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    ALERT:

    H.R. 3482 – Restoring Main Street Investor Protection and Confidence Act
    New Co-Sponsor: Representative Christopher Smith [R-NJ4]. This brings the number of co-sponsors to date to 51. If your representative is currently not co-sponsoring H.R. 3482 (click here for a list of current co-sponsors), we urge you to visit www.fixsipcnow.org to write your representative, and follow up with a call to their office.

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    SEC Wants More Detail on Loans Backing Securities

    WASHINGTON—U.S. regulators will take long-awaited steps to give investors more information about the quality of mortgages and other loans underpinning certain securities. The Securities and Exchange Commission is expected to complete rules Wednesday that would require banks and other firms to provide investors with more details about loans pooled into bonds known as asset-backed securities. The data will include borrowers’ credit scores and metrics to gauge levels of debt—information the SEC expects will aid investors in determining the health of certain loans and reduce reliance on credit ratings, according to people familiar with the matter. More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    MF Global Seeks Permission to Repay Creditors

    MF Global Inc. wants court approval to pay $295 million owed to its creditors, now that it has paid back most of its customers. In a Tuesday filing with the U.S. Bankruptcy Court in Manhattan, trustee James W. Giddens said he wanted to distribute $295 million to creditors, who have waited nearly three years as all but a few individual brokerage and commodity customers received 100% of payments owed. The bulk of the money is earmarked for unsecured creditors, who would receive a first distribution of about 20% of what Mr. Giddens has agreed to pay. Holders of secured, administrative and priority claims that have been resolved will get 100% of their money all at once if the request is approved. More in the Wall Street Journal here.

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    Judge Denies Claims by Investors in Retirement Accounts Tied to Madoff

    Hundreds of people whose employers invested their retirement funds with Bernard Madoff cannot recover money from the liquidation of Mr. Madoff’s firm because they weren’t direct customers of the imprisoned Ponzi scheme operator, a bankruptcy judge has ruled.
    The decision, by Judge Stuart Bernstein of the U.S. Bankruptcy Court in Manhattan on Friday, is the latest in a string of rulings denying claims put forward by investors in either retirement funds or so-called feeder funds that in turn invested with Mr. Madoff. More in the Wall Street Journal here.

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    As federal regulators move slowly on equity crowdfunding, states adopt their own rules

    With federal regulations for equity-based crowdfunding still unfinished more than two years after the practice was signed into law, numerous states are moving ahead with their own measures that allow residents to funnel small sums of money to local businesses. But the deals allowed by state-level crowdfunding are typically smaller in size and scope than those envisioned by the federal crowdfunding provisions, which entrepreneurs and economic development officials alike have heralded as a new mechanism for businesses to raise capital needed for expansion. More in the Washington Post here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    What’s Next for the Fiduciary Standard?

    While the industry awaits a decision by the SEC on whether it will move forward with a uniform fiduciary rule for brokers and advisors, fiduciary advocates will engage this month in a debate about the importance of the two fiduciary rulemakings being considered by the SEC and the Department of Labor, as well as what the industry’s role should be in shaping fiduciary standards. As Fiduciary September approached—and with only three months remaining until SEC Chairwoman Mary Jo White’s self-imposed deadline for the agency to make by year-end a “threshold decision” on whether and how to move forward on a fiduciary rulemaking—I reached out to top fiduciary thinkers to get their views on where the commission may be headed. More on ThinkAdvisor here.

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