March 30, 2012

Exemptions for Security Security-Based Swaps Issued by Certain Clearing Agencies

The SEC adopted exemptions under the 1933 Act, the 1934 Act, and the Trust Indenture Act of 1939, for security-based swaps issued by clearing agencies satisfying certain conditions. The final rules exempt security-based swap transactions by clearing agencies from all provisions of the 1933 Act, other than the Section 17(a)…

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March 30, 2012

Seward & Kissel Posts Memorandum Regarding the Passage of the “JOBS” Act

Seward & Kissel posted a memo about the passage of the "JOBS" Act, passed on March 27, 2012.  The Act will remove the Regulation D prohibition on general solicitation and marketing in Regulation D offerings and will increase the 500 record owner threshold that currently restricts such offerings.

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March 29, 2012

SEC Charges Investment Company with Failure to Make Required Reports and Maintain Fidelity Bond

The SEC charged OLM Ventures, Inc. (OLM), a Colorado business development company located in Canada, with failing to make required periodic filings, failing to file certain forms pursuant to Regulation E, and with failing to provide and maintain a fidelity bond. The SEC Division of Enforcement alleges that OLM:…

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March 29, 2012

SEC Meets with Canadian Securities Regulators about Closer Cooperation on Cross-Border Oversight

3.29.2012  The SEC met with the Ontario Securities Commission (OSC) to discuss ways to further strengthen cooperation regarding their supervision of financial firms.  The two regulators discussed a variety of issues, including their respective approaches to examinations, investor education initiatives, and the status of regulatory reforms in each jurisdiction.  The…

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March 29, 2012

SEC Charges Investment Company with Failure to Maintain Fidelity Bond

The SEC charged Principal Mortgage Fund, Inc. (PMF), a business development company in Carson City, Nevada, with failing to provide and maintain a fidelity bond.  As a result, the PMF violated Section 17(g) of the Investment Company Act of 1940, as amended, and Rule 17g-1 thereunder. Click here…

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March 29, 2012

SEC Charges Georgia BDC with Failure to Maintain Fidelity Bond

The SEC charged International Asset Group, Inc. (IAG), a business development company in Atlanta, Georgia, with failing to provide and maintain a fidelity bond, failing to make required filings, and ceasing to engage in business. The SEC Division of Enforcement alleges that IAG:  violated Section 17(g) of the…

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March 29, 2012

SEC Charges Investment Company with Multiple 1940 Act Violations Including Failure to Maintain Fidelity Bond

The SEC charged Central Capital Venture Corporation (CCVC), located in Dallas, Texas, with failing to provide and maintain a fidelity bond, issuing common stock with different voting rights, failing to adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws, failing to appoint…

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March 29, 2012

SEC Charges BDC with Failure to Maintain Fidelity Bond

The SEC charged Capital Corp. (ICC), a business development company located in Las Vegas, Nevada, with failing to provide and maintain a fidelity bond, failing to file periodic reports, and ceasing to engage in business.  The SEC Division of Enforcement alleges that ICC: violated Section 17(g) of the 1940…

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March 23, 2012

SEC Establishes New Supervisory Cooperation Arrangements with Foreign Counterparts

 The SEC established a new cooperative arrangement with the Cayman Islands Monetary Authority (CIMA) and the European Securities and Markets Authority (ESMA) to improve the oversight of regulated entities that operate across national borders.  The supervisory cooperation arrangements are designed to enhance SEC staff ability to share information about investment…

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March 22, 2012

SEC Charges Associate of Investment Adviser with Fraud

 The SEC charged Andrew Franz with misappropriating approximately $865,969 from clients of Ruby Corporation (Ruby), a registered investment adviser.  He also allegedly misappropriated $779,418 from family members.  The SEC also alleges that Franz misappropriated approximately $172,000 from Ruby itself by stealing legitimate client fees payable to Ruby.  The SEC stated…

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