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.

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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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