October 12, 2010

Family Officer Adviser Rule Proposed

The SEC proposed a new rule, based on requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, that would define “family offices.”  An adviser that meets the definition of family office would be excluded from regulation under the Investment Advisers Act of 1940.

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October 5, 2010

Fraud Charges Brought Against a New Jersey Investment Adviser

The SEC brought fraud charges against Carlo G. Chiaese of Springfield, New Jersey, and his company, C.G.C. Advisors, LLC, and investment adviser. The SEC also charged Chiaese's wife, Micol Chiaese, a resident of Chester, New Jersey, as a relief defendant for her unjust enrichment from the scheme.

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October 4, 2010

Shareholder Director Nominations Rule Amendments on Hold

The SEC took the unusual act of “staying” its recently adopted amendments to Rule 14a-8 and new Rule 14a-11 under the Securities Exchange Act of 1934 that would have made it easier for shareholders to nominate director candidates.

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October 1, 2010

Flash Crash Report Issued

The SEC and CFTC issued a joint report about the “flash crash,” i.e., the market events of May 6, 2010.

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