Securities | Better Markets

Have Credit Rating Agencies Set Us Up for Another Financial Crisis? New Fact Sheet Details Similarities with the 2008 Crash

FOR IMMEDIATE RELEASE Monday, April 27, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement as Better Markets issues a fact sheet detailing the conflicts of interest that inflate credit ratings and sow the seeds for investor harm and financial turmoil. […]

Financial Regulators Should Not Open New Loopholes in the Volcker Rule Allowing Wall Street’s Biggest Banks to Engage in Speculative Activities

FOR IMMEDIATE RELEASE Monday, April 13, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding the covered funds exclusions from the Volcker Rule ban on proprietary trading proposed by the Board of Governors of the Federal Reserve System, the Office of the […]

The SEC Must Finalize a Comprehensive Framework for the Use of Derivatives by Mutual Funds

FOR IMMEDIATE RELEASE Wednesday, April 8, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement regarding the Securities and Exchange Commission’s (SEC) re-proposal of the 2015 rulemaking relating to the use of derivatives by funds: “Derivatives were at the core of igniting and spreading […]

Better Markets Fact Sheet on the SEC’s Proposed Derivatives Rules

Although we express significant reservations about certain elements of the SEC’s proposal, in particular the abandonment of the asset segregation framework and the introduction of new proposed derivatives-related leverage limitations (the relative and absolute value-at-risk (VaR) approach), we support initial steps to implement a comprehensive regulatory framework for funds using derivatives-related leverage and posing derivatives-related risks to the […]

The SEC’s Deregulation Would Harm the Quality of Financial Statements Which Would Make Enron-like Fraud More Likely, and the SEC is Using the Coronavirus as an Excuse to Deregulate in the Dark

FOR IMMEDIATE RELEASE Wednesday, March 11, 2020 Contact: Press at [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor of Better Markets, issued the following statement in advance of the Securities and Exchange Commission’s (SEC) final rule rolling back Sarbanes-Oxley’s 404(b)’s requirement that auditors attest to the adequacy of certain companies’ internal controls: “Today’s […]

The FinReg Blog (Duke Law Global Financial Markets Center) | XY Planning Network, LLC v. SEC: Broker Conflicts of Interest, Regulation “Best Interest,” and Investors’ False Sense of Security

By Stephen Hall and Micah Hauptman (this blog article originally appeared in The FinReg Blog — Commentary by faculty and affiliates of the Duke Law Global Financial Markets Center) Introduction In June 2019, the Securities and Exchange Commission (“SEC”) finalized Regulation Best Interest (“Reg. BI”) on a 3-1 vote, with strong support from the broker-dealer […]

RELEASE: Should Scammers Get to Keep the Money They Steal? The U.S. Supreme Court is Hearing from the Parties this Morning

FOR IMMEDIATE RELEASE Tuesday, March 3, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement as the Supreme Court hears oral argument in Liu v. SEC, a case that will determine whether the Securities and Exchange Commission (“SEC”) can still seek to […]

RELEASE: Department of Justice and SEC Again Fail to Take Action Against Actual Criminals in Latest Wells Fargo Settlement that Just Punishes Shareholders

FOR IMMEDIATE RELEASE Friday, February 21, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the settlement announced today among the Department of Justice, the Securities and Exchange Commission and Wells Fargo & Co.: “For more than a decade, Wells Fargo […]

RELEASE: SEC’s Actions on Market Data Promises to Help Investors and Strengthen Market Integrity

FOR IMMEDIATE RELEASE Tuesday, February 18, 2020 Contact: Christopher Elliott, 202-618-6433, [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor of Better Markets, issued the following statement regarding the Securities and Exchange Commission’s (SEC) recent proposal on market data: “We welcome the SEC’s proposal last Friday to expand the content and availability of certain […]

The SEC’s Latest Anti-Investor Proposals Regarding Proxy Firms and Proxy Access Will Further Entrench Conflicted Management

