Regulatory

Cuomo Widens Insurer Probe with 6 more Subpoenas

Fri, 30 Jul 2010 13:07:54 EDT

New York Attorney General Andrew Cuomo has subpoenaed six additional insurers as the state widens a probe into possible fraud in the life insurance industry...

Litigation Watch: NY's Disclosure Cop Throws the Book at Merrill...and Others?

Fri, 30 Jul 2010 02:30:00 EDT

Disclosure law has just found its new sheriff, and he's waving a big gun at Bank of America/Merrill, notably going it alone rather than being boxed into others' class actions…

Credit Ratings: Hot Bond Markets, Amidst the Chill of Dodd-Frank

Fri, 30 Jul 2010 02:30:00 EDT

Corporate bond offerings are hot these days, despite Dodd-Frank’s confusing impact on bond activity. Issuers from Agilent to Target, lured by low long term rates, have recently...

IPO Watch: Surf’s Up at Lisboa Leisure

Fri, 30 Jul 2010 02:00:00 EDT

In a too-good-not-to-be-true story, Lisboa Leisure, Inc. will conduct an initial public offering in hopes of realizing $32,000 in proceeds…

SEC Charges Wyly Brothers with $550 Million Fraud

Thu, 29 Jul 2010 19:52:47 EDT

The Securities and Exchange Commission charged billionaire Samuel Wyly and his brother Charles with fraud for reaping more than $550 million of illicit gains by trading stock in four companies...

Banking Agencies Set Registration Requirements for Mortgage Loan Originators

Thu, 29 Jul 2010 17:00:00 EDT

Bank regulators have issued a final rule that would require mortgage loan originators to register with a national registry of mortgage loan originators as part of...

U.S. Sues Oracle, Alleges Software Contract Fraud

Thu, 29 Jul 2010 16:30:00 EDT

The Justice Department said it sued Oracle Corp, alleging it defrauded the federal government on a software contract in effect from 1998 to 2006 that...

Citigroup to Pay $75 Million to Settle SEC Charges

Thu, 29 Jul 2010 15:26:24 EDT

Citigroup Inc will pay $75 million to settle charges that it failed to disclose to investors $40 billion in subprime exposure in 2007, the Securities and Exchange Commission said...

U.S. Judges Weigh How to Knit Together BP Lawsuits

Thu, 29 Jul 2010 11:56:13 EDT

More than 2,000 miles from the Gulf of Mexico shoreline, lawyers were set to argue before a judicial panel on how hundreds of spill-related lawsuits against BP Plc should be merged...

China Approves Geely's Plan to Buy Volvo

Thu, 29 Jul 2010 11:03:58 EDT

China's Ministry of Commerce has approved a plan by the parent of Geely Automobile to acquire Ford's Volvo unit, the official Xinhua news agency said...

FSA Eyes Tougher Rules on Bonuses

Thu, 29 Jul 2010 07:24:57 EDT

The Financial Services Authority regulator is planning tougher curbs on bankers' bonuses following plans by the European Union to clamp down on remuneration in the sector following the credit crisis...

New Bank Metro Opens for Business

Thu, 29 Jul 2010 03:24:45 EDT

Metro Bank, Britain's first new High Street retail bank in more than 100 years, opened for business with high hopes of breaking into a sector shaken up by the global credit crisis...

Hot Topic: SEC Thaws Market Frozen by Dodd-Frank

Thu, 29 Jul 2010 03:00:00 EDT

The legal side effects of financial reform legislation are already creeping into the market. While many of the changes envisioned under Dodd-Frank will take place years into the future, one of its immediate effects is…

Regulatory Watch: New Reporting Rules for Mineral Sector

Thu, 29 Jul 2010 01:00:00 EDT

Mining, petroleum and mineral companies looking to list on the Hong Kong Stock Exchange now must comply with additional reporting standards…

Officials Ready Criminal Probe of Oil Spill

Wed, 28 Jul 2010 07:35:53 EDT

Several U.S. government agencies are preparing a criminal probe of at least three companies involved in the massive oil spill in the Gulf of Mexico, though it could take more than a...

Chalco Shares Suspended Amid Rio Tinto Tie-Up Talk

Wed, 28 Jul 2010 04:39:32 EDT

Shares of Aluminum Corp of China Ltd (Chalco) were suspended, as its state-run parent said it would hold a signing ceremony on Thursday likely to be attended by Rio Tinto executives...

Ghosts of CDOs Past: Subprime Litigation Spooking Hedge Funds

Wed, 28 Jul 2010 03:00:00 EDT

Subprime chickens are still coming home to roost for hedge funds like Highland Capital Management and one-time fund operator Carlyle Group, which have been the targets of recent lawsuits…

Regulatory Watch: EU’s No Sweat Stress Tests

Wed, 28 Jul 2010 02:45:00 EDT

Not only are EU regulators crowing about their recently-concluded tests, but so too are those who have suffered through the stress. From ING to Barclays, European banks are disclosing that…

Soros May Buy 4 Percent in BSE for $35-40 Million

Wed, 28 Jul 2010 02:07:44 EDT

Billionaire financier George Soros is in advanced talks to buy a 4 percent stake in Bombay Stock Exchange (BSE) for $35-$40 million...

Egypt Developer SODIC bids for Cairo Suburb Land

Wed, 28 Jul 2010 01:41:24 EDT

Egyptian real estate firm SODIC, seeking new land near its flagship Allegria project, said it had bid for 410 feddans (426 acres) in the Cairo suburb of Sheikh Zayed City...

