SEC Adopts Dodd-Frank Mine Safety Disclosure Requirements

The SEC has adopted new rules outlining how mining companies must disclose the mine safety information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under Section 1503 of the Dodd-Frank Act, mining companies are required to include information about mine safety and health in the quarterly and annual reports they file with the SEC. The Dodd-Frank Act disclosure requirements are based on the safety and health requirements that apply to mines under the Federal Mine Safety and Health Act of 1977, which is administered by the Mine Safety and Health Administration (MSHA). To read the full rules, follow the link below.

SEC Adopts Dodd-Frank Mine Safety Disclosure Requirements

MA Securities Regulators Leaks SSNs of Advisers

According to Investmentnews.com advisers in Massachusetts were stunned after receiving a letter from the Massachusetts Securities Division, announcing that the regulator had accidentally leaked personal information on some 139,000 advisers registered in the Bay State.

The regulator, which headed by Secretary of State William F. Gavin accidentally released the social security numbers of 139,000 state registered investment advisers. According to the article a spokesman for the securities division downplayed the privacy breach stating "the important thing is there was no breach and that the material was returned in tact."

More political doublespeak? The release of the social security numbers of over 100,000 individuals is not a security breach? If an adviser made that type of statement to the Massachusetts securities division, they would be filing charges for misrepresentation - not to mention the violation of state privacy acts for the underlying breach - accident or not.

Why do the regulators get a pass for this violation? Is someone being fired and having their permanent record permanently marked?

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No Fund for States to Oversee Advisers?

If the legislation that is currently moving through Congress passes, state regulators will take responsibility for the oversight of all investment advisers who manage less than $100 million dollars, a change from the current benchmark of $30 million dollars.

While the state regulators have been pushing hard to increase their power through this piece of legislation, there is one small problem - they don't have the funds to regulate all of these additional advisers.

State Advisor Regulation Strains Budgets

Regulators are from Mars, Investors are from Venus?

Interesting post over at The Conglomerate, identifying the differences between the regulators' view of the world and the investors' view of the world. It makes a good point - the financial markets cannot be regulated with more regulation, we need more investor education. More>>>