FOR IMMEDIATE RELEASE Tuesday, February 4, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor of Better Markets, issued the following statement regarding the Securities and Exchange Commission’s (SEC) proposals on proxy advice and shareholder proposals: “The SEC’s proposals regarding proxy firms and shareholder proposals will help entrench existing management and make […]

Asked the Justice Department to Investigate Industry’s Fraudulent Influence on SEC Rulemaking by Engaging in Wire and Mail Fraud

Seeking Justice Dept. Investigation | Industry’s Fraudulent Influence on SEC Rulemaking by Engaging in Wire and Mail Fraud Better Markets sent a letter to the U.S. Attorney General and the head of the Criminal Division of the U.S. Department of Justice seeking an investigation into reports that industry-allied groups had sent dozens of fraudulent letters […]

Opposing Industry-Cost-Only Analysis as a Trojan Horse to Kill Critical Rules

Comment Letters | Opposing Industry-Only Cost Analysis as a Trojan Horse To Understate the Public Interest and Overstate Industry Costs to Kill Financial Protection Rules Cost-benefit analysis (CBA) sounds good and neutral. After all, who could oppose only doing something when the benefits outweigh the costs? The fatal flaws in a cost-benefit framework only appear […]

Stopping Crooks from Keeping the Money They Rip Off from Investors

Supreme Court Brief | Stopping Crooks from Keeping the Money They Rip Off from Investors (Supreme Court Brief here and press release here) One of the most basic principles of law is that – not matter what else –– a crook should and must give up the money he or she took from the unsuspecting […]

Better Markets and Consumer Protection Organizations Defend Authority of the SEC to Seek Orders Forcing Scam Artists to Give Back What They Stole

FOR IMMEDIATE RELEASE Thursday, January 23, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed in the Supreme Court by Better Markets, the Center for Responsible Lending, and the National Consumer Law Center, in Liu v. SEC on […]

Better Markets Statement on SEC Commissioner Rob Jackson’s Departure

FOR IMMEDIATE RELEASE Thursday, January 16, 2020 Contact: Christopher Elliott, 202-618-6433 [email protected] Washington, D.C. – Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to the announced upcoming departure of SEC Commissioner Rob Jackson: “SEC Commissioner Rob Jackson knows that the financial industry’s agenda of using regulation and regulators […]

SEC’s Market Structure Actions Today Maintains Unacceptable and Harmful Status Quo

FOR IMMEDIATE RELEASE Wednesday, January 8, 2020 Contact: Christopher Elliott, 202-618-6433, [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor, issued the following statement in response to the actions taken by the Securities and Exchange Commission (SEC) today at the meeting that approved on a party-line 3-2 vote a proposal regarding stock exchanges and […]

Better Markets and the Consumer Federation of America File A Brief Supporting the Legal Challenge to the SEC’s Unlawful and Misleading Rule That Will NOT Put a Stop to Conflicted Financial Advice

FOR IMMEDIATE RELEASE Monday, January 6, 2020 Contact: Christopher Elliott, 202-618-6433 [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed by Better Markets and the Consumer Federation of America (CFA) in support of a legal challenge to the SEC’s “Regulation […]

Better Markets Demands Industry Corruption & Fraud in SEC Rulemaking Be Investigated & Prosecuted

Hard to believe, but the SEC recently proposed a rule to gag independent proxy firms from providing their unbiased opinion to investors who hire them. In fact, the SEC is proposing that proxy firms provide their opinions on corporations to the management of those corporations for review and editing before they are allowed to provide their […]

Lawless SEC Going After ESG & Investors Rather Than Protecting Them

Ignoring the laws that are supposed to mandate its actions, the SEC has perverted its mission from protecting investors to protecting Corporate America, incumbent management and financial giants. The latest is the attack on ESG (environmental, social and governance issues), a bete noire for corporate suites, the Chamber of Commerce and other industry trade groups. It is […]

SEC’s Actions Unwisely Expose Main Street Investors to High-Risk Investment Choices and Unscrupulous Financial Professionals

