Securities and Exchange Commission News

Texas Orders Waco Insurer to Pay Nearly $47M

A Texas-based provider of so-called “life settlements” has been fined nearly $47 million for misleading investors about life insurance policies of terminally ill patients. The Securities and Exchange Commission alleged Life Partners Holdings Inc. of Waco misrepresented revenues and public …

‘Bond King’ Bill Gross Resigns From Pimco, Joins Janus

Bill Gross, the bond market’s most renowned investor, quit Pimco for distant rival Janus Capital Group Inc on Friday, the day before he was expected to be fired from the huge investment firm he co-founded more than 40 years ago. …

Insurance Tech Firm Ebix Reportedly Under U.S. Review for Possible Money Laundering

Federal investigators are reviewing Ebix Inc.’s cross-border financial transactions to see whether the Atlanta-based software company engaged in money laundering, according to three people with knowledge of the matter. Ebix fell $2.50 to $9.29 or 21 percent, at 1:43 p.m. …

Companies Must Disclose CEO-to-Worker Pay Ratios Under SEC Proposal

Public companies would be required to disclose how much more their chief executives are paid than rank-and-file workers under a rule to be proposed next month by U.S. securities regulators, according to two people familiar with the matter. The Securities …

House Pushes for More Economic Analysis of Securities Rules

A divided U.S. House of Representatives on Friday passed a Republican-sponsored bill that would force federal securities regulators to conduct more economic analysis before adopting rules for Wall Street. The bill, which is not expected to make it to the …

Bipartisan Senators Ask SEC for Action on Credit Rating Agency Pay

A bipartisan pair of U.S. senators urged federal securities regulators to move quickly on fundamental changes to how credit-rating agencies are compensated, a step they said will reduce the type of conflicts that helped fuel the 2007-2009 financial crisis. In …

SEC Approves Nasdaq Deal for Facebook IPO But Lawsuits Could Follow

U.S. regulators approved Nasdaq OMX Group’s $62 million compensation plan for firms that lost money in Facebook Inc.’s glitch-ridden market debut, a victory for the exchange operator that also set the stage for potential lawsuits from firms seeking more. The …

SEC Testing ‘Customized’ Punishments

The U.S. Securities and Exchange Commission is experimenting with punishments that more closely fit the wrongdoing at issue in a bid to give its enforcement cases more bite. Criticized for its traditional practice of a broad ban on wrongdoers breaking …

Supreme Court Limits When SEC Can Levy Fraud Penalties

The U.S. Supreme Court on Wednesday limited the authority of the federal government’s top securities regulator to seek civil penalties over conduct that occurred more than five years before investigators took action. The nine-member court held on a unanimous vote …

SEC Needs Additional Funds to Implement Dodd-Frank: Chairman

The top U.S. securities regulator will urge lawmakers on Thursday to boost its funding, saying a failure to increase the budget could hamper its ability to enforce new rules of the road for Wall Street. The Securities and Exchange Commission …