All Articles

Morrison v. National Australia Bank: The Supreme Court Addresses The Extraterritorial Application Of U.S. Securities Laws

In Morrison v. National Australia Bank , No. 08-1191 (June 24, 2010), the Supreme Court clarified and significantly limited the extraterritorial application of Section 10(b) of the Securities Exchange Act of 1934 - the primary antifraud provision of the U.S. securities laws. Under the Court'...

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Financial Reporting After The Subprime Crisis:New Challenges For Audit Committees - Part II

The first part of this article appeared in the July issue of The Metropolitan Corporate Counsel. In it the author describes how the subprime crisis ushered in a new era of financial reporting. Please see our website at www.metrocorpcounsel.com. Challenges For Audit Committees (cont'd)...

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Financial Reporting After The Subprime Crisis:New Challenges For Audit Committees - Part I

Introduction Though it may not have been apparent at the time, in some ways the subprime crisis can be seen as ushering in a new era of financial reporting. It is hard to think of an earlier time when public companies so quickly accumulated, processed, and made available to the public the...

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Overview Of The NAIC'S Solvency Modernization Initiative

General Background Of The Solvency Modernization Initiative The Solvency Modernization Initiative ("SMI") of the National Association of Insurance Commissioners ("NAIC")1began in June 2008 and represents a significant regulatory undertaking. Through SMI the NAIC is conducting a self-critical...

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Top Google Executives Found Criminally Liable For Privacy Violations

Google's Chief Legal Officer, Chief Privacy Counsel, and former Chief Financial Officer have each been sentenced to six months in prison by an Italian court for violating the country's privacy laws. The decision (the "Decision"), issued by the Criminal Court of Milan (the "Court") on February 24,...

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SEC Adopts Money Market Fund Reforms

On February 23, 2010, the Securities and Exchange Commission ("SEC") adopted amendments to Rule 2a-7 ("Amended Rule 2a-7") under the Investment Company Act of 1940 ("ICA"), which governs money market funds.1The amendments were in response to the market turmoil that...

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SEC Announces Measures To Encourage Cooperation And Names Specialized Unit Chiefs

On January 13, 2010, the Securities and Exchange Commission announced a new initiative directed at encouraging cooperation by individuals and entities during the course of SEC enforcement investigations. The initiative, which is documented in the SEC's revised Enforcement Manual, provides the SEC...

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