SEC, lawyers spar over derivative restrictions

Article Abstract:

Possible increases in federal oversight of derivatives was a topic at a Securities and Exchange Commission (SEC) conference held March 3-4, 1995. SEC speakers pointed out that the Bankers Trust decisions was based on fraud, not suitability or advisers' duties. The securities industry is worried that suitability may become a more far-reaching concept, and impinge on the arm's length relationship that characterizes many investor-broker situations. The SEC hinted that directors may be held more accountable in future actions.

Financial Services, Finance and Insurance, Analysis, Derivatives (Financial instruments), Investment advisers

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A place in the sun

Article Abstract:

The 23d annual Securities Regulation Institute gathering in San Diego, Jan 24-26, 1996, focused on ramifications of the Private Securities Litigation Reform Act of 1995, passed over presidential veto Dec 23, 1995. A recent lawsuit filed by William S Lerach against Silicon Graphics and its executives suggests the law may not provide all the shelter companies had hoped against shareholder actions. Further, the first judicial decision under the new act turned an element considered pro-company against the corporate defender.

Securities Dealers, Investment Banking and Securities Dealing, Security brokers and dealers, Stockholders' derivative actions, Shareholder lawsuits

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