FOR IMMEDIATE RELEASE Wednesday, December 18, 2019 Contact: Christopher Elliott, 202-618-6433, [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the SEC’s regulatory actions: “Christmas came early for Wall Street today as the SEC opened a big bag of gifts for the financial industry […]

The SEC and Justice Department Should Investigate Allegations That Fraudulent Comment Letters Were Submitted in Support of Recent Rule Proposals Favoring Vested Corporate Interests

FOR IMMEDIATE RELEASE Monday, December 9, 2019 Contact: Christopher Elliott, 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement after Better Markets called upon the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) to investigate allegations that dozens of fraudulent or […]

Supreme Court Case Threatens One of the SEC’s Most Powerful Weapons to Fight Fraud

Making crooks and lawbreakers give up their ill-gotten gains is critical to making sure “crime does not pay,” which is key to deterring future crimes. After all, if you get to keep what you illegally took, that wasn’t yours, then you are incentivized to do it again. This is called “disgorgement” and should always be […]

SEC’s Quantity Over Quality Enforcement Program

The SEC also recently released its FY2019 Enforcement Program statistics, and while the total number of completed enforcement cases remains high, it is concerning to note how the SEC has achieved these numbers. As in past years, the SEC seems more interested in quantity more than quality. For example, according to the report, of the […]

Report Shows SEC’s Whistleblower Program Is Wildly Successful, Should Not Be Weakened

The SEC just submitted its 2019 Annual Report on its Whistleblower Program to Congress, which proves – again – that whistleblowers perform a vital public service by revealing fraudulent and illegal conduct. The SEC’s Whistleblower Program was created in the Dodd-Frank Act and designed to reward and protect whistleblowers. As a result of the Program, […]

Better Markets Supports the SEC Fight for Investors Over the Industry for the Consolidated Audit Trail (CAT)

The Consolidated Audit Trail (CAT) promises to be a revolutionary game-changer for the SEC in detecting, deterring, and punishing market manipulation and predatory behavior. Done right, its importance for investor protection, market stability and capital formation cannot be overstated. It will, finally, move the SEC’s grossly inadequate and outdated market surveillance and enforcement capabilities and […]

Credit Quality Crashing – What Crashes Next?

Conflicted, profit/bonus maximizing credit rating agencies failed miserably in the last crash but are now warning about the next one. According to Moody’s Investor Services (as reported by Institutional Investor): Given that B3 is six levels below investment grade, this has prompted “warnings from Moody’s that defaults in the next downturn may exceed the spike […]

Better Markets Supports the SEC Fighting for Investors Over the Industry for the Consolidated Audit Trail (CAT)

FOR IMMEDIATE RELEASE Tuesday, October 29, 2019 Contact: Christopher Elliott, 202-618-6433 Washington, D.C. – Dennis Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to the SEC’s proposed amendments to the national market system plan governing the Consolidated Audit Trail (CAT): “The Consolidated Audit Trail (CAT) promises to be a revolutionary […]

Good News: SEC Does Not Weaken Protections for Whistleblowers

Whistleblowers perform a vital public service by revealing fraudulent and illegal conduct, usually at great personal risk to their jobs, livelihoods and reputations. Before the 2008 crash, the SEC was derelict in many of its duties, including in particular in its repeated failure to listen to and act on information from whistleblowers. The most egregious example […]

Congress Must Hold the SEC and CAT NMS Accountable for Failure to Create the Consolidated Audit Trail

FOR IMMEDIATE RELEASE Monday, October 21, 2019 Contact: [email protected] or (202)618-6433 Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor of Better Markets, issued the following statement in advance of the Senate Banking Committee’s hearing on “Oversight of the Status of the Consolidated Audit Trail,” scheduled for Tuesday, October 22, 2019: The Senate Banking Committee, […]

Key D.C. Circuit Case Challenging SEC Pilot Program Will Determine How Stocks Are Traded on U.S. Exchanges—For the Benefit of Investors, or, for Benefit of Exchanges and High-Frequency Traders

