No one could be blamed for having difficulty understanding the intricacies of the rules under Section 17(d) of the Investment Company Act, the statute that prohibits “joint transactions” without an SEC order. At the end of...more
The SEC’s Division of Investment Management summarized its activities in 2013, highlighting its intensified rulemaking program, efforts to identify new and emerging risks and its disclosure initiatives. The Division also took...more
The SEC’s Division of Investment Management is cracking down on funds that use names that suggest safety or protection from loss.
In Guidance Update No. 2013-12, the staff stated that fund names suggesting safety or...more
SEC Chair Mary Jo White dismissed suggestions that the SEC’s recent focus on “gatekeepers,” including fund directors, may drive away qualified candidates “for fear of being second-guessed or blamed for every issue that...more
- Regulatory Updates:
CFTC Adopts “Substituted Compliance” Approach for Registered Investment Companies that are Commodity Pools; SEC’s Final Rules on General Solicitation and Bad Actor Disqualification for Investment...more
In a speech presented to the second annual Securities Enforcement Forum on October 9, 2013, SEC Chair Mary Jo White described a broad expansion of the SEC’s enforcement program to reflect her desire “to see that the SEC’s...more
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
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