by Beth Connolly on June 20, 2012
America’s Insider-Trading Trials Have A Heavy Purpose [Reuters] Since Raj Rajaratnam was arrested in late 2009, federal agents have swept up more than 60 hedge fund employees, consultants, and corporate managers in the largest insider-trading crackdown in history. Most of those arrested are now in or on their way to prison for sentences generally measured in years.
FOREX Private Securities Transactions Earn Stockbroker Fine And Suspension [Forbes] For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority (“FINRA”), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Darin Bradley Whittington submitted a Letter of Acceptance, Waiver and Consent (“AWC”), which FINRA accepted.
Factbox: Japan Brings 5 Cases in Insider Trading Crackdown [Reuters] Japan’s Securities Exchange and Surveillance Commission (SESC) has sought penalties in five cases since March as part of a near two-year probe aimed at stamping out insider trading ahead of public share offerings.
Consumer Bureau Discloses Credit-Card Complaints [Reuters] Consumers shopping for a credit card can see for the first time, starting on Tuesday, how many complaints issuers have received before picking their plastic. The U.S. Consumer Financial Protection Bureau unveiled a complaint database on its web site in one of the agency’s more high-profile moves since it was created under the Dodd-Frank financial reform act.
Why Israel Could Be the Next Switzerland [YahooFinance] It looks like Israel is going to be the next Switzerland – at least as far as the Department of Justice’s investigation into offshore tax avoidance is concerned. On June 14, the Department of Justice unsealed an indictment against three American tax preparers for helping clients avoid taxes by moving money to Israel.
CFTC Moves to Brake High-Speed Traders [WSJ] U.S. regulators are about to take a big step toward reining in high-frequency trading: defining what it is. On Wednesday, a Commodity Futures Trading Commission subcommittee is expected to propose a roughly 60-word definition of high-frequency trading that would define it broadly, a bad sign for traders who had hoped for narrower language.
SEC’s Plaze Defends Need for Money-Market Fund Reforms [AdvisorOne] As the Senate Banking Committee gears up to grill Securities and Exchange Commission Chairwoman Mary Schapiro on Thursday on the agency’s controversial proposed reforms to money-market funds, Robert Plaze, deputy director of the SEC’s Division of Investment Management, defended on Tuesday the need to move ahead with a money-market fund revamp.
Dimon Says Global Reach by Dodd-Frank May Aid Competitors [BusinessWeek] Congress and U.S. regulators should limit the international reach of Dodd-Frank Act swaps regulations, JPMorgan Chase & Co. (JPM) (JPM) Chief Executive Officer Jamie Dimon said as he testified about at least $2 billion in losses on trades conducted by his bank in London.
In Britain, a Plan to Give Shareholders More Say on Pay [DealBook] Britain will make shareholder votes on executive pay binding next year as part of a set of measures announced by the government on Wednesday to rein in excessive remuneration.
EU Lawmakers Seek To Scrap Credit-Ratings Rotation Plan [Bloomberg] European Union lawmakers voted to scrap most of a proposal to force businesses to rotate the credit-ratings company they hire to assess their debt, while backing tighter restrictions on sovereign-debt ratings.