January 27, 2012

SEC Deputy Inspector General to Serve as Interim Inspector General

The SEC announced that Noelle Maloney will serve as interim Inspector General for the SEC following the departure of Inspector General H. David Kotz to join a private investigative services firm.  Ms. Maloney will head the SEC’s Office of Inspector General (OIG), while the SEC searches for a permanent head.

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January 20, 2012

Fund Adviser is Subject to Failure to Supervise Charge

The SEC brought an administrative action against AXA Advisors, LLC (AXA Advisors), finding that the fund advisory firm failed reasonably to supervise Leo T. Buggy  with a view to preventing and detecting his violations of the federal securities laws.

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January 18, 2012

SEC Clarifies Scope of Registration Requirements for Entities Affiliated with an Investment Adviser Registering with the SEC

The SEC released a No-Action letter clarifying the scope of the definition "investment adviser" as it applies to entities affiliated with a registered investment adviser. Click here for Seward & Kissel’s memorandum regarding the letter.

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January 18, 2012

SEC Seeks Public Comment for Financial Literacy Study Mandated by Dodd-Frank Act

The SEC requested comment on financial literacy and investor disclosure issues as part of a review mandated by Section 917 of the Dodd-Frank Act, which directs the SEC to study retail investors’ financial literacy and submit its findings to Congress.

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January 18, 2012

SEC Obtains Emergency Relief Against Private Investment Funds after Fraud Charges

The SEC obtained an order freezing the assets of St. Louis-based private investment funds and management firms after charging them for engaging in a scheme to defraud investors.

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January 17, 2012

SEC Names Jane Norberg as Deputy Chief of Whistleblower Office

The SEC appointed Jane A. Norberg as Deputy Chief of the Office of the Whistleblower, which oversees the SEC’s whistleblower program. Under that program established by Dodd-Frank, individuals can receive awards if, among other things, they voluntarily provide the SEC with original information that leads to successful SEC enforcement actions.

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January 4, 2012

SEC Charges Illinois-Based Adviser in Social Media Scam

The SEC charged an Illinois-based investment adviser with offering to sell fictitious securities on LinkedIn, and issued two alerts highlighting the risks investors and advisory firms face when using social media.

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