Investment Management Legal + Regulatory Update -- May 2013


In This Issue:

Regulatory Updates -

SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in Financial Activities”; The SEC Speaks; SEC Adviser Exams Uncover Widespread Violation of Custody Rule; Remarks to the Investment Management Institute 2013; SEC Examinations to Focus on Revenue Sharing and Potential Conflicts of Interest; SEC Asks for Data on Benefits of a Potential Uniform Fiduciary Standard for Broker-Dealers; SEC Staff: Internet-Based Platforms for Start-Ups Need Not Register as Broker-Dealers; Funds and Advisers: Ensure You Comply with Conditions in Orders; After-Tax Returns Must Reflect New 3.8 Percent Tax; SEC Approves BlackRock Copper ETF; Upholds Approval of JPMorgan Copper ETF; and SEC Staff Comings and Goings.

Enforcement + Litigation -

SEC Charges Advisers for Misleading Valuation and Performance Information; SEC Charges Private Equity Firm with Improperly Soliciting Investments; FINRA Panel Orders Schwab to Correct Language in Account-Opening Documents; SEC Seeks New Trial in Reserve Primary Case; Pension Funds Sue ETFs for Excessive Securities Lending Fees.

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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