Insurance Journal » Securities and Exchange Commission http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Tue, 21 May 2013 06:45:47 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 House Pushes for More Economic Analysis of Securities Rules http://www.insurancejournal.com/news/national/2013/05/20/292610.htm Mon, 20 May 2013 12:50:47 +0000 http://www.insurancejournal.com/?p=292610 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 …

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]]> Bipartisan Senators Ask SEC for Action on Credit Rating Agency Pay http://www.insurancejournal.com/news/national/2013/05/14/291912.htm Wed, 15 May 2013 02:46:29 +0000 http://www.insurancejournal.com/?p=291912 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 …

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]]> SEC Approves Nasdaq Deal for Facebook IPO But Lawsuits Could Follow http://www.insurancejournal.com/news/national/2013/03/26/286063.htm Tue, 26 Mar 2013 13:06:41 +0000 http://www.insurancejournal.com/?p=286063 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 …

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]]> SEC Testing ‘Customized’ Punishments http://www.insurancejournal.com/news/national/2013/03/15/284540.htm Fri, 15 Mar 2013 09:00:16 +0000 http://www.insurancejournal.com/?p=284540 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 …

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]]> Supreme Court Limits When SEC Can Levy Fraud Penalties http://www.insurancejournal.com/news/national/2013/02/27/282906.htm Wed, 27 Feb 2013 15:57:40 +0000 http://www.insurancejournal.com/?p=282906 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 …

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]]> SEC Needs Additional Funds to Implement Dodd-Frank: Chairman http://www.insurancejournal.com/news/national/2013/02/14/281230.htm Thu, 14 Feb 2013 13:45:59 +0000 http://www.insurancejournal.com/?p=281230 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 …

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]]> President Obama to Nominate White to Head SEC, Renominate Cordray for Consumer Bureau http://www.insurancejournal.com/news/national/2013/01/24/278549.htm Thu, 24 Jan 2013 13:58:32 +0000 http://www.insurancejournal.com/?p=278549 President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission, the White House said on Thursday, showing a desire to have a tough cop policing Wall Street. White, the former U.S. attorney …

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]]> Accounting Method May Expose Firms to Shareholder Suits: Study http://www.insurancejournal.com/news/national/2013/01/16/277581.htm Wed, 16 Jan 2013 09:00:53 +0000 http://www.insurancejournal.com/?p=277581 Disgruntled shareholders are more likely to sue firms that use principles-based accounting standards instead of rules-based standards, according to a recent study by a University of Iowa accounting researcher. The study by Richard Mergenthaler, assistant professor of accounting in the …

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]]> Supreme Court Weighs Government’s Statute of Limitation in Civil Penalty Cases http://www.insurancejournal.com/news/national/2013/01/09/276775.htm Wed, 09 Jan 2013 14:48:09 +0000 http://www.insurancejournal.com/?p=276775 The U.S. Supreme Court on Tuesday appeared poised to curtail the power of the top federal securities regulator to seek civil penalties after exceeding the usual time limit for fraud investigations. In oral argument, justices from across the ideological spectrum …

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]]> Former Brooke Corp. Execs Again Indicted on Financial Fraud Charges http://www.insurancejournal.com/news/midwest/2012/12/07/273099.htm Fri, 07 Dec 2012 06:16:02 +0000 http://www.insurancejournal.com/?p=273099 Two former executives of the now defunct insurance agency franchising firm, Brooke Corp., have been indicted on federal financial fraud charges, according to the U.S. Attorney’s Office in Kansas. A federal grand jury in mid-November charged Robert D. Orr of …

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]]> SEC Charges Oil CEO in Insider Trading With Colorado Insurance Exec http://www.insurancejournal.com/news/west/2012/11/28/272119.htm Wed, 28 Nov 2012 20:43:08 +0000 http://www.insurancejournal.com/?p=272119 The Securities and Exchange Commission on Wednesday announced charges against the former CEO of a Denver, Colo.-based oil-and-gas company at the center of an insider trading scheme involving a Colorado insurance executive that the SEC began prosecuting last month. According to …

