Eighteen distinguished professors of bankruptcy and corporate law expressed concern that a "proposed omnibus appropriations rider" could amend the Trust Indenture Act of 1939 ("TIA") "without any legislative hearings or opportunity for public comment." In a letter addressed to Senate and House leadership, the professors argued that the "hasty amendment of the Trust Indenture Act could have broad negative unintended consequences in the securities markets." Provisions of the TIA are intended to protect bond investors, they argue "by requiring any restructuring of bonds to occur subject to the
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Mercatus on Policy published a policy brief, by American Enterprise Institute scholar James K. Glassman and Mercatus Center scholar Hester Peirce , that outlines the regulations that give power to proxy advisory firms, discusses the nature and adverse consequences of that power, and offers suggestions for reform. The policy brief discusses the two major firms that dominate the proxy advisory industry and concludes that the firms' power derives from growth in the proportion of shares owned by institutions, the growing number of proxy votes, and the regulatory push toward reliance on outside
A firm operating as a "market center" settled FINRA charges for under-reporting "covered orders" in contravention of SEC disclosure requirements on order execution.
The SEC charged a New York-based "robo-adviser" with making false claims to investors, breaching its fiduciary duty, and committing related compliance failures.
A transfer agent settled SEC charges for "fail[ing] to exercise reasonable care to ascertain the correct address of lost securityholders" and allowing those securityholders' assets to be "handed over to state governments – escheated – as unclaimed assets."