Offering Watch: For Israel’s Radvision, Cash is King

Wed, 28 Jul 2010 01:00:00 EDT

Contrary to other industries’ credit woes, Israel’s cash-laden Radvision has announced an offer to repurchase nearly a million of its shares representing 5% of the company’s voting power…

Global Agribusiness: Profit Takeaway Lost in Delivery

Wed, 28 Jul 2010 01:00:00 EDT

Somehow, the philosophy of ‘everyone’s gotta eat’ has not been translating into gushing profits for the world’s agribusiness conglomerates. Cutthroat competitors Archer Daniels Midland, Cargill and Bunge, among others, are reporting something in common to shareholders…

Some Lenders Question Dubai's Shortfall Guarantees

Wed, 28 Jul 2010 00:31:23 EDT

Dubai's pledge to cover gaps in Dubai World's debt repayment plan has become a sticking point for lenders, some of whom want state guarantees to fall under British -- not local -- law...

NYSE Busts Trades After Botched Bancorp Share Swap

Tue, 27 Jul 2010 22:00:00 EDT

A botched share swap last month in which 10 times more US Bancorp shares were issued than planned, angering and confusing investors, led the NYSE to cancel three days of trades in the stock...

Disclosure Statements: 'Plain English' Versus the Corporations Act

Tue, 27 Jul 2010 18:00:00 EDT

The Australian corporate regulator's latest foray into the area of disclosure has highlighted a growing tension within the financial services sector between the Corporations Act and the push for shorter...

Enforcement Watch: Sunrise Senior Living Agrees to SEC Settlement

Tue, 27 Jul 2010 15:00:00 EDT

The SEC announced that it has reached a settlement agreement with Sunrise Senior Living and two former officers over charges of financial reporting fraud...

Norilsk Says Ready to Publish AGM Ballots for Board

Tue, 27 Jul 2010 13:15:48 EDT

Russian metals giant Norilsk Nickel said it was ready to publish all the ballots cast in the board elections to counter allegations from UC RUSAL that it had manipulated the results...

GE Settles SEC Charges on Iraq Kickback Scheme

Tue, 27 Jul 2010 12:59:39 EDT

General Electric Co will pay $23.4 million to settle charges that executives bribed Iraqi government officials to win contracts, the U.S. Securities and Exchange Commission said...

EU Opens Anti-Trust Probe of IBM Mainframe Business

Tue, 27 Jul 2010 12:58:50 EDT

European Union competition regulators launched two anti-trust investigations against International Business Machines Corp, suspecting it of abusing its dominant position in the mainframe computer market...

BP Says DOJ, SEC Probe Trading Around Oil Spill

Tue, 27 Jul 2010 12:58:45 EDT

BP Plc said the U.S. markets regulator Securities and Exchange Commission and the Justice Department had launched a probe into market trading connected to the oil giant's Gulf of Mexico oil spill...

Examiner Sees Signs of Dishonesty in Tribune Sale

Tue, 27 Jul 2010 12:34:41 EDT

The court-appointed examiner investigating Tribune Co's bankruptcy said he had found some evidence of dishonesty in the 2007 leveraged buyout of the media company by real estate developer Sam Zell...

UK-Business Summary

Tue, 27 Jul 2010 12:29:09 EDT

U.S. housing data boosts global stocks...

Goldman Offers Service to Aid Derivatives Clearing

Tue, 27 Jul 2010 12:16:10 EDT

Goldman Sachs said it is launching a service to facilitate central clearing for clients in all listed and privately traded derivatives asset classes...

Securities Fraud Suits Drop But Alleged Losses Up

Tue, 27 Jul 2010 11:45:00 EDT

Investors are alleging more losses than ever before when they sue companies for securities fraud, though the pace of such lawsuits seeking class-action lawsuits has...

French Banks Lead Uplift From Basel Scale-Back

Tue, 27 Jul 2010 05:49:30 EDT

French banks looked to benefit the most from a scale-back of looming capital requirements known as Basel III as investors pushed their shares to 2-1/2 month highs, leading a sector-wide advance...

India's Cbank Tightens Monetary Policy More Than Expected

Tue, 27 Jul 2010 02:00:00 EDT

India's central bank raised interest rates more forcefully than expected in the face of inflation that has held stubbornly above 10 percent for the past five months...

China Runs Stress Tests on Property Trusts

Mon, 26 Jul 2010 23:00:00 EDT

China's banking regulator has run stress tests in the country's trust firms to see if they can withstand a downturn in the property sector, the Economic Observer reported on Saturday, citing unidentified industry sources…

SEC Says Goldman to Remain Eligible Issuer

Mon, 26 Jul 2010 13:37:13 EDT

The U.S. Securities and Exchange Commission said Goldman Sachs Group Inc will be allowed to continue to issue securities after settling civil fraud charges earlier this month...

Qatar to Fine Qtel Over Virgin Launch

Mon, 26 Jul 2010 12:40:59 EDT

Qatar Telecom faces an unspecified fine and possible further legal action over violations during its launch of Virgin Mobile services into the Gulf state...

DLF to Buy Out Dubai World in JV

Mon, 26 Jul 2010 12:39:56 EDT

DLF is buying out the stake held by Dubai World's property arm in an equal joint venture in India for about 2 billion rupees ($43 million)...

Dubai World Document Reveals Price of Failure

Mon, 26 Jul 2010 12:33:51 EDT

Dubai World warned that lenders, aside from the government's own support fund, would face a "significantly" worse deal if its debt plan fails and it is forced to seek liquidation...

UK Says EU Must Not Intervene Directly in Domestic Banks

Mon, 26 Jul 2010 04:52:03 EDT

The European Union's new financial supervisory bodies should not be able to directly regulate a domestic bank, a government minister said...

