News & Analysis as of

SEC Settles Administrative Proceedings Against London-Based Hedge Fund Adviser and its Parent over Internal Control Failures and...

The SEC settled public administrative proceeding against a London-based hedge fund adviser that is not registered with the SEC (the “Adviser”) and its U.S. based, publicly-traded parent (the “Parent”) with respect to internal...more

Lessons Learned From The Morgan Keegan Case, Part I – Valuation

The U.S. Securities and Exchange Commission (SEC)’s recent settlement in the latest chapter of the enforcement proceeding involving Morgan Keegan provides important guideposts on two of the hottest regulatory topics in the...more

SEC Settles with Fund Directors for Failure to Satisfy Valuation Responsibilities

On June 13, 2013, the SEC filed an order settling administrative proceedings (the “Order”) against eight former directors (the “Directors”) of five Regions Morgan Keegan open- and closed-end funds (the “Funds”) that had been...more

Former Morgan Keegan Directors Settle Valuation Case

The U.S. Securities and Exchange Commission issued a cease and desist order on June 13, 2013 (the “Order”) against former members of the boards of directors (the “RMK Directors” or the “RMK Boards”) of five Regions Morgan...more

SEC Slaps Fund Directors for Violating Fair Value Responsibilities

On June 13, 2013, without admitting or denying the allegations, eight former directors of five mutual funds agreed to settle SEC charges that they failed to satisfy their fair valuation responsibilities under federal...more

SEC Charges Private Equity Fund Advisers With Misleading Investors About Valuation And Performance

The SEC has charged two investment advisers at Oppenheimer & Co. with misleading investors about the valuation policies and performance of a private equity fund they manage. The SEC recently hinted at potential increased...more

Head of SEC Investment Management Division Announces Top Regulatory Priorities

At the Practicing Law Institute’s conference, “The SEC Speaks in 2013,” held on February 22 in Washington, DC, Norm Champ, Director of the Division of Investment Management at the Securities and Exchange Commission (SEC),...more

Investment Management Legal + Regulatory Update -- February 2013

In This Issue: Regulatory Updates - FINRA overhaul of communications rules becomes effective and ICI and CoC appeal Rule 4.5 ruling. Enforcement + Litigation - Enforcement Division priorities target hedge...more

The SEC Is Scrutinizing Asset Valuations—Are You Ready?

The Securities and Exchange Commission (SEC) recently has set its sights on registered entities and their officers and directors for overvaluing the entities’ assets....more

SEC Accuses Fund Directors of Breaching Their Valuation Duties

In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive...more

SEC Charges Eight Mutual Fund Directors for Failure on Valuations

On December 10, the Securities and Exchange Commission announced charges against eight former member of the boards of directors overseeing five mutual funds for violating their asset pricing responsibilities under the federal...more

SEC Focuses on Fair Valuation in Recent Enforcement Cases

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

SEC Brings Enforcement Action Against Mutual Fund Directors For Alleged Failures in Oversight of Valuation Committee

On December 10, 2012, the SEC filed an order instituting enforcement proceedings (the “OIP”) against both the interested and the independent directors of five registered investment companies advised by Morgan Asset...more

Private Equity Valuations: Standards and Recent Developments

Originally published in the American Bar Association's Commercial & Business Litigation: Summer 2012, Vol. 13 No. 4 – Delaware Corporations & Private Equity - August 16, 2012. It has been widely reported that in late...more

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