Monday - August 21, 2017
Federal Regulatory Agencies

News releases, reports, statements and associated documents from federal regulatory agencies ranging from the Securities Exchange Commission to the Commodities Futures Trading Commission

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SEC Obtains Penalty, Bars in Consent Judgment Against CEO Charged With Scheme to Disguise Nature of Company Financing
WASHINGTON, Aug. 18 -- The Securities and Exchange Commission issued the following litigation release:

The U.S. Securities and Exchange Commission has obtained a final consent judgment against the CEO of the developer of wind turbines, whom the agency charged earlier this year with engaging in a scheme to disguise the nature of the public company's financing amid financial difficulties.

The final judgment, entered on August 15, 2017 by the Honorable Gregory H. Woods of the U.S. District Court for the Southern District of New York, orders William A. Schmitz, the former Chief Executive Officer ... Show Full Article

SEC Issues Administrative Proceeding on John W. Boyer
WASHINGTON, Aug. 18 -- The Securities and Exchange Commission issued the following administrative proceeding (File No. 3-18117) involving

John W. Boyer on an order instituting administrative proceedings pursuant to section 15(b) of the Securities Exchange Act of 1934, making findings, and imposing remedial sanctions:

In the Matter of

JOHN W. BOYER,

Respondent.

ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS

I.

The Securities and Exchange Commission ("Commission") deems it appropriate ... Show Full Article

National Association of Animal Breeders, Inc. Agreed To Refrain From Adopting Rules That Restrict Competition Among Members
WASHINGTON, Aug. 18 -- The Federal Trade Commission issued the following news release:

The National Association of Animal Breeders, Inc., or NAAB - a non-profit trade association whose members compete to sell dairy cattle semen to U.S. dairy farms for artificial insemination of dairy cows - has agreed to refrain from adopting rules that unreasonably stifle competition among its members.

The agreement between the FTC and the association resolves a complaint by the agency alleging that NAAB adopted rules that violated the FTC Act by restraining competition for buying dairy bulls for use in artificial ... Show Full Article

NRC Receives Event Notification on Shutter Failure Due to Water Intrusion
WASHINGTON, Aug. 18 -- The Nuclear Regulatory Commission issued the following event notification (52895) on shutter failure due to water intrusion:

AGREEMENT STATE REPORT - SHUTTER FAILURE DUE TO WATER INTRUSION

The following report was received from the Texas Department of State Health Services via email:

"On August 10, 2017, the licensee's radiation safety officer notified the Agency [Texas Department of State Health Services] that a fixed gauge (Ohmart Vega, SHLG-2, SN 8551CM, 3000 milliCuries, Cs-137) had a stuck shutter. A repair company was called and the technician completed repairs on ... Show Full Article

NRC Receives Event Notification on Actuation of Turbine Driven Auxiliary Feedwater Pump
WASHINGTON, Aug. 18 -- The Nuclear Regulatory Commission issued the following event notification (52912) involving Watts Bar nuclear plant, Tenn.:

ACTUATION OF TURBINE DRIVEN AUXILIARY FEEDWATER PUMP DUE TO LOSS OF 6.9KV SHUTDOWN BOARD

"On August 17, 2017, at 1205 Eastern Daylight Time (EDT), the Watts Bar Nuclear Plant (WBN) lost power to the 1B-B 6.9kV Shutdown Board. The loss of power to this safety related bus resulted in an automatic start of the Unit 1 Turbine Driven Auxiliary Feedwater Pump (TDAFWP). The motor driven AFW pumps did not start and were not expected to start for this event. ... Show Full Article

Commission, Commission Staff Issue Updates to Interpretive Guidance on Revenue Recognition
WASHINGTON, Aug. 18 -- The Securities and Exchange Commission issued the following news release:

The Securities and Exchange Commission today issued two releases and the SEC staff released a Staff Accounting Bulletin to update interpretive guidance regarding revenue recognition.

Consistent with developments in private-sector accounting standard setting, the SEC issued a release to update its guidance for bill-and-hold arrangements by stating that registrants should no longer refer to the criteria in Accounting and Auditing Enforcement Release No. 108, In the Matter of Stewart Parness (AAER 108), ... Show Full Article

Banca IMI Securities to Pay $35 Million for Improper Handling of ADRs in Continuing SEC Crackdown
WASHINGTON, Aug. 18 -- The Securities and Exchange Commission issued the following news release:

The Securities and Exchange Commission today announced that broker Banca IMI Securities Corp. (BISC), an indirect, wholly-owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA, has agreed to pay more than $35 million to settle charges that it violated federal securities laws when it requested the issuance of and received American Depositary Receipts (ADRs) without possessing the underlying foreign shares.

ADRs are U.S. securities that represent shares of a foreign company, and for all issued ADRs ... Show Full Article