PRC Outbound Investment Tide in Tough Regulatory Seas

Mon, 26 Jul 2010 01:30:00 EDT

Much of the US$55 billion in outbound investment, invested in the first half of 2010 by Chinese entities, can be credited to agile corporate counsel. Navigating through the maze of China’s outbound investment laws, these lawyers…

BlackBerry Poses Social, Security Risks, UAE Warns

Mon, 26 Jul 2010 01:05:38 EDT

The BlackBerry, made by Canada's Research In Motion, is open to misuse that poses security risks to the United Arab Emirates, which said on Sunday it would seek to safeguard its consumers and laws...

Bahrain to Privatise Gulf Air as Soon as Possible

Mon, 26 Jul 2010 01:00:26 EDT

Bahrain plans to privatise national carrier Gulf Air as soon as possible encouraged by positive results in its restructuring...

Vodafone Egypt nears Market Leader by Subscribers

Mon, 26 Jul 2010 00:55:37 EDT

The Egyptian unit of Vodafone may have overtaken Mobinil last quarter as the country's largest provider of mobile phone subscriptions...

AU Says Must Replace Western Partners With China

Sun, 25 Jul 2010 22:30:00 EDT

The African Union said Africa must turn ever more to China for its development because conditions and checks often stalled the flow of funds from Western nations and the World Bank…

Qatar OKs Virgin Launch, Wants Changes

Sun, 25 Jul 2010 12:03:17 EDT

Vodafone Qatar and Qatar Telecom on Saturday both welcomed a ruling by regulators in a dispute over Virgin Mobile's entry to the local market, but there were signs the battle may have further to run...

Chery Unaware of GM Technology Theft Saga

Fri, 23 Jul 2010 06:40:00 EDT

China's Chery Automobile Co said on Friday it was unaware of a U.S. case of alleged theft of GM technology that had been linked to the Chinese firm...

Capitalisation Estimates for European Banks

Fri, 23 Jul 2010 04:39:20 EDT

With the results of stress tests on 91 European banks looming, financial institutions have been coming up with their own scenarios of what to expect...

Financial Reform: Let the Regulators' Race Begin!

Fri, 23 Jul 2010 03:30:00 EDT

President Obama's sprint to sign the financial reform bill may be over, but the massive regulator marathon has only just begun. From the CFTC to the FSOC…

Regulatory Watch: The Incredible Shrinking TALF

Fri, 23 Jul 2010 03:30:00 EDT

The Term Asset-Backed Securities Loan Facility (TALF) never approached the lofty $200 million in loans that the Federal Reserve envisioned and now it’s getting even smaller…

Corporate Finance Watch: BP Sells Global Assets to Apache in $7 Billion Deal

Fri, 23 Jul 2010 03:00:00 EDT

BP is building up its war chest to confront the massive cash outlays it faces through a blockbuster deal to sell oil & gas properties in Egypt, Canada and the Permian Basin of Texas, to Apache Corp. for $ 7 billion...

M&A Watch: When Competition Comes Calling, Israel Techs Get Merging

Fri, 23 Jul 2010 00:15:00 EDT

Faced with overwhelming telecom competition, M&A provides a welcome respite. In their corner of VOIP, YMax Corp. and Israel’s VocalTec Communications Ltd. are...

Dell to Pay $100 Million in SEC Accounting Probe

Thu, 22 Jul 2010 16:45:00 EDT

Dell Inc said it has agreed to a $100 million settlement with the U.S. Securities and Exchange Commission following an...

Acquisition Watch: Israel’s Comverse is Selling, Soros is Buying

Thu, 22 Jul 2010 16:00:00 EDT

Fresh on the heels of its recent $225 million backdating settlement, Israel’s Comverse Technologies continues to pique the interest of global investors…

CFTC Expands Large-Trader Financial Futures Report

Thu, 22 Jul 2010 12:30:00 EDT

The U.S. Commodity Futures Trading Commission said it will provide more information on positions held by large traders in financial futures markets, part of its push to boost transparency...

NY Sues B of A, Merrill to Pursue Higher Award

Thu, 22 Jul 2010 10:44:05 EDT

New York has filed two lawsuits over Bank of America Corp's takeover of Merrill Lynch & Co and Merrill's subprime mortgage exposure, believing it can recover more by suing on its own than...

BP Sets New Standards: State of Play, From Litigation to Legislation

Thu, 22 Jul 2010 03:00:00 EDT

The oil and gas exploration and drilling industry faces a legal landscape being rapidly transformed by a yet-to-be determined number of lawsuits and several legislative proposals on the congressional fast track…

Dubai World Ready to Use Tribunal for Debt Deal

Thu, 22 Jul 2010 02:18:34 EDT

Struggling state firm Dubai World is ready to use a special tribunal to force rebel lenders into line on plans to delay repayment of $14.4 billion in debts...

Piracy and Disclosures: The Dangers and Costs of Globalization

Thu, 22 Jul 2010 00:30:00 EDT

For all the drama of high seas brigandage, many of the risks and costs go unpublicized. Wherever there’s insurance, litigation follows…

Lawmakers Demand Tough Action on China Piracy

Wed, 21 Jul 2010 23:10:00 EDT

U.S. lawmakers called for tough new measures to punish China for its failure to stop widespread piracy and counterfeiting of U.S. goods ranging from music CDs to manufactured products…

Motorola Sues Huawei, Lemko for Trade Secret Theft

Wed, 21 Jul 2010 22:00:39 EDT

U.S. mobile phone maker Motorola Inc sued former employees and rival Huawei Technologies Co and Lemko Corp, alleging they conspired to steal trade secrets...

SEC Seeks Fund Fee, OKs Broker Disclosure

Wed, 21 Jul 2010 16:30:00 EDT

U.S. securities regulators said they will propose a cap on mutual fund marketing fees, a move that could reduce costs for investors and put a dent in brokerage and...

