October 29, 2010

SEC Issues Progress Report on Work Plan for Global Accounting Standards

The Office of the Chief Accountant and Division of Corporation Finance of the SEC issued its first progress report on the Work Plan related to global accounting standards.

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October 25, 2010

Fraud Charges Brought Against Hedge Fund Adviser Relating to the Valuation of Portfolio Securities

The SEC charged Stephen M. Hicks, a hedge fund manager, and Southridge Capital Management LLC and Southridge Advisors LLC, his investment advisory businesses, with defrauding investors in funds managed by the firms.

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October 22, 2010

Adviser Violates Recordkeeping, Custody and Disclosure Rules

The SEC charged Sands Brothers Asset Management LLC (SBAM), an SEC-registered adviser, and Steven Sands and Martin Sands with violating record keeping rules, the custody rule, and form ADV filing requirements.

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October 22, 2010

Seward & Kissel Posts Client Memorandum on the Proposed SEC Rule Defining “Family Office”

Seward & Kissel LLP drafted a client alert on proposed Rule 202(a)(11)(G)-1  under the Investment Advisers Act of 1940, as amended.  The Rule, if adopted, would define family offices for purposes of excluding them from the definition of "investment adviser." Click here to access the Client Memorandum.

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October 19, 2010

SEC Brings “Side Pocket” Case Against Georgia Portfolio Managers

Two hedge fund portfolio managers located in Georgia and their investment advisory businesses were found by the SEC to have defrauded investors in the Palisades Master Fund, L.P. by overvaluing illiquid fund assets they placed in a "side pocket." A side pocket is a type of account that hedge funds use to separate particular investments that are typically illiquid from the remainder of the investments in the fund.

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October 18, 2010

Proposed Rule Would Require 13F Institutional Investment Managers to Report on How They Vote Proxies Related to Executive Compensation Matters

The SEC proposed a rule and certain amendments to SEC forms that would require an institutional investment manager that is subject to Section 13(f) of the Securities Exchange Act, including an investment company, to report annually how it voted proxies relating to executive compensation matters.

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October 14, 2010

CFTC Adopts Interim Final Rule for Reporting Pre-enactment Swap Transactions

The CFTC adopted Interim Final Rule 44.02, which imposes recordkeeping requirements on (i) swap dealers, (ii) major swap participants that enter into swaps with counterparties that are not swap dealers, and (iii) entities that enter into swaps with counterparties that are neither swap dealers nor major swap participants.

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October 14, 2010

Compliance Date for New BSA Reporting Rules Extended for Mutual Funds

The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of Treasury, delayed the compliance date for new anti-money laundering and reporting requirements under the Bank Secrecy Act.

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October 12, 2010

Seward & Kissel No-Action Letter Clarifies Application of Custody Rule Annual Audit Requirement to Private Funds

The SEC issued a no-action letter to Seward & Kissel LLP addressing the annual audit requirement under Rule 206(4)-2(b)(4) under the Investment Advisers Act of 1940, as amended.

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October 12, 2010

SEC to Hold Open Meeting on October 13, 2010 to Consider Security-Based Swaps Rule

The SEC will hold an open meeting at 10:30 a.m. on Wednesday, October 13, 2010 to consider various temporary rules related to securities-based swaps.

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