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This document contains a notice of pendency before the Department of Labor (the Department) of a proposed individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), the Federal Employees' Retirement System Act of 1986, as amended (FERSA), and the Internal Revenue Code of 1986, as amended (the Code). The proposed transactions involve BlackRock, Inc. and its investment advisory, investment management and broker-dealer affiliates and their successors. The proposed exemption, if granted, would affect plans for which BlackRock, Inc. and its investment advisory, investment management and broker-dealer affiliates and their successors serve as fiduciaries, and the participants and beneficiaries of such plans.
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This document contains an individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), the Federal Employees' Retirement System Act of 1986, as amended (FERSA), and the Internal Revenue Code of 1986, as amended (the Code). The transactions involve BlackRock, Inc. and its investment advisory, investment management and broker-dealer affiliates and their successors. The individual exemption affects plans for which BlackRock, Inc. and its investment advisory, investment management and broker-dealer affiliates and their successors serve as fiduciaries, and the participants and beneficiaries of such plans.
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In this article the authors make two claims. First, they argue that the current subprime mortgage and credit crisis would have been avoided, or at least greatly mitigated, if existing securities laws had been properly applied to subprime mortgage brokers and originators. Second, they argue that under any of what they regard as three reasonable interpretations of the securities laws, many of the problematic mortgage brokers are actually under the SEC's jurisdiction. This tantalizing possibility does not appear to have occurred to anybody in this crisis, at least to this point. Part II of this article describes how the evolution of the mortgage industry has dramatically changed the economic properties of the financial products known as mortgages. They describe the growth of the subprime m...
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NEW YORK, Aug. 25 /PRNewswire/ -- James W. Giddens, the Trustee for the $110 billion liquidation of Lehman Brothers Inc. (LBI) under the Securities Investor Protection Act (SIPA), today issued his Preliminary Investigation Report on the failure of LBI and recommendations for protecting customers in broker-dealer liquidations. Mr. Giddens commented: "The Securities Investor Protection Act was designed to protect public customers in the event of a brokerage firm collapse. A disaster on the scale of Lehman Brothers was never contemplated, but for the most part SIPA worked well. Under the most challenging circumstances, SIPA enabled the nearly seamless transfer of 110,000 accounts with $92 billion in assets to solvent broker- dealers - giving the vast majority of Lehman's U.S. brokerage cus...