Algeria May Tighten Rules on Foreigners' Asset Sales

Wed, 21 Jul 2010 12:35:57 EDT

Algeria is considering tightening its rules on how the price is set when the state buys a foreign-owned firm, a step which could cost Egypt's Orascom Telecom billions of dollars...

Obama Signs Sweeping Wall Street Overhaul Into Law

Wed, 21 Jul 2010 12:25:56 EDT

President Barack Obama signed into law the most comprehensive financial regulatory overhaul since the Great Depression and vowed there will be no more taxpayer-funded bailouts for Wall Street...

EU Appeals Against Ruling in WTO Airbus Case

Wed, 21 Jul 2010 04:35:37 EDT

The European Union appealed on Wednesday against a World Trade Organization ruling condemning its subsidies for Airbus, prolonging a dispute with the United States for at least several more months...

Litigation Watch: Goldman’s Settlement, Unsettling Wall Street?

Wed, 21 Jul 2010 03:00:00 EDT

Goldman might have settled with the SEC, but disclosure norms for synthetic CDOs are far from settled. The SEC’s $550 million settlement and consent with Goldman Sachs is trailblazing in more ways than one…

Restructuring Watch: Bank of Ireland Counts Cost of EU Aid Rules

Wed, 21 Jul 2010 01:45:00 EDT

The European Commission has approved a sweeping restructuring of Bank of Ireland, which will see the beleaguered bank dispose of a number of key assets in order to comply with EU rules on state aid…

PRC Hot Topic: Businesses Lament Early Real Estate Winter

Wed, 21 Jul 2010 01:30:00 EDT

In the PRC’s highly regulated economy, listed companies and business not directly in the real estate sector can be intimately affected by regulatory changes such as those pertaining to zoning and land-use…

SEC Knew About Repos Accounting Before Lehman

Wed, 21 Jul 2010 01:26:33 EDT

The U.S. securities regulator was aware of Wall Street's potentially questionable accounting practice of classifying repurchase agreements as sales instead of borrowings long before the...

China Watch: Xinhua Refinances for Hollywood Action

Wed, 21 Jul 2010 00:30:00 EDT

U.S. and Chinese media companies have at least thing in common – no it’s not their love of kung fu movies. Companies on both sides of the Pacific are restructuring…

Etisalat to Spend $163 Million on Sri Lanka Expansion

Wed, 21 Jul 2010 00:27:54 EDT

Emirates Telecommunication Corp., the Arab world's second-largest telecom operator by market value, said on Tuesday it will invest $163 million in an expansion of its Sri Lankan network...

SEC Chairman Says More Post-Crisis Cases in Pipeline

Tue, 20 Jul 2010 13:45:00 EDT

The Securities and Exchange Commission is in the midst of more probes stemming from the financial crisis, its chairman said, a week after Goldman Sachs settled fraud charges for...

Global Banks Must Beef Up Capital

Tue, 20 Jul 2010 11:22:57 EDT

Banks worldwide need to strengthen their balance sheets to stabilize the financial system, senior U.S. regulators said...

Goldman Sachs Posts Lower Earnings on SEC Pact Cost

Tue, 20 Jul 2010 09:14:45 EDT

Goldman Sachs Group Inc posted lower second-quarter earnings, hurt by its settlement of U.S. Securities and Exchange Commission civil fraud charges and the UK tax on bank executive bonuses...

Dubai Aims to Set Up AIM-Type Stock Market

Tue, 20 Jul 2010 08:30:00 EDT

Dubai aims to set up an alternative stock market for small-to-medium sized firms in a bid to create more exit options for the region's private equity sector...

Goldman Executive Denies Fraud

Tue, 20 Jul 2010 07:29:17 EDT

Goldman Sachs executive Fabrice Tourre denied fraud and other accusations by U.S. regulators for his role in marketing a subprime mortgage product and asked a court to dismiss the case...

Disclosure Watch: PRC Education Takes Flight

Tue, 20 Jul 2010 01:00:00 EDT

The initial public offering of China-based Ambow Education Holdings spotlights a notable sector blooming in the PRC: the increasingly lucrative industry of privatized education…

SEC May Add 800 New Positions as Part of Reform

Mon, 19 Jul 2010 13:24:57 EDT

The top U.S. securities regulator will need to add about 800 new positions to carry out its part of the massive financial reform legislation, the head of the agency said in testimony to be delivered...

EU Watchdog Aims to Push Derivatives onto Exchanges

Mon, 19 Jul 2010 12:48:13 EDT

Privately negotiated derivatives should be more standardised and traded on exchanges where possible, using incentives rather than mandatory rules for now...

Etisalat Close to Buying 26 Percent in Reliance Comm

Mon, 19 Jul 2010 12:45:40 EDT

Emirates Telecommunications (Etisalat) is close to buying 26 percent in telecoms firm Reliance Communications...

Bombardier Pins Qatar Issue on Engines

Mon, 19 Jul 2010 11:26:26 EDT

Bombardier is ready to sell its new C-series passenger jet to Qatar Airways but is waiting on Qatar to sort out problems with engine maker Pratt & Whitney...

Bank of Ireland(Gov) - Participation in NAMA

Mon, 19 Jul 2010 08:00:00 EDT

Update on Bank of Ireland Group's Participation in the National Asset Management Agency...

Emirates Buys 30 777 Jets From Boeing

Mon, 19 Jul 2010 06:03:07 EDT

Boeing Co and Dubai's Emirates announced a deal for 30 of Boeing's 777-300 extended range planes, a deal worth potentially more than $9 billion...

Regulatory Watch: Is the U.S. Proxy System Due for A Makeover?

