“The Libor bid-rigging scandal is poised to more than double the losses suffered by U.S. states and localities that bought $500 billion in interest-rate swaps before the financial crisis,” according to Bloomberg News (Oct. 9). “Manipulation of the London interbank offered rate cost issuers in
In a telephone press conference co-hosted by Americans for Financial Reform, investor advocates and the president of a state securities regulators’ group sharply criticized the SEC’s proposed rule to permit the mass marketing of private stock offerings. The four speakers were united in asking the
In a press-teleconference this afternoon, Arkansas State Securities Commissioner Heath Abshure, who is also president of the North American Securities Administrators Association, joined three investor advocates in sharply criticizing the Securities and Exchange Commission’s first JOBS Act rulemaking – one that allows the mass marketing
In a major victory for investors, SEC Chairman confirmed earlier today that the Commission was changing course and would follow the traditional rulemaking procedures – proposing a rule and offering an opportunity for public comment – before lifting the solicitation ban.
The JOBS Act rulemaking on the SEC’s schedule Aug. 22 raises a variety of complex issues that demand a full and transparent rulemaking process. The rushed approach to rulemaking reportedly contemplated by the agency would not allow for full consideration of these issues, and would therefore put investors at risk.
AFR issued a press statement urging the SEC to abandone its rushed JOBS Act Rulemaking, which could put investors at risk.
With the SEC poised to adopt its first major rule under the controversial JOBS Act next week, former regulators, securities law experts, and advocates for investors, workers, and older Americans have called on SEC Chairman Mary Schapiro not to move forward with rulemaking without first carefully examining the potential harm to investors, developing a regulatory approach designed to minimize those harms, and putting its regulatory proposal out for public comment. At its August 22 meeting, the SEC is reportedly considering lifting the ban on general solicitation and marketing in private offerings through an interim or temporary rule, a move that advocates say would be a clear violation of the letter and the spirit of the Administrative Procedures Act.
Click here to view this week’s highlights and lowlights in Wall Street Reform – March 24, 2012 – March, 30, 2012. Please note: Compiling and distributing ‘This Week in Wall Street Reform’ will be in a period of transition in the coming weeks, so please bear
AFR and CFA sent a join letter to the House urging members to vote NO on the final passage of the JOBS Act.
Click here to view this week’s highlights and lowlights in Wall Street Reform – March 17, 2012 – March 23, 2012.