Wills, Trusts, & Estate Planning, Securities Law, Finance & Banking

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

by David Freese, Sean Graber, Daniel Levin, Richard F. Morris, John O'Brien, Zachary E. Vonnegut-Gabovitch | Morgan Lewis on 5/10/2013

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

SEC Settles with Service Providers and Trustees of two Mutual Fund Trusts for Inaccurate Disclosures Regarding Section 15(c)...

by Ropes & Gray LLP on 5/7/2013

On May 2, 2013, the SEC filed an order instituting settled administrative proceedings against the trustees (“Trustees”) and certain service providers of two “turnkey” open-end series investment companies, Northern Lights Fund...more

SEC Sanctions Fund Trustees for Inadequate Disclosures and Failure to Follow Compliance Policies

by Jay G. Baris, Kelley A. Howes | Morrison & Foerster LLP on 5/3/2013

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

DOL Releases Informal Guidance Addressing Fiduciary Responsibilities With Respect to Target Date Funds

by Joseph S. Adams, Anne S. Becker, Ashley McCarthy, Karen Simonsen | McDermott Will & Emery on 3/18/2013

Recent U.S. Department of Labor (DOL) guidance underscores the need for plan fiduciaries to rigorously examine and monitor target date fund (TDFs), and potentially explore the use of custom or non-proprietary TDFs....more

Family Office Relief from CPO Registration

by W. Scott McGinness Jr. | Miller & Martin PLLC on 2/26/2013

As noted in an earlier Client bulletin, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued a no-action letter dated November 29, 2012 enabling...more

The Owner’s Manual - Winter 2013

by Duane Morris LLP on 2/25/2013

In This Issue: Introduction; Partnering with Private Equity Firms; Beyond Bank Borrowing: Mezzanine Funds & Growth Captial; The Auction Block: Finding the Right Buyer for Your Company; First Steps: “Don’t Let Your Exit...more

New Rules Coming into Effect Affect Retirement Plans Entering into Swaps

by King & Spalding on 2/5/2013

New rules affecting ERISA-covered retirement plans entering into swap transactions will come into effect in May 2013. These rules, known as the “Business Conduct Standards,” implement certain provisions of the Dodd-Frank...more

Quarterly Investment Update – 4th Quarter 2012 Trust & Investment Services

by Patrick Casey, Sandra Jones, Brander Richmond, Kevin Ylvisaker | Perkins Coie on 1/31/2013

In This Issue: - Economic Review & Outlook - Bond Market Review - Bond Market Outlook - Stock Market Review - Stock Market Outlook - Overview Of Washington Supreme Court Decision - Estate Tax Impact Of...more

Tax Talk -- Volume 5, No. 4 -- January 2013

by David de Ruig, Stephen Feldman, David Goett, Thomas Humphreys, Meimay Law, Anna T. Pinedo, Remmelt Reigersman | Morrison & Foerster LLP on 1/28/2013

In This Issue: Fiscal Cliff Diving a.k.a. American Taxpayer Relief Act; CoCo Developments; Tax Effect of Money Market Fund Proposals; IRS Issues Final Regulations on Publicly Traded Property; Assessment of Income from...more

The Anglo-American Trust is Powerful and Nimble, but not a Magician

by Charles E. Rounds, Jr. on 10/1/2012

The great English legal scholar, Frederic William Maitland (1850-1906), saw the trust as “an ‘institute’ of great elasticity and generality; as elastic, as general as contract.” It is hard to disagree. Most mutual funds are...more

The SEC Proposed Rule 506(c) To Permit General Solicitation

by Christine McKillip on 8/31/2012

On August 29, 2012, the Securities and Exchange Commission (the “SEC”) released its first proposed rule for the implementation of the Jumpstart Our Business Startups Act (the “JOBS Act”): “Eliminating the Prohibition Against...more

The SEC Proposed Rule 506(c) To Permit General Solicitation

by Steven Thayer on 8/31/2012

On August 29, 2012, the Securities and Exchange Commission (the “SEC”) released its first proposed rule for the implementation of the Jumpstart Our Business Startups Act (the “JOBS Act”): “Eliminating the Prohibition Against...more

Are REITS Investment Advisers?

by Allen Matkins Leck Gamble Mallory & Natsis... on 6/29/2012

A REIT is an acronym for Real Estate Investment Trust, although the term more properly refers to tax status than a specific entity type. For a variety of reasons, a REIT may involve several different types of entities. The...more

The Commodity Futures Trading Commission Rescinds a Common Family Office Exemption

by Thomas J. Handler, J.D., P.C. on 5/17/2012

The recent implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) requirements has significantly changed the Commodity Exchange Act (the “CEA”). As a result of these changes,...more

Handler Thayer Family Office Alert - The Commodity Futures Trading Commission Rescinds a Common Family Office Exemption

by Christine McKillip on 5/17/2012

The recent implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) requirements has significantly changed the Commodity Exchange Act (the “CEA”). As a result of these changes,...more

