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SEC Director Hinman’s Ether comments wake up cryptocurrency markets and industry

The highlight of the Yahoo All Markets Summit: Crypto was the remarks by SEC Corporation Finance Director William Hinman where he stated, "Based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and s

bitcoin, ether not likely securities; tokens can morph from securities into non-securities

The SEC’s William Hinman, Director of the Division of Corporation Finance, in a wide-ranging speech to an audience at the Yahoo Finance All Markets Summit: Crypto, reprised themes from existing agency guidance that "economic substance" is key to determining w

New York high court shortens clock on AG’s Martin Act authority

The three-year limitations period governing certain statutory claims under New York law barred the attorney general’s securities enforcement action against Credit Suisse for fraud in the sale of residential mortgage-backed securities (RMBS). New York’s highest co

Merrill Lynch docked $15 million for deceptive RMBS pricing

Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to pay more than $15 million in disgorgement and penalties to settle charges that its employees misled customers into overpaying for residential mortgage backed securities (RMBS). The broker-dealer agreed to return $1

American Pipe tolling does not preserve subsequent class actions

The Supreme Court has ruled that American Pipe tolling does not allow a previously absent class member to bring a subsequent class action outside the limitations period. "The watchwords of American Pipe are efficiency and economy of litigation, a pri

3 of 4 town officials play ball with SEC to settle administrative charges

Three town officials from the town of Ramapo, New York, settled administrative charges brought by the SEC in connection with the roles each played in hiding the municipality’s financial troubles from bond investors involving a project to build a baseball stadium with a

New Board members ring in PCAOB advisory group meeting

The five new members of the PCAOB kicked off their first Standing Advisory Group (SAG) meeting with a discussion of the ongoing process of developing the Board’s strategic plan for 2019 as well as urging feedback and comments from SAG members on the Board’s prior

Clayton, Giancarlo make case for bigger budgets

SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo both cited U.S. market competitiveness and cybersecurity concerns in making their case for increasing their agencies’ budgets in FY 2019. In testimony before a subcommittee of the Senate Appropriations

SEC modernizes fund report delivery while seeking feedback on disclosure; separately proposes Volcker rule modifications

The SEC has adopted seriatim a new rule and related amendments to provide certain registered investment companies with an optional notice and access method by which to transmit shareholder reports to investors. Under new Investment Company Act Rule 30e-3, funds may satisfy t

Societe Generale to pay over $IB for bribing Libyan officials, manipulating LIBOR Rate

Global bank Societe Generale S.A. and a subsidiary have agreed to pay a combined $860 million penalty to resolve criminal charges pertaining to a scheme to bribe Libyan officials and violations arising from manipulation of the London InterBank Offered Rate (LIBOR). As part o

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