Investment Management Legal + Regulatory Update -- October 2012


In This Issue:

Regulatory Updates - SEC Extends Temporary Rule for Adviser Principal Trades and California Adopts New Private Fund Adviser Exemption.

Enforcement + Litigation - Robert Plaze Retires; SEC Proposes Rules Lifting the Ban on General Solicitation; U.S. District Court Denies Motion to Dismiss in Sivolella Case; SEC Charges Investment Bank in Connection with In-Kind Pay-to-Play Contributions; Cease-and-Desist Proceedings Instituted Against Adviser for Misleading Investors; SEC Charges Oregon-Based Investment Adviser for Failing to Disclose Revenue-Sharing Payments; SEC Charges Adviser in Connection with Incorrect Performance Disclosure.

Excerpt from SEC Study: Americans Lack Financial Literacy:

U.S. retail investors lack basic financial literacy, particularly among women, African-Americans, Hispanics, the elderly, and those who are poorly educated, according to the Securities and Exchange Commission (the “SEC”) in a study published on August 30, 2012.

The Financial Literacy Study, required by Section 917 of Title IX of the Dodd-Frank Act, included a report from the Library of Congress aggregating and assessing existing studies regarding financial literacy, online investor surveys and focus groups conducted by a consultant, and a request for public comment on the issues.

Please see full alert below for more information.

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