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Securities
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Securities Law Prof Blog
SEC Approves New NASD Arbitration Code for Customer Disputes
Today, after a long wait, the SEC approved the NASD's rewrite of the Code of Arbitration. A complete re-write of the Code to make it more user-friendly, there are now…
Securities Law Prof Blog
SEC Charges 13 with Aiding and Abetting Financial Fraud
SEC CHARGES THIRTEEN INDIVIDUALS WITH AIDING AND ABETTING FINANCIAL FRAUD AT U.S. FOODSERVICE:The Commission filed enforcement actions late last week against thirteen individuals alleging they aided and abetted a massive …
Securities Law Prof Blog
Subpeonas Issued in Online Gambling Probe
The NY Times reports that the government has issued subpoenas to four investment banks that had underwritten IPOS for online gambling sites, as part of its crackdown against online gambling.…
Securities Law Prof Blog
NASD Members Approve NYSE Merger
NASD members approved the proposed merger with the regulatory arm of NYSE by a vote of 2671-1440. NASD campaigned hard for the merger in the face of opposition by small…
Securities Law Prof Blog
New International ETFs Soon
WSJ reports that the SEC is accelerating the process to allow the American Stock Exchange and NYSE Group to introduce new ETFs that invest in international securities. See SEC Moves…
Securities Law Prof Blog
UBS to Open in China
UBS plans soon to become the first full-service brokerage firm owned by a foreignerin China, opening in Beijing. The stock markets in Beijing and Shenzhen are booming, and Chinese stock…
Securities Law Prof Blog
NASAA to Announce Pro-Investor Agenda
NASAA announced it would hold a news conference setting forth its Pro-Investor Agenda for the 110th Congress on Jan. 25. NASAA To Unveil Pro-Investor Legislative Agenda for 110th Congress As…
Securities Law Prof Blog
Percentage of Customers’ Wins in NASD Securities Arbitration Down Again
The 2005 statistics show that a customer "wins" (i.e., the customer recovers something) 43% of the time in NASD securities arbitration. This continues a downward trend since the 2001 high…
Securities Law Prof Blog
Another Court Finds No Private Cause of Action under SOX 304
A federal district court in the Northern District of Ohio agreed with other district courts that find no private cause of action under SOX 304, which requires the CEO and…
Securities Law Prof Blog
Ohio Appellate Court Decision on Jurisdiction, Preemption
For those interested in state securities law, the Ohio appellate court recently (12/26/06) issued an opinion dealing with a private offering, purportedly under SEC Rule 506, that used a website…