Merrill Lynch to Pay Over $8 Million for Improper Handling of ADRs

The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Incorporated will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs).

ADRs – U.S. securitie…

SEC Proposes Offering Reforms for Business Development Companies and Registered Closed-End Funds

The Securities and Exchange Commission today voted to propose rule amendments to implement certain provisions of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act.  

The proposal would i…

SEC Adopts Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure

The Securities and Exchange Commission today voted to adopt amendments to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies. These amendments are expected to benefit investors by eliminat…

Justin C. Jeffries Named Associate Regional Director for Enforcement in Atlanta Office

The Securities and Exchange Commission today announced that Justin C. Jeffries has been named the Associate Regional Director for enforcement in the Atlanta Regional Office.  

Mr. Jeffries succeeds Aaron Lipson, who left the agency in December 2018.  …

SEC Charges Registered Investment Adviser and Former Chief Operating Officer With Defrauding Client

The Securities and Exchange Commission today charged Talimco LLC, a registered investment adviser, and Grant Gardner Rogers, the former chief operating officer of the firm, with manipulating the auction of a commercial real estate asset on behalf of on…

SEC Staff to Hold Fintech Forum to Discuss Distributed Ledger Technology and Digital Assets

The Securities and Exchange Commission today announced that its staff will host a public forum focusing on distributed ledger technology (DLT) and digital assets on May 31, 2019.  The forum is being organized by the agency’s Strategic Hub for Innovatio…

SEC Charges Volkswagen, Former CEO With Defrauding Bond Investors During “Clean Diesel” Emissions Fraud

The Securities and Exchange Commission today charged Volkswagen AG, two of its subsidiaries, and its former CEO, Martin Winterkorn, for defrauding U.S. investors, raising billions of dollars through the corporate bond and fixed income markets while mak…

Jason J. Burt Named Associate Regional Director for Enforcement in SEC’s Denver Office

The Securities and Exchange Commission today announced that Jason J. Burt has been named the Associate Regional Director for enforcement in the SEC’s Denver Regional Office. Mr. Burt succeeds Kurt Gottschall, who became Regional Director of the SEC’s D…

Wedbush Settles Failure to Supervise Charge

The Securities and Exchange Commission announced today that Wedbush Securities Inc. will pay a $250,000 penalty and has agreed to be censured to settle its failure to supervise charge in a pending administrative proceeding. 

According to the SEC’s Mar…

SEC Announces March 28 Meeting of Investor Advisory Committee

The Securities and Exchange Commission today announced the agenda for the March 28 meeting of its Investor Advisory Committee. The meeting will begin at 9 a.m. ET in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C. and …

Fee Rate Advisory #2 for Fiscal Year 2019

The Securities and Exchange Commission today announced that starting on April 16, 2019, the fee rates applicable to most securities transactions will be set at $20.70 per million dollars.

Consequently, each SRO will continue to pay the Commission a ra…

SEC Charges Lumber Liquidators With Fraud

The Securities and Exchange Commission today announced charges against Lumber Liquidators Holdings Inc. for making fraudulent misstatements to investors.  The charges stem from Lumber Liquidators’ false public statements in response to media allegation…