Mon, 19 Jul 2010 03:00:00 EDT

Emboldened by Dodd-Frank and its enhanced authority, the SEC is now considering tackling the proxy system. In its just announced concept release, the...

M&A Watch: Deepwater Drilling Buoyant in Land of Rising Sun

Mon, 19 Jul 2010 02:30:00 EDT

Perhaps surprisingly, even in this wizened post-BP age, ultra deepwater drilling is going on unabated, leveraging some of the same structures as BP/Transocean…

CSA Disclosure Report Card: Issuers Receive Below Average Grades

Mon, 19 Jul 2010 01:00:00 EDT

The 2010 report card for Canadian public issuers is in, and while some have shown improvement, the class average is still pretty low...

Bloomberg May Run for President After Anti-Tobacco in NYC

Sun, 18 Jul 2010 11:00:00 EDT

New York City Mayor Michael Bloomberg, one of the richest men in America, says his views are too polarizing for him to become president of the United States...

Dubai’s Regulatory Reform: DIFC Rules Embrace Flexibility

Sun, 18 Jul 2010 00:30:00 EDT

In a move which signals Dubai’s recognition of fund management as a core business, the emirate has amended its regulatory regime to ease burdens on…

SEC Creates Units for Financial Firms, ABS

Fri, 16 Jul 2010 14:40:00 EDT

The Securities and Exchange Commission said it created three expert units to focus on big financial companies, complex securities and securities offerings...

Goldman Settles With SEC for $550 Million

Fri, 16 Jul 2010 08:00:00 EDT

Goldman Sachs Group Inc agreed to pay $550 million (356 million pounds) to settle civil fraud charges over how it marketed a subprime mortgage product...

Citigroup and AIG Classified Certain Repos as Sales

Fri, 16 Jul 2010 05:29:34 EDT

Citigroup Inc and AIG classified more than $11 billion in loans as sales in the second half of 2009, masking the companies' risk levels, filings with the U.S. Securities regulator showed....

Lawyers Bamboozled as PRC Tax Bureau Takes Aim Offshore

Fri, 16 Jul 2010 02:30:00 EDT

A recently enacted tax disclosure law from China is threatening to take the world by storm, even shaking public markets in the U.S., Hong Kong, Canada and Bermuda…

Offering Watch: Defining “Public” in Malaysian IPOs

Fri, 16 Jul 2010 02:15:00 EDT

A newly hatched Malaysian IPO demonstrates the lure of iconic American brands, yet in a decidedly un-American style offering...

Regulatory Watch: SEC Grants FDIC Exemption for Mortgage Trust

Fri, 16 Jul 2010 01:00:00 EDT

In a recent no action request, the SEC confirmed the registration exempt status of senior certificates issued by a mortgage trust established by the FDIC…

Emerging Markets: The British are Coming

Fri, 16 Jul 2010 00:15:00 EDT

Buy shares in a leading British company and you might be buying more than you bargained for, as emerging market deals come into play…

Enforcement Watch: SEC, Goldman Agree to Record CDO Settlement

Thu, 15 Jul 2010 18:00:00 EDT

The SEC and Goldman Sachs have reached a record $500 million settlement of charges related to insufficient and misleading disclosure. In the case of SEC v. Goldman Sachs and Fabrice Tourre, the Commission charged Goldman with...

Wall Street Reform Clears Congress

Thu, 15 Jul 2010 15:40:09 EDT

The U.S. Congress approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law...

Wall St Lobby Shifts to Regulatory Process

Thu, 15 Jul 2010 15:32:28 EDT

The U.S. Senate's approval of financial reform is the starting gun for a new intensive Wall Street lobbying campaign aimed at regulators who must now translate the legislation into hard and fast rules...

U.S. House Bills Punish BP, Boost Drilling Safety

Thu, 15 Jul 2010 15:15:11 EDT

Legislation that could bar BP from getting new offshore oil leases in the United States passed another hurdle in Congress on Thursday while a separate bill to boost safety requirements for...

Spain Sells 2025 Bond at Top of Range, Yields Rise

Thu, 15 Jul 2010 05:19:17 EDT

Spain sold 3 billion euros ($3.8 billion) of a 15-year benchmark bond, at the top end of the Treasury's target range, following previous successful auctions in euro zone periphery countries this week...

Governance Watch: Boardroom Dogfight at Israel’s Magal

Thu, 15 Jul 2010 02:00:00 EDT

A group of former Israeli Air Force fighter pilots has taken a dogfight to the boardroom as Israel’s Magal Security Systems braces for a potentially bruising proxy battle…

Disclosure Controls: Sunlight as Disinfectant

Thu, 15 Jul 2010 02:00:00 EDT

Though investors and regulators may be calling for greater sunlight in order to “disinfect” potential trouble-spots, some public issuers remain leery that too much exposure will result in a sunburn...

“Accredited Investor” Reform: Wet Blanket on REIT Fund-Raising?

Thu, 15 Jul 2010 01:30:00 EDT

REITs may reel from re-regulation of financial services, even while reform rings out across the land. Not all REITs are affected equally, however, exposing players like...

Disclosure Watch: China Sunergy Price Haggles its PRC Purchases

Thu, 15 Jul 2010 01:00:00 EDT

While some China-based solar companies are infused with enthusiasm towards the PRC green sector, one company is treading carefully. NASDAQ-listed China Sunergy recently…

Piracy Attacks fall by a Fifth in First Half of 2010

Thu, 15 Jul 2010 00:00:00 EDT

Pirate attacks globally declined by nearly a fifth in the first half of 2010 from the same period last year due to a strong naval presence in the Gulf of Aden…

Myerson Gets Rare M&A Ban From Takeover Panel

Wed, 14 Jul 2010 13:44:49 EDT

The takeover watchdog has banned activist investor Brian Myerson and two other investors for three years from merger activity, in its first such sanction since 1992...