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]]> SEC Chief Schapiro to Leave Post; Walter Named Successor http://www.insurancejournal.com/news/national/2012/11/26/271604.htm Mon, 26 Nov 2012 16:04:22 +0000 http://www.insurancejournal.com/?p=271604 The head of the U.S. Securities and Exchange Commission, Mary Schapiro, announced on Monday that she would step down from the agency on Dec. 14. SEC Commissioner Elisse Walter will be designated to succeed Schapiro upon her departure, the White …

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]]> Judge Lets Claim Against U.S. Over Stanford Ponzi Scheme Go Ahead http://www.insurancejournal.com/news/national/2012/09/10/262392.htm Mon, 10 Sep 2012 12:30:16 +0000 Andrew G. Simpson http://www.insurancejournal.com/?p=262392 A lawsuit claiming U.S. securities regulators were negligent in failing to respond earlier to Allen Stanford’s $7 billion Ponzi scheme can go forward for now, a federal judge ruled in Florida on Friday. U.S. District Judge Robert Scola rejected the …

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]]> SEC, Citgroup May Win Appeal in Mortgage Fraud Case http://www.insurancejournal.com/news/national/2012/03/16/239840.htm Fri, 16 Mar 2012 13:20:39 +0000 http://www.insurancejournal.com/?p=239840 A federal appeals court stopped just short of throwing out a judge’s controversial rejection of the U.S. Securities and Exchange Commission’s $285 million fraud settlement with Citigroup Inc over mortgage investments. The 2nd U.S. Circuit Court of Appeals chastised U.S. …

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]]> SEC Weighs Exempting Insurance Companies from Volcker Rule http://www.insurancejournal.com/news/national/2012/03/07/238500.htm Wed, 07 Mar 2012 13:19:30 +0000 http://www.insurancejournal.com/?p=238500 The top U.S. securities regulator said on Tuesday her agency is exploring whether insurance companies can qualify for a coveted exemption in the proposed Volcker rule that would protect them from having to scale back their investments in hedge funds. …

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]]> Carlyle Group Drops Controversial Arbitration Requirement for Shareholders http://www.insurancejournal.com/news/national/2012/02/06/234231.htm Mon, 06 Feb 2012 13:16:46 +0000 http://www.insurancejournal.com/?p=234231 Carlyle Group LP, a giant private equity firm that has filed for an initial public offering, has dropped a controversial effort to require its future shareholders to resolve claims through arbitration rather than in court. The Washington, D.C.-based firm, with …

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]]> Major Companies Keeping Cyber Attacks Secret from SEC, Investors: Report http://www.insurancejournal.com/news/national/2012/02/02/233863.htm Thu, 02 Feb 2012 13:49:55 +0000 http://www.insurancejournal.com/?p=233863 At least a half-dozen major U.S. companies whose computers have been infiltrated by cyber criminals or international spies have not admitted to the incidents despite new guidance from securities regulators urging such disclosures. Top U.S. cybersecurity officials believe corporate hacking …

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]]> SEC Changes Its Settlement Language Where Criminal Violations Admitted http://www.insurancejournal.com/news/national/2012/01/09/230303.htm Mon, 09 Jan 2012 10:10:21 +0000 http://www.insurancejournal.com/?p=230303 U.S. securities regulators said on Friday that defendants can no longer settle civil cases using “neither admit nor deny” language if they have already admitted to wrongdoing in parallel criminal cases. The policy change, announced by Securities and Exchange Commission …

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]]> Mines Must Disclose Safety Violations to Investors Under New SEC Rules http://www.insurancejournal.com/news/national/2011/12/22/228530.htm Thu, 22 Dec 2011 13:37:49 +0000 http://www.insurancejournal.com/?p=228530 Mining companies will need to disclose to investors information about health and safety violations under new rules adopted on Wednesday by the U.S. Securities and Exchange Commission. The rules, which are required by last year’s Dodd-Frank Wall Street overhaul law, …

