U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

SEC News Digest

Issue 2009-248
December 30, 2009

ENFORCEMENT PROCEEDINGS

Former Cendant Corporation Chairman Walter A. Forbes Settles SEC Fraud Action

The Securities and Exchange Commission announced that on Dec. 29, 2009, a settled final judgment was entered by the U.S. District Court for the District of New Jersey against Walter A. Forbes, the former Chairman of Cendant Corporation, in the Commission’s action alleging that he violated the federal securities laws. As alleged in the complaint, Forbes directed an earnings management scheme at CUC International Inc., a corporate predecessor of Cendant, and, subsequently, at Cendant itself. Over a twelve-year period, Forbes directed a scheme that improperly inflated the company’s quarterly and annual financial results. The final judgment against Forbes, to which he consented without admitting or denying the Commission’s allegations, enjoins him from violating, or aiding and abetting violations of, the antifraud, proxy statement, periodic reporting, books and records, internal controls, and lying to auditors provisions of the federal securities laws and bars him from serving as an officer or director of a public company. [SEC v. Walter A. Forbes et al., Civil Action No. 01 civ 987 (JAP), USDC, DNJ] (LR-21356)


INVESTMENT COMPANY ACT RELEASES

Madison Asset Management, LLC, et al.

An order has been issued on an application filed by Madison Asset Management, LLC, et al., under Section 12(d)(1)(J) of the Investment Company Act for an exemption from Sections 12(d)(1)(A) and (B) of the Act and under Section 6(c) and 17(b) of the Act for an exemption from Section 17(a) of the Act. The order permits certain registered open-end management investment companies to acquire shares of other registered open-end management investment companies and unit investment trusts that are within and outside the same group of investment companies. (Rel. IC-29099 – December 29)


SELF-REGULATORY ORGANIZATIONS

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by NYSE Amex (SR-NYSEAmex-2009-92) extending the operative date of Rule 92(c)(3) from Dec. 31, 2009, to July 31, 2010, has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of the proposal is expected in the Federal Register during the week of December 28. (Rel. 34-61250)

A proposed rule change filed by New York Stock Exchange (SR-NYSE-2009-129) extending the operative date of NYSE Rule 92(c)(3) from Dec. 31, 2009, to July 31, 2010, has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of the proposal is expected in the Federal Register during the week of December 28. (Rel. 34-61251)


Proposed Rule Changes

The Commission issued notice of filing of Amendment No. 1 to a proposed rule change submitted by the Municipal Securities Rulemaking Board (SR-MSRB-2009-10) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to additional voluntary submissions by issuers to the MSRB’s Electronic Municipal Market Access System (EMMA). Publication is expected in the Federal Register during the week of December 28. (Rel. 34-61237)

The Commission issued notice of filing of Amendment No. 1 to a proposed rule change submitted by the Municipal Securities Rulemaking Board (SR-MSRB-2009-09) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 relating to Rule G-32, on disclosures in connection with primary offerings, Form G-32, and the primary market disclosure and primary market subscription services of the MSRB’s Electronic Municipal Market Access System (EMMA). Publication is expected in the Federal Register during the week of December 28. (Rel. 34-61238)

The Depository Trust Company filed a proposed rule change (SR-DTC-2009-17) under Section 19(b)(1) of the Exchange Act that would allow DTC to provide settlement services to European Central Counterparty Limited for U.S. securities traded on European trading venues. Publication of the proposal is expected in the Federal Register during the week of December 28. (Rel. 34-61249)


Approval of Proposed Rule Change

The Commission approved a proposed rule change, as modified by Amendment No. 1 thereto (SR-NYSEAmex-2009-81), submitted by NYSE Amex, pursuant to Rule 19b-4 under the Securities Exchange Act of 1934 to amend NYSE Amex Equities Rule 123C to modify the procedures for its closing process and make conforming changes to NYSE Amex Equities Rules 13 and 15. Publication is expected in the Federal Register during the week of December 28. (Rel. 34-61244)


SECURITIES ACT REGISTRATIONS


RECENT 8K FILINGS

http://www.sec.gov/news/digest/2009/dig123009.htm


Modified: 12/30/2009