EU Executive Clears BA, American, Iberia Deal

Wed, 14 Jul 2010 10:22:15 EDT

Oneworld members British Airways, American Airlines and Iberia won EU antitrust clearance on Wednesday to deepen their pact after agreeing to cede some lucrative trans-Atlantic routes...

SEC Eyes Changes to Shareholder Voting System

Wed, 14 Jul 2010 10:10:24 EDT

Securities regulators weighed whether to change voting in corporate elections, amid calls from companies to fix a system they consider broken and antiquated...

EU Approves Comcast Buy of NBC Universal

Wed, 14 Jul 2010 03:31:32 EDT

U.S. cable provider Comcast won EU regulatory clearance on Wednesday for a landmark deal to buy a controlling stake in General Electric's NBC Universal...

Emboldened SEC, From Zero to Hero

Wed, 14 Jul 2010 03:00:00 EDT

Before our very eyes, the SEC is transforming from a regulatory zero to a regulatory hero. After being widely criticized for dropping the ball on…

Healthcare and Generics: Deals and Drugs on Fast Track

Wed, 14 Jul 2010 02:30:00 EDT

Major pharmaceutical deals, like those involving Teva and Pfizer, are unfolding under the twin pressures of healthcare reform in the U.S. and downward price pressure on...

Governance Watch: Magna’s Dual Class Proposal Spells Double Trouble

Wed, 14 Jul 2010 02:00:00 EDT

When Magna International’s directors announced in May that shareholders would be given the opportunity to eliminate Magna’s dual class share capital structure...

PRC Hot Topic: Travel Industry Changes Kick Start M&A Holiday

Wed, 14 Jul 2010 01:30:00 EDT

Summer is turning up the heat in the northern hemisphere. As travelers are packing their bags, legal counsel of PRC hospitality and travel companies have been…

Israel's BioLineRx Readies NASDAQ Share Offer

Wed, 14 Jul 2010 01:08:08 EDT

Israeli drug development company BioLineRx is planning a share offering on U.S. exchange NASDAQ...

Guest Analysis: Chinese Developments in Anti-Monopoly Filings Part II

Tue, 13 Jul 2010 17:30:00 EDT

Under China’s Anti-Monopoly Law and the Filing Thresholds Regulations, the State Council has delegated to MOFCOM the right to investigate…

Canada Seeks Support for Securities Watchdog Plan

Tue, 13 Jul 2010 17:00:00 EDT

Canada's proposed national securities regulator would have a strong presence in all corners of the country, according to a blueprint released that also set new deadlines for reform...

Bankers Call for Reworking of Basel III Rules

Tue, 13 Jul 2010 12:23:36 EDT

Planned global rules that will force banks to top up their capital and curb risk to avert a repeat of the financial crisis could choke growth and raise costs for consumers...

Goldman May Seek Extension in SEC Case

Tue, 13 Jul 2010 05:06:59 EDT

U.S. investment bank Goldman Sachs Group Inc is likely to ask for more time to respond to the fraud lawsuit filed on April 16 by the U.S. Securities regulator, the New York Post reported, citing sources...

Florida Banks Seek Reprieve From New Capital Rules

Tue, 13 Jul 2010 05:03:14 EDT

Banks in Florida are requesting that U.S. federal regulators exempt them from mandatory higher capital requirements because they...

FSA to Ban Self-Cert Mortgages

Tue, 13 Jul 2010 03:08:02 EDT

Britain's financial regulator unveiled new rules obliging banks to make sure all mortgage customers can afford their repayments, in a move that will outlaw self-certification loans...

BP Puts Well Cap in Place; U.S. Issues New Drilling Ban

Mon, 12 Jul 2010 22:06:37 EDT

BP said it had installed a cap meant to halt the flow of oil from its ruptured Gulf of Mexico well and the Obama administration issued a new moratorium on deepwater oil drilling...

Key Players in Final Hurdle for Wall St Bill

Mon, 12 Jul 2010 17:45:00 EDT

As Congress returns from a weeklong break, Senate Democrats are just short of the votes necessary to win passage of a landmark overhaul of financial regulations...

FDIC Grows Backup Role at Large, Risky Banks

Mon, 12 Jul 2010 13:33:00 EDT

U.S. bank regulators would have more power to examine the largest and riskiest institutions, under a new interagency memorandum approved...

Key Political Risks to Watch in Uganda

Mon, 12 Jul 2010 07:00:00 EDT

Suspected Somali Islamists carried out two bomb attacks late on Sunday in the Ugandan capital that killed at least 64 people as they watched the World Cup final...

China Confirms Renews Google’s China License

Mon, 12 Jul 2010 06:30:00 EDT

Guxiang, a company that operates Google's websites in China, was included in a list of more than 200 companies that had their licenses renewed...

Canadian Hot Topic: Parliament Takes Aim at Copyright (Again)

Mon, 12 Jul 2010 01:00:00 EDT

Intellectual property protections have been a hot button issue in Canada as of late, and businesses are taking note of recent copyright initiatives...

New Algeria Rules Squeeze Foreign Contractors

Sun, 11 Jul 2010 14:33:55 EDT

Algeria announced a series of measures on Sunday that will give preferential treatment to domestic firms over foreign rivals, strengthening the energy exporter's trend towards economic nationalism...

When A-Lists Delist: Abu Dhabi’s Aabar Investment Goes Private

Sun, 11 Jul 2010 01:00:00 EDT

Taking public companies private ascribes new meaning to the Latin maxim, e pluribus unum. Abu Dhabi’s publicly listed Aabar Investments PJSC has announced…

BofA Bolsters Compliance After $10.7 Billion Error

Sat, 10 Jul 2010 13:57:59 EDT

Bank of America Corp is beefing up its internal accounting controls after it incorrectly classified as much as $10.7 billion in short-term lending and repurchase deals for mortgage securities as sales...

