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You are here: SEC & Securities Law SEC Press Releases
  • Six Federal Agencies Jointly Approve Final Risk Retention Rule



     JOINT RELEASE

    Board of Governors of the Federal Reserve System 
    Department of Housing and Urban Development 
    Federal Deposit Insurance Corporation 
    Federal Housing Finance Agency 
    Office of Comptroller of the Currency 
    Securities and Exchange Commission 


    Joint Release
    • Board of Governors of the Federal Reserve System
    • Department of Housing and Urban Development
    • Federal Deposit Insurance Corporation
    • Federal Housing Finance Agency
    • Office of Comptroller of the Currency
    • Securities and Exchange Commission

    Six federal agencies approved a final rule requiring sponsors of securitization transactions to retain risk in those transactions.  The final rule implements the risk retention requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    The final rule is being issued jointly by the Board of Governors of the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.  As provided under...

  • Office of Municipal Securities Director John Cross to Leave SEC

    The Securities and Exchange Commission today announced that John J. Cross III, Director of the Office of Municipal Securities, will leave the agency in November.

    Since September 2012, Mr. Cross has served as the first Director of the Office of Municipal Securities, which was established under the Dodd-Frank Act to oversee the municipal securities market.  The Office of Municipal Securities administers the Commission’s rules for the municipal securities market and oversees rulemaking by the Municipal Securities Rulemaking Board, a self-regulatory organization.  The Office of Municipal Securities also advises the Commission and other SEC offices on policy matters, enforcement, current market issues, and other issues affecting the municipal securities area, including municipal disclosure and municipal market structure initiatives.

    During his tenure, Mr. Cross was instrumental in efforts to build and develop the Office of Municipal Securities into a standalone office staffed by a team of municipal securities experts.  Mr. Cross played a leading...

  • SEC Names Marc Wyatt as Deputy Director of National Exam Program

    The Securities and Exchange Commission today announced that Marc Wyatt has been named Deputy Director of the agency's Office of Compliance Inspections and Examinations (OCIE).

    Mr. Wyatt joined the SEC in December 2012 as a senior specialized examiner focused on examinations of advisers to hedge funds and private equity funds.  He also is the national co-coordinator of OCIE’s Private Fund Specialized Working Group and recently participated in the creation of its Private Fund Examination Unit, whose attorneys, accountants, and examiners specialize in examinations of advisers to private funds.  

    “During his time here, Marc has demonstrated exceptional drive, judgment, and knowledge of the industry,” said OCIE Director Andrew Bowden.  “He is a superb manager and communicator, and he will continue to be an effective advocate for investors in his new position within OCIE.”

    Mr. Wyatt said, “I am honored to take on this new role. It is a great opportunity to work with...

  • Availability of Staff Analysis on Reporting and Dissemination of Security-Based Swap Information

    The staff of the Securities and Exchange Commission today made available analyses of data on the reporting and dissemination of security-based swap transaction information. 

    The analyses are posted on the SEC’s website as part of the comment file for rules proposed by the SEC in November 2010, and re-proposed in May 2013, on the reporting and dissemination of security-based swap transaction information.  The analyses were conducted by staff in the SEC’s Division of Economic and Risk Analysis and the Division of Trading and Markets and examine:

    • The effect of the Commodity Futures Trading Commission’s mandated post-trade transparency in the index credit default swaps (CDS) market on total credit exposure, trading volume, and trade size in the index CDS market
    • Recent single-name CDS transactions and if and how dealers may hedge any large notional exposures that result from executing trades with their customers

    The staff believe that the analyses have the potential to be informative...

  • SEC Charges Staten Island Man With Conducting Fraudulent Offerings and Stealing Investor Funds

    The Securities and Exchange Commission today charged the operator of an online stock recommendation business with conducting several fraudulent securities offerings and siphoning some of the money raised from investors for a Caribbean vacation and plastic surgery.

    An SEC investigation found that Anthony Coronati, who lives on Staten Island, initially held himself out as an investment adviser to a hedge fund that he claimed would invest in equity securities.  But the hedge fund was fictitious and Coronati used investor money for other purposes.  When the money began drying up, he went on to defraud investors in additional schemes involving his New Jersey-based company Bidtoask LLC.  Coronati and Bidtoask sold membership interests in the company for the purpose of investing in promising technology companies that had yet to hold initial public offerings (IPOs).  Investors were told that Bidtoask would invest directly in pre-IPO Facebook shares without charging any fees, commissions, or markups...

SEC Press Releases