Oral Argument Scheduled this Friday, October 11, 2019 New York Stock Exchange LLC v. SEC, No. 19-1042 (D.C. Cir.) Summary – A case being heard this Friday, October 11th, before the D.C. Circuit will have a profound and lasting impact on the way virtually all stocks are traded on U.S. exchanges. The law requires brokers […]

The SEC Grants Industry Wish to Pitch Investors, Even When the Law Prohibits It

FOR IMMEDIATE RELEASE Thursday, September 26, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement following the SEC’s adoption of its “Testing the Waters” rule: “Today, at the request of — and with the full support of — the industry, the SEC finalized […]

SEC’s Release on Private Markets Will Hurt Public Markets and Main Street Investors, Better Markets Details in Comment Letter

FOR IMMEDIATE RELEASE Tuesday, September 24, 2019 Contact: [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with filing a comment letter today on the SEC’s Concept Release on Harmonization of Securities Offering Exemptions: “The SEC’s so-called ‘harmonization’ concept release contemplates building on and […]

Going to Court to Defend Critical SEC Program Against Baseless Industry Attacks

Better Markets filed an amicus brief urging the D.C. Circuit Court of Appeals to uphold the SEC’s critical Transaction Fee Pilot program, which it initiated last year to study the effects of the legalized kickbacks large exchanges offer to brokers to attract orders. As we explained in our brief, these kickbacks hurt both large and small […]

States’ Lawsuit Stands Up for Investors by Challenging the SEC’s Anti-Investor Investment Advice Rule

FOR IMMEDIATE RELEASE Tuesday, September 10, 2019 Contact: [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement following news that seven states have filed a lawsuit in Federal Court challenging the SEC’s so-called “Regulation Best Interest”: “This is a good day for investors, and we […]

PRESS RELEASE: Fact Sheet on New Volcker Rule Detailing Substantial Changes and Correcting Misinformation

FOR IMMEDIATE RELEASE Wednesday, August 28, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the recently announced new Volcker Rule: “Better Markets today issued a Fact Sheet on the new Volcker Rule to correct the misimpression and misstatements that […]

SEC Votes to Limit Shareholders’ Rights and Access to Information

FOR IMMEDIATE RELEASE Wednesday, August 21, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the Securities and Exchange Commission’s (SEC) votes today on shareholder voting and proxy rules applicable to voting advice: “For years, corporate management and the Chamber […]

Here Are the Key Wins for Wall Street in the Weakened Volcker Rule

Based on a quick reading of the new Volcker Rule, the FDIC fact sheet, Director Marty Gruenberg’s dissent, and comments made at the FDIC meeting, financial regulators handed Wall Street its biggest victory since the 2008 financial crisis. In addition to not finalizing the Fair Value Accounting Test—which was vehemently opposed by Wall Street– the […]

Volcker Rule Changes Are Unjustified, Unnecessary, Dangerous and Come At The Worst Possible Time

FOR IMMEDIATE RELEASE Tuesday, August 20, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the revised Volcker Rule finalized by the Federal Deposit Insurance Corporation (FDIC) this morning: “Proprietary trading by Wall Street’s biggest banks and derivatives dealers generates […]

The Key Wins for Wall Street in the Weakened Volcker Rule

[AN UPDATED VERSION OF THIS PAGE IS AVAILABLE HERE] From comments in this morning’s FDIC meeting, it is clear that the Volcker Rule will hand Wall Street its biggest victory since the 2008 financial crisis. The new rule may ultimately finalize every major reckless, short-sighted, and legally baseless change proposed last year but not the […]

Gutting the Volcker Rule Is A Huge Win for Wall Street’s Biggest Banks

FOR IMMEDIATE RELEASE Tuesday, August 13, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the revised Volcker Rule expected to be finalized by regulators beginning with the Federal Deposit Insurance Corporation (FDIC) next Tuesday: “Champagne corks are no doubt […]