Regulatory Watch: SEC to Reevaluate Filing Requirements

Fri, 9 Jul 2010 17:12:00 EDT

The Securities and Exchange Commission is looking at reevaluating its requirements regarding corporate risk disclosure and also considering more sweeping recommendations on...

M&A Watch: China's Lenovo Gets Linkage

Fri, 9 Jul 2010 02:00:00 EDT

Lenovo-affiliate and tech giant AsiaInfo Holdings, Inc. just completed its merger with Linkage Technologies Holdings…

AsiaPac Hot Topic: Smoke in the Eyes of PRC Green Dreams

Fri, 9 Jul 2010 01:30:00 EDT

China’s green energy sector may be conjuring up more images of green dollar bills than healthy fields of grass these days. The country’s presence as a major alternative energy mover...

Corporate Governance Watch: HP and Human Rights Voting

Fri, 9 Jul 2010 01:00:00 EDT

Human rights policies are an increasing shareholder demand. Honeywell, Motorola, DuPont and even Halliburton have put the matter to a shareholder vote...

Europe Wins Some Trust for Banks in Stress Tests

Thu, 8 Jul 2010 09:04:43 EDT

European supervisors shored up some confidence in the stress tests they are imposing on banks, as markets focused on finding out more detail about the process before delivering a final verdict...

Redomiciliation Watch: Companies Scramble From Caribbean to Ireland

Thu, 8 Jul 2010 03:30:00 EDT

The race to flee “disreputable” Caribbean tax havens for “legit” European low tax jurisdictions is now on with two insurance companies fleeing from…

Obama Administration Set For Drill Ban Legal Fight

Thu, 8 Jul 2010 01:05:07 EDT

The Obama administration heads to court on Thursday with a single goal -- to reinstate a six-month moratorium on deepwater oil drilling imposed in response to the BP Plc oil spill but blocked by a federal judge...

BP Boss in MidEast Talks, More Progress on Relief Well

Thu, 8 Jul 2010 01:00:00 EDT

BP boss Tony Hayward met officials from an Abu Dhabi state investment fund, the latest stop on a global quest for money to ward off takeovers and help pay the huge costs of the worst oil spill in U.S. history...

Litigation Watch: SEC “Swaps” Insider Trading Loss for Regulatory Win

Thu, 8 Jul 2010 01:00:00 EDT

In a recent insider trading decision, a U.S. federal court in Manhattan ruled against the SEC in its first ever insider trading case involving credit default swaps or CDS…

Guest Analysis: Chinese Developments in Anti-Monopoly Filings Part I

Wed, 7 Jul 2010 19:00:00 EDT

In early November, 2009, the merger-control regulator of the People’s Republic of China, the Anti-Monopoly Bureau under the Ministry of Commerce, announced…

SEC Reopens "Flash Order" Debate

Wed, 7 Jul 2010 16:29:12 EDT

The top U.S. securities regulator wants more feedback on its nearly year-old proposal to ban "flash orders," and has asked additional questions about the wisdom of the ban in the options market...

HSBC Clients Scrutinized in U.S. Tax Evasion Probe

Wed, 7 Jul 2010 08:07:21 EDT

The Department of Justice has opened a criminal investigation into whether some HSBC Holdings Plc clients may have failed to disclose offshore accounts, lawyers familiar with the probe said...

Australia Launches CO2-Neutral Standard for Business

Wed, 7 Jul 2010 04:58:13 EDT

Australia formally launched a programme that allows companies or their products to be certified carbon-neutral in a bid to boost their corporate image and fight climate change...

EU Says Greece Reforms Are Broadly on Track

Wed, 7 Jul 2010 04:05:11 EDT

Greece's fiscal and structural reforms, intended to pull it out of recession and end a sovereign debt crisis, are on track despite some shortcomings, the European Commission said...

Ryanair Could Still Bid for Aer Lingus Despite Ruling

Tue, 6 Jul 2010 09:37:49 EDT

Ireland's Ryanair could still bid for Aer Lingus despite losing a legal challenge to a 2007 veto by EU regulators against the budget carrier's second attempt to buy its rival...

Planeta Gets EU Approval for Deal With Bertelsmann

Tue, 6 Jul 2010 03:21:55 EDT

Spanish publisher Grupo Planeta gained EU regulatory approval on Tuesday for its acquisition of a major stake in Spanish book company Circulo from German media group Bertelsmann...

Gulf Needs Concrete Action for Emerging Market Leap

Tue, 6 Jul 2010 03:08:54 EDT

Gulf stock markets will miss out on getting on the global investment map unless regulators take concrete action to address concerns raised by MSCI, who denied the region emerging market status for the second year running...

Executive Compensation: Clawbacks’ Talons are Getting Sharper

Tue, 6 Jul 2010 02:00:00 EDT

Clawbacks’ talons are sharpened by Dodd-Frank’s reforms, though in truth they were already ripping into executive wallets…

Canadian Hot Topic: CSA Proposes New Fund Rules

Tue, 6 Jul 2010 01:00:00 EDT

The asset-backed commercial paper crisis of 2007-08 continues to have repercussions for Canada’s public issuers. And now, the CSA has proposed changes to…

Iran Says Germany, UK, UAE Deny Fuel to its Planes

Mon, 5 Jul 2010 11:09:13 EDT

Iranian officials accused Germany, Britain and the United Arab Emirates on Monday of refusing to refuel Iranian passenger planes in response to tougher U.S. sanctions over its nuclear programme...

