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Regulation and Compliance > Federal Regulation > SEC

Group Think

By Staff Writer

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The Financial Planning Association (FPA) told the U.S. Court of Appeals for the D.C. Circuit on June 1 that although it does not oppose the SEC’s request that it give broker/dealers four months to convert their fee-based brokerage accounts under the court’s ruling in the broker/dealer exemption case, the court should deny the SEC’s request to grant further extensions if a B/D runs into unforeseen problems when converting those accounts. The SEC announced May 14 that it would ask the court to allow a 120-day stay of the Appeals court’s ruling so that investors and their brokers could respond.

The Social Investment Forum (SIF) reported that investors are filing a record number of social and environmental shareholder resolutions this year, led by resolutions on climate change and enhanced sustainability reporting, citing data from Institutional Shareholder Services. The Forum said such shareholder pressure, particularly on global warming, has already resulted in what it called “significant victories,” such as ConocoPhillips’s decision to join the U.S. Climate Action Partnership.

The North American Securities Administrators Association, Inc. (NASAA) filed an amicus curiae brief in the U.S. Supreme Court in the Stoneridge appeal case, voicing support of an investor’s right to sue those who have participated in securities fraud through deceptive conduct, not just through misrepresentations and omissions, under Section 10(b) of the Securities Exchange Act of 1934.