Investment Company Act of 1940

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

by David Freese, Sean Graber, Daniel Levin, Richard F. Morris, John O'Brien, Zachary E. Vonnegut-Gabovitch | Morgan Lewis on 5/10/2013

Settlement with mutual fund directors and service providers serves as a reminder of responsibilities for disclosures relating to the approval of investment advisory contracts and provides insight into SEC enforcement...more

Defining “Qualified Client” – Uff Da!

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/22/2013

Corporations Code Section 25234 generally prohibits an investment adviser registered in California to be compensated on the basis of a share of capital gains. This prohibition is analogous to the prohibition found in Section...more

Don’t Lie About Assets Under Management

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 4/19/2013

Umesh Tandon, president, chief compliance officer, and sole owner of Simran Capital Management, recently agreed to a settlement with the SEC relating to alleged violations of the Investment Advisers Act of 1940 and the...more

SEC Publishes Guidance on Filing Requirements for Interactive Content

by Kathleen H. Moriarty, Peter J. Shea, Gregory E. Xethalis | Katten Muchin Rosenman LLP on 3/26/2013

On March 15, the Security and Exchange Commission’s Division of Investment Management issued guidance (Guidance) on when investment companies registered under the Investment Company Act of 1940 such as mutual funds and...more

Massachusetts Securities Division Sending Letters Requiring Documentation from MA Exempt Reporting Advisers

by Jeffrey D. Collins, Meredith Haviland | Foley Hoag LLP on 2/1/2013

The Massachusetts Securities Division ("the Division") is currently sending letters to exempt reporting advisers in Massachusetts ("MA ERAs") who manage private funds which rely on the exclusion from the definition of...more

Inside The Courts - December 2012

by Jay Kasner, Matthew Matule, Edward Micheletti, Peter Morrison, Charles Smith | Skadden, Arps, Slate, Meagher & Flom LLP on 1/7/2013

This issue of Inside the Courts, Skadden's securities litigation newsletter, includes summaries and associated court opinions of selected noteworthy cases principally decided from July to November 2012. This edition addresses...more

SEC Focuses on Fair Valuation in Recent Enforcement Cases

by Dechert LLP on 12/21/2012

The U.S. Securities and Exchange Commission (SEC) issued an order commencing an administrative proceeding against the former members of the boards of directors (Boards) of five registered investment companies on December 10,...more

Court Dismisses Chamber of Commerce and ICI Lawsuit Over Amendments to CFTC Rule 4.5

by Cheryl I. Aaron, James M. Cain, Doyle Campbell, Kalaundra Y. Carreathers, Warren N. Davis, Jacob Dweck, Daphne G. Frydman, Meghan R. Gruebner, Alexander S. Holtan, Meltem F. Kodaman, more +Catherine M. Krupka, David T. McIndoe, Raymond A. Ramirez, Mark D. Sherrill, R. Michael Sweeney, Jr., Paul B. Turner | Sutherland Asbill & Brennan LLP on 12/17/2012

On Wednesday, December 12, the United States District Court for the District of Columbia dismissed a joint U.S. Chamber of Commerce (the Chamber) and Investment Company Institute (ICI) lawsuit against the Commodity Futures...more

SEC Lifts Moratorium on Non-Leveraged, Actively Managed ETFs that Use Derivatives

by W. Thomas Conner, Andrew P. Cross, Mary Payne, Thomas H. Watterson | Reed Smith on 12/14/2012

On December 6, 2012, Norm Champ, Director of the Division of Investment Management of the Securities and Exchange Commission ("SEC"), announced an end to the moratorium on issuing exemptive orders to non-leveraged, actively...more

U.S. Financial Stability Oversight Council Proposes Recommendations for Money Market Fund Reform

by Dechert LLP on 12/11/2012

Introduction - On November 13, 2012, the U.S. Financial Stability Oversight Council (FSOC) voted to issue proposed recommendations (Proposed Recommendations) to the U.S. Securities and Exchange Commission (SEC) regarding...more

The Volcker Rule’s Impact on Foreign Banking Organizations

by Morrison & Foerster LLP on 6/22/2012

The Volcker Rule, as embodied in the Dodd-Frank Act and reflected in proposed regulations, generally prohibits “banking entities” from engaging in proprietary trading and from investing in or sponsoring private equity and...more

Extraterritoriality: The Volcker Rule

by Morrison & Foerster LLP on 6/12/2012

As the U.S. bank regulatory agencies continue their efforts to implement the Volcker Rule under increasing political pressure to stiffen the Rule’s requirements, it is worth revisiting how the Rule, in its current proposed...more

"Insights Special Edition: Dodd-Frank Rulemaking: Volcker Rule and SIFI Proposals: Impact of the Proposed Regulations On...

by Skadden, Arps, Slate, Meagher & Flom LLP on 11/17/2011

Securitization has been the focus of many rulemaking initiatives in the wake of the financial crisis. The Volcker Rule is not directly targeted at securitization and expressly states that nothing in it should be construed to...more

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