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Seward & Kissel LLP

SEC Settles Charges Against Adviser for Improperly Splitting Legal Fees

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Who may be interested: Registered Investment Companies; Boards of Directors; Investment Advisers - Quick Take: The SEC settled charges against an investment adviser for allegedly entering into an improper legal...more

Seward & Kissel LLP

SEC Staff Publish New Registered Fund Statistics Report

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Who may be interested: Registered Investment Companies; Boards of Directors; Investment Advisers - Quick Take: The staff of the SEC’s Division of Investment Management (“Staff”) has published a new report entitled...more

Seward & Kissel LLP

Seward & Kissel Advises Guinness Atkinson on the Submission of an Application to Offer ETF Share Classes of its Existing Mutual...

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Who may be interested: Registered Investment Companies; Boards of Directors; Investment Advisers - Quick Take: Guinness Atkinson Funds, with the counsel of Seward & Kissel, has submitted an application seeking an exemptive...more

Seward & Kissel LLP

SEC Settles with Sixteen Firms for Charges of Widespread Recordkeeping Failures

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Who may be interested: Registered Investment Advisers, Broker-Dealers, Registered Investment Companies, Boards of Directors - Quick Take: The SEC recently settled charges against sixteen firms, including five...more

Seward & Kissel LLP

SEC Provides Guidance on Determining Investment Company Status in SPAC Rule Release

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Who may be interested: Registered Investment Companies, SPACs, Investment Advisers Quick Take: Following a 3-2 vote, the SEC adopted final rules to enhance disclosure and provide additional investor protections in IPOs by...more

Seward & Kissel LLP

SEC Staff Grants No-Action Relief Under Section 17 and Rule 17d-1 Thereunder Allowing Fund to Enter Transaction Agreement with New...

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Who may be interested: Registered Investment Companies; Boards of Directors; and Investment Advisers. Quick Take: The staff of the SEC Division of Investment Management (Staff) recently issued a no-action letter stating...more

Seward & Kissel LLP

SEC Adopts Amendments to the Fund “Names Rule”

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Who may be interested: Registered Investment Companies, Investment Advisers, Boards of Directors - Quick Take: The SEC recently adopted1 amendments (Amendments) to Investment Company Act Rule 35d-1, the fund “Names Rule.”...more

Seward & Kissel LLP

SEC Charges 11 Firms with Widespread Recordkeeping Failures

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Who may be interested: Registered Investment Advisers, Broker-Dealers, Registered Investment Companies, Boards of Directors - Quick Take: The SEC recently settled charges against ten broker-dealers and one dually...more

BakerHostetler

The SEC's Proposed Cybersecurity Rules: Regulatory Delay Does Not Bless Standing By

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The SEC’s Cybersecurity Proposals - The SEC has proposed four rules designed to address cybersecurity risk and management, including incident reporting by public companies....more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: January 1, 2023

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

Goodwin

Northern District of California Dismisses Shareholder Derivative Suit Concerning Lack of Diversity

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Northern District of California Dismisses Shareholder Derivative Suit Concerning Lack of Diversity; Delaware Court of Chancery Dismisses Stockholder Suit Against Medical Device Company for Failure to Plead Demand Futility;...more

Goodwin

SEC Proposes New Rule to Change Regulatory Framework for Fund Boards in Making Good Faith Determinations of Fair Value

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On April 21, 2020, the U.S. Securities and Exchange Commission (the “SEC”) voted to propose new Rule 2a-5 (the “Proposed Rule”) under the Investment Company Act of 1940 (the “1940 Act”) that, if adopted, would establish a...more

Goodwin

Key Takeaways for Investors From the Federal Reserve’s Final “Control” Rule

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On January 30, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a final rule (Rule) that revises the Federal Reserve’s regulations related to determinations of whether a first company (an...more

White & Case LLP

SEC Adopts Amendments to Modernize and Simplify Disclosure Requirements - And Provides Guidance on the Significantly Streamlined...

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On March 20, 2019, the SEC voted to adopt amendments to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies. The amended rules, which are based on amendments...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

Dechert LLP

The 15(c) Process Continues to be a Focus of the SEC Enforcement Staff

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Two recent SEC Enforcement Division administrative settlements reinforce the importance for fund boards of directors and fund advisers to maintain a robust annual advisory contract renewal process....more

Morrison & Foerster LLP

Conflicts of Interest: When You're Having Too Much Fun at That Business Lunch

How should fund directors monitor gifts and entertainment received by investment adviser personnel? This question moved to the forefront in February, when the Securities and Exchange Commission’s Division of Investment...more

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