News & Analysis as of

SEC Wins Asset Freeze Over Funds

Hedge funds are a continuing focus for the SEC. This week the Commission filed an action against two fund managers and an adviser alleging that they fabricated performance reports furnished to investors. The Court granted a...more

SEC Investor as Purchaser Subcommittee Issues Recommendations Related to Broker-Dealer Fiduciary Duty

The Investor as Purchaser Subcommittee (the “Subcommittee”) of the SEC’s Investor Advisory Committee (the “Committee”) issued two principal recommendations (the “Recommendations”) regarding SEC adoption of a uniform standard...more

Protecting The Rich Or The Poor: The SEC Division Of Enforcement

Should the SEC devote more resources to supervising the activities of hedge funds in which sophisticated investors invest, or should it devote more resources to investment advisor fraud, where the victims are less able to...more

A Compilation of Enforcement and Non-Enforcement Actions - July 01, 2013

Re: Possible SRO for Investment Advisers and Fiduciary Standard for Broker-Dealers — What Others Are Saying - In the ongoing debate over whether a supervisory regulatory agency, other than the SEC, should be delegated...more

AIFMD: Impact on US Investment Advisers - June 2013: Marketing Q&A

What if co-operation arrangements are not in place in time? We expect that most will be. However, without a co-operation arrangement in place between all relevant regulatory authorities, the manager will need...more

Periodic Exams Coming to an Investment Adviser Near You (Probably)

The Bernie Madoff scandal exposed a lot of people and institutions. One of those, obviously, was the SEC, and it has been working hard to live that fiasco down ever since. But one aspect of the current securities enforcement...more

Bill Seeks to Strip Securities Regulator of Power to Deny New Branch Offices to Broker-Dealers and Investment Advisers

A hallmark of Florida's notoriously strict regulation of investment professions may soon be no more. Florida is one of only eight jurisdictions in the United States that require securities broker-dealers and investment...more

Stealth Lawyer: Eli Broverman, Financial Startup Co-Founder  [Video]

April 17 (Bloomberg) -- Eli Broverman, co-founder and chief operating officer of Betterment LLC, talks with Bloomberg Law's Spencer Mazyck about his transition from practicing law at Proskauer Rose LLP to creating a Web-based...more

SEC Adviser Exams Find Widespread Violations of Custody Rule

The SEC’s Office of Compliance Inspections and Examinations reports finding widespread compliance deficiencies related to custody of securities. In its March 4, 2013 National Exam Program Risk Alert, OCIE said that...more

Court of Appeal Reiterates the Importance for Investors to Conduct Due Diligence

The Court of Appeal of Quebec has rendered an important decision on the liability of securities dealers and investment advisors. In Mazzarolo v. BMO Nesbitt Burns ltée, 2013 QCCA 245, the Court of Appeal, in accordance with...more

FINRA Provides Early Guidance About Its Exam Priorities; Firms Should Take Notice

In its annual summary of regulatory and examination priorities, the Financial Industry Regulatory Authority (FINRA) signaled that it will aggressively pursue market misconduct. The January 11, 2013 report follows closely on...more

State Regulators Release List of Top Investor Frauds

The North American Securities Administrators Association (NASAA) recently revealed its annual list of financial products and practices that pose the highest risks to investors. The list includes several new threats as well as...more

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