Jay G. Baris

Jay G. Baris

Morrison & Foerster LLP

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SEC’s Champ: Staff to Focus on Alt Fund Risk Disclosures

The Division of Investment Management again has turned its attention to alternative mutual funds, this time ensuring that they adequately disclose risks to retail investors. ...more

11/12/2014 - Alternative Mutual Funds Enforcement OCIE Public Disclosure SEC SIFMA

SEC Correction: Reinstating an Exception to an Exception to an Exception

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

4/3/2014 - Compliance Enforcement SEC

Division of Investment Management Lists 2013 Accomplishments; Sets 2014 Agenda

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

4/2/2014 - Compliance Enforcement SEC

“Guaranteed!” “Protected!” Blog Entry on Fund Names

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

11/20/2013 - Enforcement Investors Misrepresentation NAV SEC

White on Serving as Fund Director: Not for the Uninitiated or Faint of Heart

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

10/25/2013 - Enforcement Mary Jo White SEC

Investment Management Legal + Regulatory Update -- October 2013

- 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

10/24/2013 - Audits Bad Actors Broker-Dealer CFTC Commodity Pool Compliance Continuity of Enterprises Dodd-Frank Enforcement FINRA General Solicitation Investment Adviser JOBS Act PCAOB Private Funds Rule 506 Offerings SEC

The SEC Will Focus on Fixing “Broken Windows” it Finds in the Securities Industry

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

10/11/2013 - Enforcement Investors Mary Jo White SEC

Investment Management Legal + Regulatory Update -- February 2013

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 - ALJ Brokers CoC Enforcement Fines FINRA Hedge Funds ICI Investment Adviser Investment Funds SEC Stock Repurchases Valuation

SEC Accuses Fund Directors of Breaching Their Valuation Duties

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

1/4/2013 - Board of Directors Enforcement Fiduciary Duty Investment Adviser SEC Valuation

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