SEC's Stein Praises BofA Reprieve On 'Bad Actor' Label

Law360, New York (December 5, 2014, 7:06 PM EST) -- U.S. Securities and Exchange Commissioner Kara Stein on Thursday praised a conditional waiver given last month to Bank of America Corp. to spare it from receiving a "bad actor" label, meanwhile urging the SEC to revamp its corporate disclosure regime.

In a speech given at a Consumer Federation of America conference, Stein said she was “extremely pleased” with the waiver, which prevented the bank and its Merrill Lynch Pierce Fenner & Smith Inc. subsidiary from being disqualified from taking part in so-called Rule 506 offerings. Unlike previous...
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