Backdating Backlash: Comverse Comes Full Circle With Settlement

Mon, 5 Jul 2010 02:00:00 EDT

Just when companies welcomed a sign that the SEC might be backing down on its backdating pursuit, the hammer of the plaintiffs’ bar has struck a blow for corporate transparency…

UK Hot Topic: Television Competition Channels Regulator Action

Mon, 5 Jul 2010 01:00:00 EDT

Television is undergoing a virtual revolution in the UK, but it is a revolution that is leading to very real competition law issues. Regulators are picking up enforcement on…

Saudi Airlines' Catering Unit Eyes IPO by March 2011

Sun, 4 Jul 2010 09:49:28 EDT

Saudi Arabian Catering Co, a unit of Saudi Airlines (Saudia), is eyeing a bourse listing by March 2011, while its ground handling unit will merge in July with two other firms...

Egypt's Mobinil Signs Off on Purchase of OT Internet

Sat, 3 Jul 2010 03:49:48 EDT

Mobinil shareholders approved the $130-million purchase of two internet assets from major shareholder Orascom Telecom...

Jordan Nuclear Deal Held up by U.S. Curbs--Sources

Fri, 2 Jul 2010 08:23:07 EDT

Washington's refusal to let Jordan exploit its own uranium deposits to make nuclear fuel has held up nuclear cooperation talks and the two sides are a long way from any deal...

Dubai's Du to Gain Access to Etisalat Network

Fri, 2 Jul 2010 05:30:50 EDT

United Arab Emirates telecoms services provider du will gain access to the network of rival and market leader Etisalat, creating a new wave of competition in the country, a local newspaper said...

Australia Strikes Compromise Tax Deal With Miners

Fri, 2 Jul 2010 02:11:01 EDT

Australia ended a damaging dispute with global miners on Friday by dumping its "super profits" tax for a lower resources rent tax backed by big miners, clearing a major hurdle to call an early election...

Yuan Revaluation: All’s Quiet on the Disclosure Front

Fri, 2 Jul 2010 00:30:00 EDT

The deceptive quiet two weeks after the revaluation of the renminbi may continue on for some time. The renminbi, China's currency, which is also known as the yuan, was recently unpegged…

Private Equity Watch: Blue Square’s Propco-Opco Spinoff

Fri, 2 Jul 2010 00:15:00 EDT

The private equity gambit of asset-shifting continues to find opportunistic participants…

Treasury Takes in $10.5 Billion From Citi Shares

Thu, 1 Jul 2010 09:30:00 EDT

The Treasury Department said it has earned gross profit of about $2 billion so far on the sale of about one-third of its common stock holdings in Citigroup Inc...

House Passes Landmark Financial Reform Bill

Thu, 1 Jul 2010 08:30:00 EDT

The House of Representatives approved a landmark overhaul of financial regulations but the Senate put off action until mid-July, delaying a final victory for President Barack Obama...

BT Announces "Cheapest" Sky Sports Pricing

Thu, 1 Jul 2010 08:00:00 EDT

British telecoms provider BT announced pricing it said was cheaper than that of its rivals for Sky Sports TV channels, potentially sparking a price war after BSkyB was ordered to...

AstraZeneca Loses Generic Drug Case Versus EU

Thu, 1 Jul 2010 05:10:21 EDT

EU antitrust regulators were justified in fining Anglo-Swedish drugmaker AstraZeneca five years ago for blocking cheaper generic medicines coming to the market, a European Union court said...

Hot Topic: Just the Beginning of Financial Reform

Thu, 1 Jul 2010 02:00:00 EDT

A last minute $19 billion financial services tax and the passing of Senator Robert Byrd may be clouding the future of financial reform in the eyes of the media...

Indonesia Works Overtime: State as Regulator-Competitor

Thu, 1 Jul 2010 00:30:00 EDT

When the government both competes and regulates, the outcome of the competition should rarely be in doubt…

Algeria Submits Price Controls Law to Parliament

Wed, 30 Jun 2010 13:31:21 EDT

Algeria's government has submitted to parliament a draft law that will allow it to set price controls on all consumer goods and services as part of a campaign to curb inflation...

U.S. SEC Curbs Money Manager Political Contribution

Wed, 30 Jun 2010 12:15:00 EDT

U.S. securities regulators voted to restrict a practice that has allowed money managers to make political contributions in hopes of winning business from pension funds...

BP Oil Spill a Gusher for Lawyers

Wed, 30 Jun 2010 10:00:00 EDT

From a legal perspective, BP's Deepwater Horizon blowout and the 1989 grounding of the Exxon Valdez are in many respects night and day...

Egypt Islamic Finance Sector Faces Uphill Struggle

Wed, 30 Jun 2010 06:50:11 EDT

Egypt is likely to remain an Islamic finance laggard, hit by bad press from corruption scandals and a government keen to buttress its secular credentials and stymie Islamists ahead of elections next year...

Takeover Panel Rebukes URS Over Scott Wilson Bid

Wed, 30 Jun 2010 04:05:53 EDT

The Takeover Panel gave URS a slap over the wrist, saying the U.S. engineering firm's statement that it might raise its bid for consultancy Scott Wilson Group breached the takeover code...

SEC Enforcement Watch: Facebook, Fraud and FINRA

Wed, 30 Jun 2010 02:00:00 EDT

Fraud has gone social media, and the SEC is onto it. Pump & dump schemes have moved from the classified pages and spam e-mail to Facebook and Twitter…

Disclosure Watch: Korea’s Largest Bank Files Annual Report

Wed, 30 Jun 2010 01:00:00 EDT

Financial services disclosure has been of particular interest since the implosion of the global financial system...