May 31, 2011

Labor Delays Fiduciary and Disclosure Rules

The Department of Labor delayed the effective date for retirement plan service providers to begin disclosing fees to January 1, 2012.  The rules had been expected to become effective on July 16, 2011. The rules will require service providers, such as record keepers and broker-dealers, to spell out to plan sponsors their fiduciary status, detail the services they provide and disclose compensation.

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May 31, 2011

Barney Frank Directs SEC to Not Impose Advisers Act Fiduciary Standard on Broker-Dealers

In a letter to SEC Chairman Mary Schapiro, Barney Frank, who is the ranking member of the House Financial Services Committee, directed the SEC to not put broker-dealers under the exact same fiduciary standard that the investment advisers are subject to under the Investment Advisers Act of 1940 (the “Advisers Act”).

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May 26, 2011

SEC Charges Former Nasdaq Official with Insider Trading

SEC charged Donald L. Johnson, a former managing director of the NASDAQ Stock Market, with insider trading.  According to the SEC, Johnson held various positions at the NASD and NASDAQ for 20 years.  He retired from NASDAQ in September 2009.

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May 25, 2011

SEC Adopts Whistleblower Rules

The SEC adopted whistleblower rules (the “rules”) that will reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions.

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May 25, 2011

SEC Proposes Rule to Not Allow Felons and Bad Actors to Participate in Securities Offerings

The SEC proposed a rule that would deny certain securities offerings from qualifying for exemption from registration if they involve certain felons and other “bad actors.”  This rule would implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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May 24, 2011

SEC Charges New Jersey Resident With Multiple Instances of Insider Trading

The SEC charged Abraham Haim a New Jersey resident and self-employed technology consultant, with insider trading in the securities of five companies based on material nonpublic information regarding potential acquisitions he misappropriated from a relative, an investment banker, who by virtue of his employment, had material nonpublic information regarding the acquisitions.

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May 20, 2011

Charges Brought Against Portfolio Manager for Insider Trading Related to the Fund He Managed

The SEC declared final an initial cease and desist order entered by an SEC administrative law judge (“ALJ”) against David W. Baldt (“Baldt”).

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May 20, 2011

SEC Revokes Registration of Securities of Columbia Futures Fund for Failure to Make Required Periodic Filings

The SEC revoked the registration of each class of registered securities of Columbia Futures Fund for failure to make required SEC periodic filings.

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May 13, 2011

Seward & Kissel Posts a Memorandum on Proposed Changes to Compensation Rule for Registered Investment Advisers

Seward & Kissel LLP recently posted “Memorandum: SEC to Change Registered Investment Adviser Performance Compensation Rule and Proposes Transition Rules.” Click here to access the memorandum.

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May 11, 2011

SEC Charges Investment Firm and Its President with Making False Statements

The SEC charged an investment firm purportedly located in Kirkland, Washington, and its president, who lives in Honolulu, for making false statements in a report to the SEC and refusing to allow the SEC’s staff to review the firm’s books and records.

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