Whether a creditor may pierce the veil of a subsidiary corporation in a separate civil action to hold its parent liable for an unpaid judgment debt based on the subsidiary's failure to follow the standards expected of a corporation to be treated as such an entity.
Whether corporate officers who conduct purported corporate business during a period when the corporation has been dissolved might not be absolved of personal liability during that period of dissolution, even if those officers were unaware of the dissolution.
From the editor
This edition of the newsletter has several interesting articles, including an update on this year's changes to the Illinois Securities Law from David Finnigan and Cheryl Goss Weiss, both of whom are senior counsel with the Illinois Department of Securities.
SEC adopts new rules on auditor independence pursuant to the Sarbanes-Oxley Act
The Securities and Exchange Commission (SEC) has adopted new rules governing the relationship between audit firms and their audit clients under which certain non-audit services are prohibited, conflict of interest standards and audit partner rotation requirements are strengthened, and the relationship between the independent auditor and the audit committee is clarified and enhanced.
Security futures: The “state of the union”
The objective of this article is to trace the recent history of security futures and examine the current regulatory scheme that governs them, focusing particularly on the role of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).