In This Issue:
Regulatory Updates -
SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more
5/17/2013
/ Broker-Dealer ,
Custody Rule ,
ETFs ,
Federal Reserve ,
Final Rules ,
Investment Management ,
Nonbank Firms ,
Pensions ,
Public Disclosure ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Startups
FINRA recently signaled a continuing focus on the marketing of real estate-related products by issuing a Regulatory Notice expressing concerns about communications involving unlisted, or non-traded, real estate investment...more
FINRA’s concern with the marketing of real estate-related products is reaching fever pitch. Its recent Regulatory Notice draws recent reviews of communications and findings in recent FINRA disciplinary actions, and gives...more
The Securities and Exchange Commission today charged the trustees of two “turnkey” mutual fund trusts with causing untrue or misleading disclosures about their review of the funds’ advisory contracts. The Commission also...more
The SEC’s Office of Compliance Inspections and Examinations reports finding widespread compliance deficiencies related to custody of securities. In its March 4, 2013 National Exam Program Risk Alert, OCIE said that...more
More than two years after an SEC Staff study recommended adoption of a uniform fiduciary standard for broker-dealers and investment advisers, the SEC has taken its first significant step towards possible implementation of the...more
The Supreme Court today ruled that in an SEC action to recover civil penalties, the five-year statute of limitations begins to run when fraud occurs, not when it is discovered. The Court held in Gabelli et al. v. Securities...more
In an attempt to “increase transparency, strengthen compliance, and inform the public and the financial services industry about key risks,” the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its 2013...more
2/25/2013
/ Broker-Dealer ,
Conflicts of Interest ,
Corporate Governance ,
Enterprise Risks ,
Fund Distribution ,
Investment Adviser ,
NEP ,
OCIE ,
Revenue Sharing ,
Risk Management ,
Securities and Exchange Commission (SEC)
In This Issue:
Regulatory Updates -
FINRA overhaul of communications rules becomes effective and ICI and CoC appeal Rule 4.5 ruling.
Enforcement + Litigation -
Enforcement Division priorities target hedge...more
2/14/2013
/ Administrative Law Judge (ALJ) ,
Brokers ,
CoC ,
Enforcement ,
Financial Industry Regulatory Authority (FINRA) ,
Fines ,
Hedge Funds ,
Investment Adviser ,
Investment Funds ,
Securities and Exchange Commission (SEC) ,
Stock Repurchases ,
Valuation
In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund (Reserve Fund) and its principals sued the fund’s independent trustees, laying the blame for the...more
In its annual summary of regulatory and examination priorities, the Financial Industry Regulatory Authority (FINRA) signaled that it will aggressively pursue market misconduct. The January 11, 2013 report follows closely on...more
In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive...more
In This Issue:
Regulatory Updates - FSOC, FSB Turn Up Heat on SEC on Money Market Fund Reforms; SEC Staff: Beware of BDC Joint Transactions; SEC Reports 3,000 Whistles Blown in FYI 2012; Over 1500 Private Fund Advisers...more