IM Regulatory Review * Mutual Funds * Hedge Funds * Investment Advisers - January 2010




• Fiscal Year 2010 Fee Rate Advisory #4 (HF, IA & MF)

• Attorney-Client Privilege Protection Act Introduced (HF, IA & MF)

• House Approves the Wall Street Reform and Consumer Protection Act of 2009 (HF, IA & MF)

• DeFazio Introduces the Let Wall Street Pay for the Restoration of Main Street Act (HF, IA & MF)

• House Passes Enhanced SEC Enforcement Authority Act (HF, IA & MF)


• Delaware Supreme Court Applies Statute of Frauds to LLC Agreements (HF)


• SEC Adopts, as Final, Rule 206(3)-3T (IA)

• SEC Proposes Amendments to Rule 163 to Facilitate Access to Capital Markets (HF, IA & MF)

• SEC Holds Open Meeting, Approves Change to Advisers Act Custody Rule and Enhanced Proxy Disclosures (HF, IA & MF)

• SEC Consents to Delay of Indexed Annuity Rule Effective Date (HF, IA & MF)

• Amendments Filed to Rule G-37 Regarding Contributions to Bond Ballot Campaigns (HF, IA & MF)


• SEC Settles Case Against Ohio Investment Adviser Who Allegedly Defrauded Elderly Clients (IA)

• SEC Charges Austin-Based IA and Two Businesses With Operating a Multimillion-Dollar Scam Utilizing Former Football Stars (IA)

• Victoria Investors’ Sole General Partner and IA Barred From Association (HF & IA)

• Massachusetts-Based IA Criminally Charged for Defrauding Investors (IA)

• SEC Issues Order Against Mermelstein for Failure to Supervise Portfolio Manager (IA)

• SEC Distributes $418 Million to Harmed Investors in Invesco Mutual Funds (MF)

• SEC Issues Order Against Moises Pacheco (IA)

• SEC Obtains Consent Judgments Against Frank J. Russo and FJR Corporation (IA)

• SEC Issues Order Against Simpson Capital Management and Two Officers for Fraudulent Late Trading Scheme in Shares of Mutual Funds (HF & MF)

Speeches & Testimony:

• OCIE Acting Director Speaks at NSCP Conference (HF, IA & MF)

• Director of SEC Division of Enforcement Speaks Before the U.S. Senate Committee on the Judiciary Concerning Mortgage Fraud, Securities Fraud, and the Financial Meltdown: Prosecuting Those Responsible (HF, IA & MF)

• Director of the Division of Investment Management Speaks at the ICI 2009 Securities Law Developments Conference (HF, IA & MF)

• SEC Chief Accountant Speaks at 2009 AICPA National Conference (HF, IA & MF)


• FINRA Issues Investor Alert Warning Investors of Green Energy Investments That Promise Large Gains (HF, IA & MF)

• SEC Posts Draft 2010 Mutual Fund Risk/Return Summary Taxonomy (MF)

• NERA Report Finds Decline in SEC Settlements (HF, IA & MF)

• SEC Posts XBRL Technology Web Site (HF, IA & MF)

• ICI Finds More Than 50 Million U.S. Households Own Mutual Funds (MF)

• SEI Survey Finds Strong Majority of Brokers and Advisors Support and Understand Key Elements of the Fiduciary Standard (IA)

• SEC Publishes Select SEC and Market Data Fiscal 2009 (HF, IA & MF)

Please see full publication 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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