June 29, 2011

SEC Proposes Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants

The SEC voted to propose rules that would impose certain business conduct standards upon security-based swap dealers and major security-based swap participants when those parties engage in security-based swap transactions.

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June 28, 2011

Fund Adviser Violates Regulation M

The SEC brought an administrative order against Brookside Capital, LLC.  The SEC found that Brookside, a Boston based registered investment adviser and manager of hedge funds, violated Rule 105 of Exchange Act Regulation M.

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June 22, 2011

SEC Extends Investment Adviser Registration Deadline Until March 30, 2012

The SEC extended the registration deadline for advisers that currently are not required to register with the SEC until March 30, 2012.

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June 15, 2011

SEC Provides Guidance and Temporary Relief Regarding Security-Based Swap Provisions of Dodd-Frank Act

The SEC provided guidance as to which of the Title VII requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) will apply to security-based swap transactions as of July 16, 2011, the effective date of Title VII. It also granted temporary relief to market participants from compliance with certain of these requirements.

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June 14, 2011

SEC Delegates Witness Immunity Authority to the Director of the Division of Enforcement

The SEC issued a final rule to delegate authority to the Director of the Division of Enforcement to issue witness immunity orders to compel individuals to give testimony or provide other information. The final rule is effective upon publication in the Federal Register for a period of 18 months, at…

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June 13, 2011

Supreme Court Case Limits the Ability of Shareholders to Sue Advisers

The U.S. Supreme Court ruled in favor of an adviser to a mutual fund, Janus Capital Group Inc. and a subsidiary (Janus), in a case that will limit the ability of shareholders of mutual fund companies to prevail in securities fraud suits.

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June 9, 2011

SEC and CFTC to Hold Public Meeting on the Definitions of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” and “Major Security-Based Swap Participant”

The SEC and the CFTC will hold a public roundtable on Thursday, June 16, 2011 at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581 to discuss the definitions of “swap dealer,” “security-based swap dealer,” “major swap participant,” and “major security-based swap participant.”  The agencies…

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June 8, 2011

SEC Readopts Rule on Beneficial Ownership Reporting Requirements and Security-Based Swaps

The SEC readopted, without change, the relevant portions of existing rules that govern beneficial ownership determinations under Sections 13 and 16 of the Securities Exchange Act of 1934 (the “Exchange Act”).

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