Investment Management Legal + Regulatory Update -- August 2012


In This Issue:

- Regulatory Updates: SEC Names Norm Champ as Director of Division of Investment Management; and, Advisers with $5 Billion AUM in Hedge Fund Assets to File First Form PFs by End of August.

- Enforcement + Litigation: SEC Sues Fund Adviser for Illusory Services; Philip A. Falcone and Harbinger Charged with Securities Fraud; Mutual Funds Settle SEC Charges Alleging Misleading Disclosure Regarding Derivative Exposure to Mortgage-Backed Securities; Court Approves SEC Settlement with Hedge Fund Managers; SEC Charges Investment Adviser with Fraud for Failure to Disclose Conflicts; SEC Imposes Preliminary Injunction Against Fraudulent Investment Scheme by New York-Based Fund Manager; SEC Charges Hedge Fund Adviser for Misleading Investors About “Skin in the Game” and Related-Party Deals; SEC Issues Wells Notices to Funds and Their Advisers; and, SEC Charges Mutual Fund Adviser with Failing to Turn Over Records to SEC Examiners.

Excerpt from SEC and CFTC Finalize Rules and Interpretations on Key Terms for Regulating Derivatives:

On July 6 and July 10, 2012, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) approved joint final rules and interpretations for key definitions of certain derivative products. The rules and interpretations address which products will be considered a “swap,” “security based swap” or “mixed swap.” Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides that the SEC will regulate “security-based swaps,” while the CFTC will regulate “swaps”; the two agencies will jointly regulate “mixed swaps.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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