Congress Opens the Door to More Small Company Offerings

by Steven Thayer on 2/23/2012

Raising capital for small businesses has always been difficult and the economic downturn of 2008 did not help matters. Banks that were once a good source of small business financing are now paralyzed and afraid to take any...more

Congress Opens the Door to More Small Company Offerings

by Christine McKillip on 2/23/2012

Raising capital for small businesses has always been difficult and the economic downturn of 2008 did not help matters. Banks that were once a good source of small business financing are now paralyzed and afraid to take any...more

Crowd Funding Bills Stall in Congress

by Christine McKillip on 1/26/2012

The growth of social media websites over the last ten (10) years has led many entrepreneurs to seek opportunities to access capital through their online networks, such as Facebook and LinkedIn. This “crowd funding” model of...more

Corporate and Financial Weekly Digest - October 21, 2011

by Katten Muchin Rosenman LLP on 11/22/2011

In this issue; - ISS Publishes Proposed Changes to Proxy Voting Policies - SEC’s Division of Corporation Finance Issues Bulletin Regarding Legal and Tax Opinions - Derivatives Clearing Organization General...more

SEC Adopts Final Definition of “Family Offices” Exempt From Investment Advisers Act

by McDermott Will & Emery on 9/20/2011

On June 22, 2011, the Securities and Exchange Commission (SEC) adopted its final rule (the Family Office Rule) under the Investment Advisers Act of 1940 (the Advisers Act) defining the term “family office” for purposes of the...more

SEC Adopts Rule Defining “Family Office”

by Miller & Martin PLLC on 8/18/2011

The Securities and Exchange Commission (the “SEC”) recently adopted a final rule (the “Rule”) defining “family offices” that are to be excluded from the definition of an investment adviser and corresponding registration...more

High Net Worth Family Tax Report, Vol. 6, No. 2

by Loeb & Loeb LLP on 8/3/2011

In This Issue: Table of Contents: California Enacts Legislation Requiring Out-of-State Retailers to Collect Use Tax; SEC Finalizes Rules Exempting Family Offices from Requirement to Register as Investment Adviser;...more

SEC Releases Final Rule Exempting Family Offices

by Proskauer Rose LLP on 6/29/2011

The SEC released on June 22, 2011 its final Rule 202(a)(11)(G)-1 exempting “family offices” from registration under the Investment Advisers Act of 1940. In order to qualify for the exemption, a family office adviser must:...more

Recent Economic Developments Affecting Your Personal Planning By Kathleen A. Ryan, Esq. Kimberly I. McCarthy, Esq. Megan C.N....

by Partridge Snow & Hahn LLP on 1/10/2009

Excellent Estate Planning Opportunities in the Current Market: Due to exceptionally low interest rates, it is a great time to remove certain assets expected to appreciate in the future (such as marketable securities and...more

Audit Committees' Responsibilities and Liability

by Kristin Yokomoto on 3/1/2003

In the wake of Enron’s collapse, audit committee members are subject to enhanced responsibilities and liabilities, and the SEC and other regulators are conducting more investigations of the actions of directors and officers....more

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Wills, Trusts, & Estate Planning › Securities Law › Finance & Banking

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

SEC Settles with Service Providers and Trustees of two Mutual Fund Trusts for Inaccurate Disclosures Regarding Section 15(c)...

SEC Sanctions Fund Trustees for Inadequate Disclosures and Failure to Follow Compliance Policies

DOL Releases Informal Guidance Addressing Fiduciary Responsibilities With Respect to Target Date Funds

Family Office Relief from CPO Registration

The Owner’s Manual - Winter 2013

New Rules Coming into Effect Affect Retirement Plans Entering into Swaps

Quarterly Investment Update – 4th Quarter 2012 Trust & Investment Services

Tax Talk -- Volume 5, No. 4 -- January 2013

The Anglo-American Trust is Powerful and Nimble, but not a Magician

The SEC Proposed Rule 506(c) To Permit General Solicitation

The SEC Proposed Rule 506(c) To Permit General Solicitation

Are REITS Investment Advisers?

The Commodity Futures Trading Commission Rescinds a Common Family Office Exemption

Handler Thayer Family Office Alert - The Commodity Futures Trading Commission Rescinds a Common Family Office Exemption

Congress Opens the Door to More Small Company Offerings

Congress Opens the Door to More Small Company Offerings

Crowd Funding Bills Stall in Congress

Corporate and Financial Weekly Digest - October 21, 2011

SEC Adopts Final Definition of “Family Offices” Exempt From Investment Advisers Act

SEC Adopts Rule Defining “Family Office”

High Net Worth Family Tax Report, Vol. 6, No. 2

SEC Releases Final Rule Exempting Family Offices

Recent Economic Developments Affecting Your Personal Planning By Kathleen A. Ryan, Esq. Kimberly I. McCarthy, Esq. Megan C.N....

Audit Committees' Responsibilities and Liability

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