April 16, 2012

SEC Issues a FAQ on the Jobs Act; Seeks Public Comment Prior to the Proposal of Rules under the Act

The SEC issued a FAQ on the Jumpstart Our Business Startups Act (the “JOBS Act”), which was enacted by Congress on April 5, 2012.  The SEC’s Division of Corporation Finance provided guidance in the FAQ on the implementation and application of the JOBS Act to current SEC rules. The SEC…

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April 14, 2012

Fraud Charges Brought Against Operators of Facebook Funds

The SEC alleges that Frank Mazzola and his firms, Felix Investments LLC and Facie Libre Management Associates LLC, created two funds to buy securities of Facebook and other high profile technology companies.  However, Mazzola and his firms engaged in improper self-dealing – earning secret commissions above the 5% disclosed in…

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April 11, 2012

SEC Seeks Public Comment Prior to JOBS Act Rulemaking

4.11.2012  The SEC announced that it will begin accepting public comments as it undertakes rulemaking required under the recently-signed Jumpstart Our Business Startups (JOBS) Act.  Similar to the comment process for the SEC’s Dodd Frank Act rulemaking, the public will be able to comment before the SEC proposes its regulatory…

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April 9, 2012

SEC Forms New Investor Advisory Committee

The SEC formed a new Investor Advisory Committee, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The committee replaces the advisory committee that was disbanded after the Dodd-Frank Act became law.   The new committee will advise the SEC on: regulatory priorities the regulation of securities products…

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April 3, 2012

SEC Re-Opens Comment Period for Target Date Retirement Fund Rule Proposal

On June 16, 2010, the SEC proposed amendments to Rule 34b-1 under the 1940 Act and Rule 482 under the 1933 Act that would: require a target date retirement fund whose name includes the target date to disclose the fund’s asset allocation at the target date immediately adjacent to the…

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April 2, 2012

Adviser Charged with Selling Risky Fund Interests to Unsophisticated Investors

The SEC brought an administrative action against Alex Martinez alleging that from July 2007 through March 2009, Martinez and his co-defendant invested approximately $10.3 million of their advisory clients’ funds in MAM Wealth Management Real Estate Fund, LLC (MAM Fund), a speculative and risky investment suitable only for sophisticated investors.

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