October 17, 2011

Adviser CCOutreach Scheduled for January 31, 2012

The SEC is expected to announce shortly that the next CCOutreach for investment advisers will be held on January 31, 2012 in Washington, D.C.  The last CCOutreach was held in January, 2010.

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October 17, 2011

Investment Adviser SRO Legislation Expected Soon

Representative Spencer Bachus of Alabama is expected to introduce a bill shortly that would establish one or more self-regulatory organizations (SRO) to oversee investment advisors.  He chairs the House Financial Services Committee.  If enacted, the bill would amend the Investment Advisers Act of 1940 to provide for the registration and…

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October 14, 2011

SEC and FSA Co-Host International Roundtable on Market Structures

SEC Chairman Mary Schapiro and Martin Wheatley, the Managing Director of the Conduct Business Unit at the U.K. Financial Services Authority (FSA), co-hosted a meeting among regulators from Europe, the Americas, Asia, and Australia to share views on issues pertaining to equity market structure.

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October 12, 2011

SEC Proposes Rules for Registration of Securities-Based Swap Dealers and Major Security-Based Swap Participants

The SEC voted to propose rules that lay out the process by which security-based swap dealers and security-based swap participants must register with the SEC.  The rules stem from Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

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October 12, 2011

SEC Proposes Prohibitions and Restrictions on Proprietary Trading

The SEC proposed a rule implementing the so-called "Volcker Rule" requirements. The requirements stem from Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  The SEC issued the proposal jointly with the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency.

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October 5, 2011

FINRA Cannot Use Courts to Collect Disciplinary Fines

In Fiero v. FINRA, No. 09-1556-cv (2d Cir. Oct. 5, 2011), the United States Court of Appeals for the Second Circuit held that FINRA and other self-regulatory organizations lack the authority to bring federal court actions to collect on their disciplinary fines. Therefore, FINRA can levy fines, but it cannot…

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