The Volcker Rule Ban Stopping Wall Street from Gambling with Taxpayers’ Money

Introduction Although still a work in progress, this is a comprehensive and frequently updated webpage for all things Volcker Rule, including proposed rules, comment letters, analysis, media, presentations and much more. It begins with a discussion of (1) current developments and activities; (2) the background of the rule, (3) the recent proposals to weaken the […]

Stop Wall Street’s Biggest Banks from Gambling

FOR IMMEDIATE RELEASE Friday, August 9, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement with respect to the new Office of Financial Research (“OFR”) staff paper on the purported bond-market liquidity effects of the Volcker Rule: “The ‘staff working paper’ released by […]

SEC Adopts Anti-Investor Rule

Too often bad laws, rules and regulations are obfuscated with ambiguous language and provisions or outright false wrapping and rhetoric. That’s what happened this week when the SEC finalized a misleadingly labeled rule called “Regulation Best Interest,” which actually doesn’t do what the SEC spinners are claiming. Better Markets and all the consumer and investor advocates criticized […]

SEC’s So-Called Best Interest Rule is a Fraud That Protects Industry Profits, Not Investors

FOR IMMEDIATE RELEASE Wednesday June 5, 2019 Contact: [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the SEC’s vote today to finalize its misleadingly labeled “Regulation Best Interest”: “On the 85th anniversary of the founding of the SEC, the SEC is turning […]

Fact Sheet on the SEC’s Upcoming Vote on its So-Called Best Interest Proposed Rule

FOR IMMEDIATE RELEASE Wednesday, May 29, 2019 Contact: [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement and Fact Sheet in advance of the SEC’s June 5, 2019 meeting to finalize its so-called “Regulation Best Interest” proposal: “Tens of millions of America’s investors and retirees are […]

The SEC’s Deregulation Proposal Today Lets Executives Off the Hook for Financial Fraud, Which Will Make Such Fraud More Likely

FOR IMMEDIATE RELEASE Thursday, May 9, 2019 Contact: Press at [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the Securities and Exchange Commission’s (SEC) proposed rollback of Sarbanes Oxley’s 404(b)’s requirement that auditors attest to the adequacy of certain companies’ internal controls: “Nothing focuses […]

With DOJ Considering Criminal Charges Against Goldman Sachs, Better Markets Releases Report on the Bank’s Extensive Involvement in the Malaysian 1MBD Corruption Scandal

FOR IMMEDIATE RELEASE Thursday, April 25, 2019 Contact: Carol Kaplan, 202-618-6430 or [email protected] GOLDMAN SACHS’ “FOUR MONKEYS” DEFENSE SHOULD BE REJECTED Washington, D.C. – With the Department of Justice considering criminal charges against Goldman Sachs for its involvement in the 1MDB crime spree and with Attorney General Barr obtaining a waiver to act in the […]

Supreme Court Decision is a Big Win For Investors, Retirees, and Main Street

FOR IMMEDIATE RELEASE Wednesday, March 27, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the ruling by the Supreme Court in Lorenzo v. SEC that individuals can be liable for fraud when they disseminate fraudulent information, even if […]

Bravo to the SEC for Directly Attacking Some Dysfunctional/Predatory Market Structure Problems

Bravo to the SEC for Directly Attacking Some Dysfunctional/Predatory Market Structure Problems SEC Chairman Jay Clayton and Director of Division of Trading and Markets, Brett Redfearn, appeared together at an event at Fordham University in New York City this week and addressed the SEC’s recent efforts in reforming our fragmented, dysfunctional and too often predatory market […]

SEC Doesn’t Take Away Ripped Off Shareholders’ Rights…Yet

SEC Doesn’t Take Away Ripped Off Shareholders’ Rights …..Yet There’s some good news to report in the fight to preserve ripped off shareholders’ rights to seek justice in court, rather than being forced into biased, unfair and secret arbitration proceedings. On Monday, February 11, 2019, SEC Chairman Jay Clayton announced that SEC staff would allow Johnson & […]

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Category: Securities

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