April 8, 2010

SEC’s Division of Investment Management Speaks on Derivatives and Money Market Funds

Andrew "Buddy" Donohue, the Director of the SEC's Division of Investment Management, spoke at the Practising Law Institute's Investment Management Institute 2010 conference in New York on a number of topics, beginning with the comprehensive legislation proposed by Congress that could impact even the most fundamental aspects of how financial markets are governed.

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April 8, 2010

SEC Charges Minnesota Investment Advisor With Fraud

The United States District Court for the District of Minnesota issued a temporary restraining order and asset freeze against Renee Marie Brown (Brown), a Minnesota-based investment adviser, and Investors Income Fund X, LLC (Fund X), a company formed and controlled by Brown.

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April 7, 2010

SEC Proposes Revisions to Rules Governing Offerings of Asset-Backed Securities

The SEC proposed revisions to Regulation AB and other rules regarding the offering process, disclosure and reporting for asset-backed securities. The proposed amendments, if adopted, will revise the shelf offering process and eligibility criteria for asset-backed securities and require asset-backed issuers to provide enhanced disclosures. Click http://www.sec.gov/rules/proposed/2010/33-9117.pdf to access the…

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April 7, 2010

Morgan Keegan Funds Adviser Charged with Fraud Involving Portfolio Valuation

The SEC charged Morgan Asset Management, Inc. (Morgan Asset), Morgan Keegan & Company, Inc. (Morgan Keegan), James C. Kelsoe, Jr. (Kelsoe), and Joseph Thompson Weller, CPA (Weller) with various violations under the securities laws.  The SEC alleged that during various periods between at least January 2007 and July 2007, the daily net asset value (NAV) of each of five registered investment companies--then known as the Morgan Keegan Select Fund, Inc., the RMK High Income Fund, Inc., the RMK Multi-Sector High Income Fund, Inc., the RMK Strategic Income Fund, Inc., and the RMK Advantage Income Fund, Inc., (collectively, the Funds) was materially inflated as a result of the fraudulent conduct by them.

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April 7, 2010

Adviser Charged with Illegal Brokerage Arrangement

The SEC brought an administrative action against Brian Travis, finding that between at least March 2003 and October 2005, he worked as a back-office clerk at JLF Asset Management, LLC (JLF), an unregistered investment adviser to three hedge funds.

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April 2, 2010

SEC Issues Guidance on Repurchase Agreement Collateralization

In a letter to the Investment Company Institute (ICI) and the mutual fund industry in general, the SEC addressed the treatment of repurchase agreements and their collateralization under the recently amended Rule 2a-7 requirements.

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