PLI Conference Panelists Discuss Auditing and Accounting Developments

Acting PCAOB Chair Daniel Goelzer was among the speakers at the Practising Law Institute’s securities regulation conference who addressed accounting developments of importance to the legal community. Goelzer advised that audit failures did not cause the financial crisis, nor could they have prevented the crisis. He suggested that issuers read the PCAOB’s report on auditing […]

Bank Earnings Boosted by Lower Loan Loss Provisions

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 23, 2010. Lower loan loss provisions helped the banking sector report its fifth consecutive quarter of year-over-year improvement in earnings, the Federal Deposit Insurance Corp. said Nov. 23, 2010. Quarterly provisions for loan losses stood at $34.9 billion in […]

Bogus Mortgage Relief Schemes Targeted by FTC

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 19, 2010. The Federal Trade Commission is moving to stop bogus mortgage relief providers from taking millions of dollars in fees from homeowners without providing services in return. The FTC issued the Mortgage Assistance Relief Services (MARS) Rule Nov. […]

John Doe Summons Against UBS Dropped; Disclosures Reported

By George L. Yaksick Jr., CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 18, 2010. The Internal Revenue Service has withdrawn its John Doe summons against Swiss banking giant UBS AG, apparently ending its long-running dispute over allegations of account holders using the bank to shield assets from U.S. taxation. […]

Oversight Panel Recommends New Bank Stress Tests

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 16, 2010. New stress tests should be conducted on major financial institutions and a sampling of smaller banks to gauge their ability to cope with a potential mortgage documentation-related crisis, the Congressional Oversight Panel recommends in its latest report. […]

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Fed to Take “Conservative” Approach to Bank Dividend Policy

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 12, 2010. The Federal Reserve will take a “conservative” approach to anticipated requests from banks with high capital levels that wish to increase or resume dividend payments, Fed Governor Daniel Tarullo said Nov. 12, 2010. Speaking in Washington D.C., […]

Supreme Court Urged to Hold that Investment Advisers Can Be Liable for Misstatements

By James Hamilton, J.D., LL.M., Principal Analyst, CCH Federal Securities Law Reporter; and CCH Derivatives Regulation Law Reporter; Co-author, Sarbanes-Oxley Manual: A Handbook for the Act and SEC Rules, Nov. 12, 2010. An investment adviser to a family of funds could be primarily liable for alleged misleading statements in the funds’ prospectuses, maintained a Securities […]

SEC Extends Compliance Date With Reg. SHO Rules 201 and 200(g)

The SEC has extended the compliance date for the amendments to Rules 201 and 200(g) of Regulation SHO to February 28, 2011 to give exchanges additional time to modify their procedures for conducting single-priced opening, reopening and closing transactions for covered securities that have triggered the circuit breaker under Rule 201 (Rel. No. 34-63247, November […]

SEC Proposes Rules on Proxy Voting, Executive Compensation and Golden Parachutes

The SEC is seeking comments by November 18 on rule proposals relating to proxy votes on executive compensation, shareholder approval of executive compensation and golden parachutes (Rel. Nos. 34-63123, 33-9153). The first proposal would require an institutional manager that is subject to 1934 Act Section 13(f) to report annually on how it voted proxies relating […]