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U.S. SEC releases cyber security examination blueprint

By Sarah N. Lynch WASHINGTON (Reuters) - U.S. securities regulators have unveiled a road map that lays out how they plan to make sure Wall Street firms are prepared to detect and prevent cyber security attacks. The nine-page document, posted April 15, contains examples of the questions Securities and Exchange Commission examiners might ask brokerages and asset managers during inspections.

State regulators hire outside lawyer for dispute with U.S. SEC

By Sarah N. Lynch WASHINGTON (Reuters) - State securities regulators have hired a former Securities and Exchange Commission lawyer to help them win a rare and high-stakes jurisdictional dispute with the SEC. The North American Securities Administrators Association, or NASAA, recently tapped former SEC enforcement lawyer Tom Sporkin to help respond to an SEC proposal on small public stock offerings that the state group says defies the will of Congress, exceeds the SEC's authority and reduces state policing powers.

SEC inches closer to money market fund final rule

By Sarah N. Lynch (Reuters) - U.S. securities regulators are inching closer to completing new rules for money market funds, though no final decision on how to proceed has been made just yet, according to a person familiar with the matter. The Securities and Exchange Commission staff in charge of the rulewriting has been meeting with the agency's five commissioners, circulating some documents that highlight potential courses of actions and sounding them out to get their thoughts, the person said.

SEC close to weighing possible action on proxy advisory firms

By Sarah N. Lynch WASHINGTON (Reuters) - The Securities and Exchange Commission will soon review recommendations for possible regulatory action targeting proxy advisory firms, SEC Chair Mary Jo White said on Wednesday. White did not offer any details on what kinds of new rules or changes could be in store for proxy advisory firms like Glass Lewis and Institutional Shareholder Services, which help large institutional investors weigh how to vote on critical company issues such as board elections and compensation.

Lions Gate admits fault over Icahn hostile bid in SEC pact

By Sarah N. Lynch WASHINGTON (Reuters) - Lions Gate Entertainment Corp admitted on Thursday it failed to disclose to investors in 2010 the steps it took to thwart a hostile takeover bid by billionaire Carl Icahn, as part of a settlement with U.S. regulators. Lions Gate, which produces popular movies and television shows like "The Hunger Games" and "Mad Men," also agreed to pay $7.5 million to settle the charges, the Securities and Exchange Commission said.

U.S. SEC proposes new rules to safeguard clearing agencies

By Sarah N. Lynch WASHINGTON (Reuters) - U.S. regulators proposed long-awaited rules on Wednesday designed to safeguard the country's largest clearing agencies from collapsing and spreading systemic market risks. The Securities and Exchange Commission's plan primarily targets the major clearinghouses it regulates, such as the Options Clearing Corp (OCC) and units of the Depository Trust & Clearing Corp (DTCC).

SEC charges AgFeed audit committee chair in accounting fraud case

By Sarah N. Lynch WASHINGTON (Reuters) - Federal securities regulators filed unusual civil charges on Tuesday against the former independent audit committee chairman and top U.S. officials of an animal feed company, saying they failed to properly investigate an elaborate accounting fraud orchestrated in China.

SEC orders New York firm to pay $7.2 million in record sanction

By Sarah N. Lynch WASHINGTON (Reuters) - A New York proprietary trading firm and its owner will pay $7.2 million to settle civil charges in what U.S. regulators said on Wednesday marks the largest sanction they have ever imposed for certain short-selling violations. Long Island-based Worldwide Capital Inc and its sole owner, Jeffrey Lynn, are settling the case without admitting or denying the charges, the Securities and Exchange Commission said.

SEC tweaks its asset-backed securities plan amid privacy concerns

By Sarah N. Lynch WASHINGTON (Reuters) - U.S. regulators released a scaled-back proposal on Tuesday that seeks to soothe industry concerns over a plan to force issuers of asset-backed securities to disclose sensitive loan-level data to investors. The Securities and Exchange Commission had been poised to vote on the new asset-backed disclosure rules earlier this month, but abruptly yanked it from the public agenda with little explanation.

SEC rejects bid for Wells Fargo, Bank of America to identify potential high-risk employees

ALBANY, N.Y. - The Securities and Exchange Commission has rejected shareholder proposals from New York's comptroller that would have asked two major banks to disclose which employees are capable of exposing them to major losses because of their portfolios and bonus incentives.
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