On 14 June 2010, the European Commission published a consultation document on the options for dealing with short selling. We have reported previously on the CESR report on short selling published in March 2010 (click here for our post).
Subprime/Credit Crisis Developments
Europe: Committee of European Securities Regulators Publishes Model Short Selling Disclosure Regime
We have reported previously on the UK Financial Services Authority (FSA)’s short selling disclosure rules, most recently as consultation on its implementation of the UK’s Financial Services Act 2010 (click here to read our post). In that consultation, the FSA noted that the Committee of European Securities Regulators (CESR) was consulting on a Pan-European regime. …
UK: Financial Services Act 2010
By Troutman Pepper Locke on
The Financial Services Act 2010 (the Act) received Royal Assent on 8 April 2010. The Act amends the Financial Services and Markets Act 2000 to address a number of issues that are perceived to have contributed to the financial services crisis …
EU: European Commission Pushes Ahead with Stronger Financial Supervision in Europe
By Troutman Pepper Locke on
The European Commission announced on 23 September 2009 the adoption of legislative proposals to strengthen financial supervision in Europe in the wake of the global financial crisis.
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White House Proposes SEC Registration and Oversight of Private Equity, Venture Capital and Hedge Fund Advisors
By Troutman Pepper Locke on
The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC). The proposed legislation marks the most extensive effort to date to register and oversee the private equity, venture capital and hedge fund markets.
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Beazer Homes Enters Deferred Prosecution Agreement Regarding its Subprime Mortgage Origination Practices
By Troutman Pepper Locke on
On July 1, 2009, the Department of Justice announced that it had entered into a deferred prosecution agreement with homebuilder Beazer Homes USA (“Beazer’) in connection with its alleged mortgage and accounting fraud.
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UK: FSA Extends Short Selling Disclosure Requirements
By Troutman Pepper Locke on
We have previously reported on the UK Financial Services Authority’s (FSA) temporary ban on the short selling of stocks in the UK financial sector (which has now expired) and the ongoing disclosure requirements in relation to new and existing short positions.
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ARS Suit by Valvoline Maker Alleges Morgan Stanley Fraudulently Misrepresented Securities
By Troutman Pepper Locke on
On June 11, 2009, Ashland Inc., the maker of Valvoline Motor Oil, filed a complaint against Morgan Stanley in the U.S. District Court for the Southern District of New York, based upon Morgan Stanley’s alleged sale of Auction Rate Securities (“ARS”) to Ashland. …
UK: Trade Credit Insurance Top-Up Scheme Backdated to 1 October 2008
By Troutman Pepper Locke on
We recently blogged on the Chancellor of the Exchequer’s trade credit insurance top-up scheme (the Scheme) announced in the 2009 Budget (see our previous blog on the terms of the Scheme by clicking here). …
SEC Charges Former Countrywide Executives with Securities Fraud
By Troutman Pepper Locke on
On June 4, 2009, the SEC filed a complaint against several former Countrywide executives alleging securities fraud. In its complaint, the SEC alleges that former Countrywide CEO Angelo Mozilo, former COO and president David Sambol and former CFO Eric Sieracki violated Section 10(b) of the Securities Exchange Act by deliberately misleading investors about the significant credit risks being taken by Countrywide in its efforts to maintain and increase the company’s market share.
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