Division of Investment Management's guidance reminds firms to comply with conditions and representations in exemptive orders and notes that consequences for noncompliance may be "severe."...more
Settlement with mutual fund directors and service providers serves as a reminder of responsibilities for disclosures relating to the approval of investment advisory contracts and provides insight into SEC enforcement...more
Interpretive letter outlines the conditions for the use of exchange-traded product marketing materials containing pre-inception index performance, including disclosure requirements, performance presentation standards, and a...more
U.S. sponsors should be aware of local restrictions before offering shares.
Exchange traded funds (ETFs) and similar vehicles organized in the United States have become increasingly popular investment choices for Latin...more
In 2012, the SEC and FINRA continued their vigorous enforcement of the securities laws, rules, and regulations—with cases against broker-dealers, investment advisers, and investment companies accounting for 38% of the SEC...more
Division of Investment Management to lift the moratorium on exemptive requests for actively managed ETFs investing in derivatives; new chapter signaled in the development of ETF industry.
On December 6, Norm Champ, the...more
Division of Investment Management's guidance on securities lending by open-end and closed-end investment companies provides a reminder of legal obligations in lending programs.