Investment Management Legal + Regulatory Update -- July 2013


In This Issue:

Regulatory Updates -

SEC Proposes Money Market Reform; SEC Eases Ban on General Solicitation and General Advertising in Certain Private Placements; SEC and CFTC Adopt Joint Rules to Address Identity Theft; FINRA Identifies Concerns with Marketing of Real Estate Investment Products; SEC Discusses Private Fund Adviser Practices That Raise Broker-Dealer Status Issues; FSOC Votes to Designate Systemically Significant Nonbank Financial Institutions; SEC Exemptive Relief Allows NYSE Arca to Launch Pilot Incentive Program; Rulemaking Petition to Shorten 13F Reporting Window; New York Tax Advisory Opinion Finds Certain Bundled Investment Management Services Not Subject to NY Sales Tax; President Obama Nominates New SEC Commissioners

Examinations, Enforcement + Litigation -

SEC Slaps Fund Directors for Violating Fair Value Responsibilities; SEC Sanctions Fund Trustees for Inadequate Disclosures and Failure to Follow Compliance Policies; Court of Appeals Rejects Challenge to CFTC’s Rule 4.5; FINRA Issues Sweep Letter Regarding Use of Social Media; Supreme Court to Decide Applicability of Whistleblower Law to Private Company; FINRA Sanctions Firm for Failure to Adequately Maintain Compliance Systems; SEC Charges Investment Adviser Executives in Scheme to Hide Theft from Pension Fund; FINRA Fines Firms for Inadequate AML Programs; Trust Company and Fund Manager Charged with Insider Trading, Agree to $1.7 Million Settlement.

Excerpt from SEC Proposes Money Market Reform -

On June 5, 2013, the SEC voted unanimously to propose two alternative amendments to Rule 2a-7, the rule governing money market funds. The SEC could adopt either proposal alone or in combination with the other. The proposals mark the latest step in a long march toward money market reform since calls for change began after the Reserve Primary Fund “broke the buck” in the fall of 2008. They also put the SEC back in the regulatory driver’s seat and avoid a standoff with other federal regulators, most notably the Federal Stability Oversight Committee (FSOC).

Please see full issue below for more information.

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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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