice Department and the Securities Exchange Commission.

Then there was no significant news on the matter for three years. except for Wells Fargo bankers and brokers who continued to lose clients because of the bank’s scandals, and the firm’s difficulty in recruiting brokers to join the firm.

After hints during the last two years that indictments were in the making, On Wall Street  reported this week that “[m]ultiple former high-level Wells Fargo executives are under criminal investigation in connection with the bank’s fake-account scandal and could be indicted as soon as this month.”

Indictments of executives will depend on who knew what, and when they knew it. According to press reports, some executives have been forced to resign, but to our knowledge, none of lost their licenses or been indicted.

Yet.

from The Securities Law Home Page – SECLaw.com

Longfin CEO Settles Fraud Action

The Securities and Exchange Commission today announced that Longfin Corp. CEO Venkata S. Meenavalli has agreed to pay $400,000 in disgorgement and penalties to resolve the SEC’s fraud action against him.  The settlement, which remains subject to…

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

from The Securities Law Home Page – SECLaw.com