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August 24, 2010

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Securities News

Rokita Applauds Passage of Securities Legislation

Indianapolis, IN - Secretary of State Todd Rokita announced today that legislation approved late Thursday by the Indiana General Assembly will benefit Hoosier investors by strengthening the enforcement powers of the Secretary of State 's office and providing resources to local prosecutors who bring charges against con artists and other violators of the Indiana Securities Act.

House Enrolled Act 1229 provides that county prosecutors may appoint attorneys from the Secretary of State's Securities Division as special deputy prosecuting attorneys. The legislation also changes the requirements for the Securities Commissioner to impose civil penalties on violators of the Indiana Securities Act.

In 2003, Secretary Rokita met with county prosecutors and deputy prosecutors around the state and was told that with dockets full of violent crimes and drug offenses, county prosecutors would welcome the assistance of the Secretary of State's office in prosecuting securities cases.

"There is an incredible burden on local prosecutors operating on tight budgets. The attorneys and investigators in the Secretary of State's office are experts in Indiana securities law. Now county prosecutors will have specific authority to appoint our attorneys to help prosecute securities violations," Rokita said.

In a provision supported by the Indiana Mortgage Brokers Association and the Indiana Mortgage Bankers Association, HEA 1229 also clarifies the definition of the term "loan broker" and brings under the jurisdiction of the Secretary of State loan brokers who previously went unregulated.

"I am committed to protecting Hoosier investors. Since taking office the securities division of the Secretary of State's office has been strengthened by adding experienced attorneys and investigators to the staff and by working with county prosecutors to convict those who commit securities violations," Rokita said. "This legislation will further the ability of the Secretary of State's office to protect Hoosiers from investment fraud."

HEA 1229 also strengthens the state's ability to confront deceptive practices in the securities industry through the following measures:

The provision clarifies that where an alleged securities violator receives notice of the allegations and the opportunity for a hearing but fails to appear to answer the allegations, the Securities Commissioner need not hold a hearing to determine if a Securities Act violation occurred, and may impose civil penalties and other remedies upon determining that a violation occurred
Recognizes that an administrative action for a violation of the Securities Act survives even if a potential respondent passes away
Makes unlawful the fraudulent or deceitful acts of a person who is in the business of giving advice for compensation, directly or through publication, regarding the value of securities, or the advisability of a securities transaction
Specifies a 60-day time frame in which a securities issuer may correct a deficiency in the issuer's application for registration of a securities issue; if the deficiency is not corrected within that time frame, the application is declared abandoned

"I want to thank the members of the General Assembly who worked to make this legislation possible, particularly Senator Murray Clark, who authored the bill, and Senators Allen Paul, Joe Zakas and Tim Lanane and Representatives Jeb Bardon and Michael Ripley who sponsored the legislation," Rokita said.

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Did You Know?

Swap: In general, the exchange of one asset or liability for a similar asset or liability
Swap: In general, the exchange of one asset or liability for a similar asset or liability for the purpose of lengthening or shortening maturities, or raising or lowering coupon rates, to maximize revenue or minimize financing costs. This may entail selling one securities issue and buying another in foreign currency; it may entail buying a currency on the spot market and simultaneously selling it forward. Swaps also may involve exchanging income flows; for example, exchanging the fixed rate coupon stream of a bond for a variable rate payment stream, or vice versa, while not swapping the principal component of the bond. Swaps are generally traded over-the-counter.

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Securities Terms

Tuesday's Term

Basis Grade

Definition:
The grade of a commodity used as the standard or par grade of a futures contract.

Security

Definition:
Generally, a transferable instrument representing an ownership interest in a corporation (equity security or stock) or the debt of a corporation, municipality, or sovereign. Other forms of debt such as mortgages can be converted into securities.

Accommodation Trading

Definition:
Non-competitive trading entered into by a trader, usually to assist another with illegal trades.

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Securities Hot Topics

Topics Related to Securities:

Investment Fraud
Stock Fraud
Bond Fraud
Mutual Fund Fraud

Wisconsin Securities Attorney

If you live in the following cities and need an securities attorney you should contact our Securities Attorney as soon as possible:

Appleton
Beloit
Burlington
Chippewa Falls
De Pere
Eau Claire
Fond Du Lac
Franklin
Green Bay
Janesville
Kenosha
La Crosse
Madison
Manitowoc
Marshfield
Menomonee Falls

Milwaukee
Neenah
New Berlin
Oak Creek
Oconomowoc
Oshkosh
Racine
Sheboygan
Stevens Point
Sun Prairie
Superior
Waukesha
Wausau
West Bend
Wisconsin Rapids

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