April 20, 2011

SEC Announces Roundtable on International Financial Reporting Standards

The SEC will sponsor a roundtable on July 7, 2011 to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (“IFRS”) into the financial reporting system for U.S. issuers.

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April 19, 2011

SEC Seeks Comment on Effective Investor Education Programs

The SEC requested comments on the effectiveness of its existing investor education efforts as part of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

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April 12, 2011

CFTC Issues Notice of Proposed Rulemaking on Swap Data Recordkeeping and Reporting Requirements for Pre-Enactment and Transition Swaps

The CFTC has proposed rules establishing swap data recordkeeping and reporting requirements for counterparties to pre-enactment swaps (those executed prior to enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and transition swaps (those entered into between the enactment date and the future effective date for final rules concerning swap recordkeeping and reporting).

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April 12, 2011

Financial Stability Board Publishes a Note on Financial Stability Issues From ETFs

The Financial Stability Board, an organization established to coordinate at the international level the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability (“FSB”), published a note on Potential financial stability issues arising from recent trends in exchange-traded funds (ETFs) (the “note”).

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April 12, 2011

CFTC and SEC to Host Public Roundtable Discussion on Dodd-Frank Implementation

The staffs of the CFTC and the SEC announced that they intend to hold a two-day joint public roundtable on May 2-3, 2011, to discuss the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).

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April 8, 2011

SEC and CFTC Publish a Study on the Feasibility of Mandating Algorithmic Descriptions for Derivatives

The SEC and the CFTC delivered to Congress a joint study on the “the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives,” pursuant to Title VII, Section 719(b) of Dodd-Frank Wall Street Reform and Consumer Protection Act (the “study”) conducted by their respective staff (the “staff”).

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April 8, 2011

Bibb Strench of Seward & Kissel Set to Speak at the 7th Annual Global ETF Awards

Bibb Strench will speak on April 14th  in New York at the 7th Annual Global ETF Awards.  Joining him on the panel will be Buddy Donohue and Seddik Meziani.  The panel’s topic is “The Problem with ETFs.” Click here for information about the conference.

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April 8, 2011

SEC Charges Former CFO of Hedge Fund Adviser with Unauthorized Transfers of More than $870 Million in Client Funds

The SEC charged Perry A. Gruss (Gruss), the former chief financial officer of D.B. Zwirn & Co., L.P. (DBZCO), alleging aiding and abetting fraud in connection with the improper transfer of client cash.

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April 8, 2011

SEC may Extend Registration Deadline for Private Funds

The SEC's Division of Investment Management has indicated in an April 8th letter to the North American Securities Administrators Association that the SEC staff expects "that the Commission will consider extending the date by which [private fund] advisers must register and come into compliance with the obligations of a registered adviser until the first quarter of 2012."

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April 8, 2011

Roundtable for Money Market Funds to be Held on May 10th

The SEC will hold a roundtable in Washington, D.C. to discuss regulatory options for money market funds in response to a report last year by the President's Working Group on Financial Markets. The President's Working Group report recommended additional steps to reduce the risk of runs on money market funds, including the use of a floating net asset value, the creation of private emergency liquidity facilities and money market fund insurance.

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