Kelley A. Howes

Kelley A. Howes

Morrison & Foerster LLP

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FINRA Sanctions Member Firm for Failure to Deliver ETF Prospectuses

FINRA recently sanctioned a broker-dealer (the “Firm”) for failure to deliver prospectuses in connection with its sale of ETFs. FINRA also found that the Firm failed to implement a supervisory system reasonably designed to...more

12/19/2014 - Broker-Dealer Enforcement Actions ETFs FINRA Prospectus

Investment Management Legal + Regulatory Update -- December 2014

In This Issue: - Regulation ..SEC Chair’s Agenda Provides Glimpse of New Rules to Come ..The Results Are In: Investors Favor Additional Regulatory Protection ..SEC Declines to Approve Non-Transparent...more

12/11/2014 - Alternative Mutual Funds Broker-Dealer Disclosure Requirements ETFs Exchange-Traded Products Investment Management Referral Fees SEC

ETF Mergers Possible Under Rule 17a-8

Can two affiliated ETFs merge in reliance on Rule 17a-8 under the Investment Company Act despite representations they made to obtain exemptive relief from the Commission? That’s the question addressed in a recent Guidance...more

9/27/2013 - ETFs Investment Company Act of 1940 Investment Management Mergers

Court Tosses ETF Securities Lending Fee Case

A federal district court in Tennessee dismissed a case brought by two union pension funds claiming that securities lending fees paid by an ETF to its adviser’s affiliate violated the adviser’s fiduciary duty under Section...more

9/4/2013 - Affiliates ETFs Fees Fiduciary Duty Investment Company Act of 1940 Lending Pensions Unions

Court of Appeals Upholds Dismissal of Case Alleging Disclosure Violations by Leveraged ETFs

The U.S. Court of Appeals for the Second Circuit upheld the dismissal by a lower court of investors’ claims that certain ETF prospectuses failed to adequately disclose the risk of significant losses over an extended period of...more

7/26/2013 - Disclosure Requirements Dismissals ETFs Policy Violations Securities Act of 1933

Investment Management Legal + Regulatory Update -- May 2013

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 SEC Social Media Startups

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