Investment Management Legal + Regulatory Update -- June 2014

In This Issue:

- Regulation

..SEC Begins to Scrutinize Registrants’ Cybersecurity Practices

..SEC Staff Sets Boundaries for Adviser Testimonials in Social Media

..Chair White: SEC to Tackle High-Frequency Trading Risks and Dark Pools

..Presence Exams Focus Staff Attention on Private Equity Fund Fees

..Securities Regulators Seek Information on Order Routing

..FINRA Makes Dark Pool Data Publicly Available

..Commissioner Gallagher Slams FSOC’s “Misguided Debate” over SIFI Status for Advisers

..SEC Cautions Investors about Marijuana-Related Investments

..House Committee Passes JOBS Act Related Bills

- Spotlight on BDCs

..Congressional Report May Kill BDC Reform Bill

..Best Practices for Independent Directors of BDCs

- Enforcement + Litigation

..SEC Charges Dark Pool Operator with Improper Use of Trading Information

..Appeals Court Tosses District Court Decision to Reject SEC Settlement Deal

.. SEC Fines Broker-Dealer/ Investment Adviser for Breakpoint Violations

- Tidbits

- Excerpt from Regulation

..SEC Begins to Scrutinize Registrants’ Cybersecurity Practices:

In a Risk Alert published on April 15, 2014, the SEC announced plans to examine the cybersecurity practices of over 50 registered broker dealers and investment advisers. The SEC’s Risk Alert closely followed the March 26 Cybersecurity Roundtable at which Chair Mary Jo White underscored the importance of cybersecurity to market security and customer data protection. At the Roundtable, Chair White emphasized the “compelling need for stronger partnerships between the government and private sector” to address cyber threats.

Please see full newsletter below for more information.

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