November 30, 2010

Seward & Kissel Posts Client Memorandum on the Proposed SEC Rules Implementing Exemptions from Adviser Registration

Seward & Kissel LLP drafted a client alert on proposed SEC rules under the Investment Advisers Act of 1940 to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and exemptions from the registration requirements of the Advisers Act for advisers to certain privately offered investment funds.

Continue reading...

November 29, 2010

SEC Brings Fraud Charges in “Prime Bank Scheme”

The SEC filed a civil action against Jennifer Dodge, Grant Carroll, Tamara Davis, and The Cornerstone TKD, LLC.

Continue reading...

November 19, 2010

New Investment Adviser and Swap Rules Proposed

The SEC proposed a series of rules that would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), including requiring certain advisers to hedge funds and other private funds to register with the SEC, requiring reporting by certain advisers that are exempt from SEC registration, increasing the asset threshold for advisers to register with the SEC and defining “foreign private adviser” and "venture capital fund."

Continue reading...

November 15, 2010

SEC and UK FSA Hold Meeting of SEC-FSA Strategic Dialogue

SEC Chairman Mary L. Schapiro met in London with Chairman Adair Turner of the UK Financial Services Authority (FSA) and the Chief Executive of the UK Financial Reporting Council (FRC) Stephen Haddrill to discuss a number of issues of common concern.

Continue reading...

November 12, 2010

SEC Brings Charges in Hedge Fund Case Involving Tipping

The SEC charged Thomas Hardin as well as two other defendants, Lanexa Management LLC, and former Schottenfeld Group LLC trader Franz Tudor, for insider trading in connection with corporate acquisitions.  The SEC has, to date, charged multiple persons with insider trading in connection with the SEC v. Cutillo and SEC v. Galleon cases.

Continue reading...

November 12, 2010

ICI Argues that Mutual Funds Should Not Be Subject to Federal Reserve Bank Risk Oversight Rules

The Dodd-Frank Act created the Financial Stability Oversight Council, a new government body that has the authority to recommend that the Federal Reserve Bank and other agencies strengthen rules to reduce risk at banks as well as non-bank financial firms.

Continue reading...

November 11, 2010

FINRA Letter Sends Letter to SEC About Adviser SRO Issue

The Financial Industry Regulatory Authority (FINRA) sent a comment letter to the SEC about the benefits of having the investment adviser industry overseen by a self-regulatory organization (SRO).

Continue reading...

November 10, 2010

Medical Researcher Charged with Tipping Inside Information to a Hedge Fund

The SEC charged Yves M. Benhamou, M.D., a French medical doctor and researcher, with tipping a hedge fund manager material, non-public information concerning a clinical trial conducted by Human Genome Science, Inc. (HGSI) for the drug Albumin Interferon Alfa 2-a (Albuferon), a potential drug to treat hepatitis-C.  The tip occurred in advance of HGSI's public, negative announcement.

Continue reading...

November 10, 2010

Deferral of Effective Date for Certain SEC Adviser Applications

Applications for SEC registration on Form ADV filed on or after November 20, 2010 will not be declared effective before January 3, 2011 absent filer requests to the contrary. SEC staff are deferring the effective date in order to alleviate a filing burden that could affect new applicants with a fiscal year ending December 31.

Continue reading...

November 8, 2010

SEC Approves New Rules Prohibiting Market Maker Stub Quotes

The SEC approved new rules proposed by the exchanges and FINRA to strengthen the minimum quoting standards for market makers and effectively prohibit “stub quotes” in the U.S. equity markets.

Continue reading...

Menu