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]]> SEC Sues Brokerage Insurance Fund Over Stanford Victims’ Claims http://www.insurancejournal.com/news/national/2011/12/13/227112.htm Tue, 13 Dec 2011 15:31:30 +0000 Anna Driver http://www.insurancejournal.com/?p=227112 Federal securities regulators have sued a brokerage industry backed fund on behalf of victims who lost money in Allen Stanford’s alleged $7 billion Ponzi scheme and have yet to recover any funds. The U.S. Securities and Exchange Commission asked a …

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]]> SEC Asks Companies to Disclose Cyber Attacks http://www.insurancejournal.com/news/national/2011/10/14/220050.htm Fri, 14 Oct 2011 12:42:13 +0000 http://www.insurancejournal.com/?p=220050 U.S. securities regulators formally asked public companies for the first time to disclose cyber attacks against them, following a rash of high-profile Internet crimes. The Securities and Exchange Commission issued guidelines Thursday that laid out the kind of information companies …

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]]> SEC Concedes Challenges in Probes of Rating Agencies http://www.insurancejournal.com/news/national/2011/09/30/217991.htm Fri, 30 Sep 2011 12:31:52 +0000 http://www.insurancejournal.com/?p=217991 The U.S. Securities and Exchange Commission faces hurdles proving wrongdoing at credit-rating agencies, the agency’s enforcement chief said, pointing to the complexity of the cases and the industry’s strong legal defenses. SEC Enforcement Director Robert Khuzami’s comments to Reuters came …

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]]> U.S. Court Fight May Not Solve Chinese Accounting Mess http://www.insurancejournal.com/news/international/2011/09/14/215512.htm Wed, 14 Sep 2011 13:59:35 +0000 http://www.insurancejournal.com/?p=215512 U.S. regulators appear to be on strong footing in a legal battle over a Chinese auditor’s work papers, though their ability to act may have limits and a victory in court may not resolve a widening international accounting mess. At …

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]]> SEC Says Brokerage Fund Should Compensate Stanford Victims http://www.insurancejournal.com/news/national/2011/06/16/202749.htm Thu, 16 Jun 2011 12:22:12 +0000 http://www.insurancejournal.com/?p=202749 In a major victory for victims of Allen Stanford’s alleged Ponzi scheme, U.S. regulators have concluded that they should be compensated by a brokerage industry-backed fund. The decision announced Wednesday by the U.S. Securities and Exchange Commission comes nearly two …

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]]> SEC Proposes Tighter Rules for Securities Brokers http://www.insurancejournal.com/news/national/2011/06/15/202662.htm Wed, 15 Jun 2011 14:14:54 +0000 http://www.insurancejournal.com/?p=202662 U.S securities brokers would be more closely scrutinized by accountants and be subject to stricter rules for how they handle their customers’ assets under a plan proposed by federal regulators Wednesday. The proposal by the Securities and Exchange Commission is …

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]]> U.S. Regulators Define Swaps, What Falls Under Dodd-Frank http://www.insurancejournal.com/news/national/2011/04/27/196476.htm Wed, 27 Apr 2011 18:44:09 +0000 http://www.insurancejournal.com/?p=196476 U.S. futures and securities regulators unveiled a crucial part of their expanded supervision of the swaps market on Wednesday, by defining what products will be covered by last year’s financial oversight legislation. The proposals provided the market some long-awaited clarity. …

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]]> SEC: Mid-Size Firms Should Follow Sarbanes Oxley Internal Control http://www.insurancejournal.com/news/national/2011/04/25/196216.htm Tue, 26 Apr 2011 01:16:52 +0000 http://www.insurancejournal.com/?p=196216 Accountants at the U.S. securities regulator are recommending that medium-size public companies should not be exempted from a key auditing provision in the 2002 Sarbanes-Oxley Act, saying the benefits to investors outweigh the cost. In a new study by the …

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]]> Under SEC Pressure, Berkshire Took Q4 Writedowns on Stocks http://www.insurancejournal.com/news/national/2011/03/28/192003.htm Mon, 28 Mar 2011 21:14:37 +0000 Ben Berkowitz http://www.insurancejournal.com/?p=192003 Warren Buffett’s Berkshire Hathaway took nearly $1 billion in writedowns on three stocks last quarter under pressure from U.S. regulators who disagreed with the company’s accounting for losses in those shares, according to a series of letters released Monday. The …

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