Dodd-Frank.com

SEC Warns Rating Agencies

By

The Securities and Exchange Commission today issued a report cautioning credit rating agencies about deceptive ratings conduct and the importance of sufficient internal controls over the policies, procedures, and methodologies the firms use to determine credit ratings. The report says that because of uncertainty regarding a jurisdictional nexus between the... Read More

Topics: Banking, Litigation, Public Companies and Securities

Comments on SEC Study Regarding Obligations of Brokers, Dealers, and Investment Advisers

By

In a recent posting we highlighted issues surrounding the imposition of a fiduciary standard on broker-dealers.  Gauging from the overwhelming majority of comments received to date, the SEC will continue, as expected, to receive strong pushback not only from the largest brokerage houses, but also from solo and smaller firm... Read More

Topics: Public Companies and Securities

Fiduciary Duty Rulemaking Looms for Brokerage Industry

By

An article in yesterday’s Wall Street Journal provides a good, short overview of the issues and differing viewpoints surrounding the SEC’s upcoming broker-dealer fiduciary duty rulemaking.   As the article correctly points out, registered investment advisers have long been held to a fiduciary standard vis-a-vis their clients.  The brokerage industry has generally resisted... Read More

Topics: Banking, Litigation, Public Companies and Securities