February 28, 2011

SEC Charges KPMG Australia with Auditor Independence Violations

The SEC charged KPMG Australia and certain other KPMG member firms with auditor independence violations.  While this action may not have involved investment management firms, the SEC’s auditor independence rules are applicable to registered investment companies.

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February 24, 2011

BDC Chairman Charged with Misleading Shareholders

The SEC brought charges against Sam P. Douglass, the former Chairman of Equus Total Return, Inc., a business development company listed on the New York Stock Exchange.

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February 24, 2011

California Managers Charged with Portfolio Pumping in a Scheme

The SEC charged two securities professionals, a hedge fund trader, and two firms involved in a scheme that manipulated several U.S. microcap stocks.  The SEC alleges that the scheme generated more than $63 million in illicit proceeds through stock sales, commissions and sales credits.

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February 18, 2011

SEC Executive Director Diego Ruiz to Leave

The SEC announced that its Executive Director, Diego Tomás Ruiz, intends to leave the SEC to return to the private sector. Mr. Ruiz has served as the SEC's executive director since August 2006, and in that capacity has overseen strategic planning, management policies and procedures, financial management, human resources and…

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February 18, 2011

SEC Names Sean McKessy Head of Whistleblower Office

The SEC announced that Sean McKessy will oversee the new Whistleblower Office in the Division of Enforcement. The Office will consolidate existing resources to administer the whistleblower provisions called for by The Dodd-Frank Wall Street Reform and Consumer Protection Act.

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February 9, 2011

Seward & Kissel Issues an Alert on Proposed Filing of Form PF by Investment Advisers

Seward & Kissel issued an alert on proposed Rule 204(b)-1 under the Investment Advisers Act of 1940, which would require SEC registered investment advisers that advise one or more "Private Funds" to file new Form PF with the SEC.

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February 9, 2011

Seward & Kissel Issues an Alert on Proposed CPO Rules

Seward & Kissel LLP issued an alert on a proposed series of amendments to CFTC regulations, one of which is to eliminate certain exemptions from registration as a commodity pool operator ("CPO"), currently available to managers of private funds.

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February 8, 2011

ICI Submits Comment Letter on CFTC’s Proposal Regarding Real-Time Reporting of Swap Transaction Data

The Investment Company Institute (“ICI”) submitted a comment letter on the CFTC’s proposal  regarding real-time reporting and dissemination of swap information pursuant to Section 727 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

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February 8, 2011

SEC Charges Hedge Fund Managers and Traders with Insider Trading

The SEC charged a New York-based hedge fund and four hedge fund portfolio managers and analysts with illegally trading on confidential information obtained from technology company employees moonlighting as expert network consultants.

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February 4, 2011

SEC Named Mark Cahn General Counsel

Mark D. Cahn has been promoted to General Counsel of the SEC. He will assume his new role when David M. Becker steps down from the position later this month.

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