Investment Management Legal + Regulatory Update -- December 2013

In This Issue:

Regulatory Updates -

SEC Continues to Look at a Uniform Fiduciary Standard for Broker-Dealers and Investment Advisers; SEC Grants Unusual Exemptive Relief from Pay-to-Play “Time-Out” Provision; Fund Names Are No Place for “Guaranteed!” or “Protected!”; MFDF Updates Best Practices – Fund Directors Should Be Independent and Fully Informed; White on Serving as Fund Director: Not for the Uninitiated or Faint of Heart; FINRA Warns Investors to Look Behind Closed-End Fund Distribution Rates; SEC’s Champ to Fund Directors: Let’s Work Together to Advance a Common Purpose; and FINRA Tells Broker-Dealers How to Better Manage Conflicts of Interest.

Enforcement + Litigation -

SEC Brings Fraud Charges Against Money Market Fund Manager; SEC’s Recent Actions Against Two Investment Advisers Provide Important Lessons for All Investment Advisers; SEC Chair Says Commission Is Prepared to Try More Cases on Heels of Change to Settlement Policy; SEC Commissioner Draws Some Clean Enforcement Lines; SEC Enforcement Division to CCOs: We Are in This Together!; SEC to Focus on Fixing “Broken Windows” It Finds in the Securities Industry; and When Legal or Compliance Personnel May Be Subject to Failure to Supervise Liability Under the Securities Laws.

Tidbits -

Excerpt from Regulatory Updates -

SEC Continues to Look at a Uniform Fiduciary Standard for Broker-

Dealers and Investment Advisers:

The SEC and FINRA apparently believe it is time to address the issue of whether to impose a uniform fiduciary standard on broker-dealers and investment advisers, but neither agency seems to have a clear view about timing.

Please see full issue below for more information.

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Topics:  Broker-Dealer, Compliance, Conflicts of Interest, Directors, Fiduciary Duty, FINRA, Investment Funds, SEC

Published In: Business Organization Updates, General Business Updates, Finance & Banking Updates, Securities Updates

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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