Investment Management Legal + Regulatory Update -- December 2012

In This Issue:

Regulatory Updates - FSOC, FSB Turn Up Heat on SEC on Money Market Fund Reforms; SEC Staff: Beware of BDC Joint Transactions; SEC Reports 3,000 Whistles Blown in FYI 2012; Over 1500 Private Fund Advisers Registered with SEC since Enactment of Dodd-Frank; SEC Confirms Status of Investment Adviser Solely to Foreign Insurance Companies; CFTC Issues Fund of Funds Relief from CPO Registration; CFTC Clarifies How CPO Exemption Applies to BDC Operators; US Treasury Excludes FX Swaps and Forwards From Dodd-Frank Swaps Rules; Rule 4.5 and Rule 4.13(a)(3) CPO Exemption Notice Filing Deadline – December 31, 2012

Enforcement + Litigation - Hedge Fund Advisory Firm Charged in Largest Insider Trading Scheme Ever Charged; SEC Charges Purported Investment Adviser with Fraud for Spending Investor Funds on Drugs, Gambling, Cigars and Travel; SEC Sanctions Investment Advisory Firms for Impeding Investigations, One Inflating AUM in Order to Register with the SEC; SEC Fines Adviser for Deficient Variable Annuity Disclosures; Federal Jury Acquits Prime Reserve Fund Managers of Fraud Charges; SEC Sanctions BDC and its Principal Officers for Fair Valuation Errors; and Federal Court Tosses ICI Challenge to Rule 4.5.

Please see full issue below for more information.

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