July 31, 2012

SEC Issues a Report Recommending Improvements in the Municipal Securities Market

The SEC issued the “Report on the Municipal Securities Market”, which offers ways to improve the structure of the $3.7 trillion municipal securities market.

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July 26, 2012

SEC Brings Administrative Action Against Peter Madoff in His Capacity as a CCO

The SEC brought an administrative action against Peter Madoff, the chief compliance officer (CCO) of Bernard L. Madoff Investment Securities LLC (BMIS), a registered broker-dealer and investment adviser.

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July 26, 2012

Adviser Charged with Improper Shorting

The SEC brought an administrative action against Wesley Capital Management, LLC, a registered investment adviser, charging that Wesley on two occasions in April 2009, violated Rule 105 of Regulation M under the Securities Exchange Act of 1934.  The SEC stated that Wesley purchased shares in a public offering after having…

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July 9, 2012

Adviser Charged with Grossly Inflating Its Assets Under Management

Calhoun Asset Management, LLC (Calhoun) and Krista Lynn Ward  settled proceedings brought by the SEC against them involving disclosure by Calhoun, the investment adviser to two funds of funds, that grossly exaggerated its assets under management. The SEC also found that Ward made misleading statements about Calhoun’s due diligence process…

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July 9, 2012

SEC Approves Rules and Interpretations on Key Terms for Regulating Derivatives

The SEC unanimously approved rules and interpretations for key definitions of certain derivative products.  The SEC rules and interpretations further define the terms “swap” and “security-based swap,” and whether a particular instrument is a “swap” regulated by the Commodity Futures Trading Commission (CFTC) or a “security-based swap” regulated by the…

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July 9, 2012

Paula Drake Named Chief Counsel and Chief Compliance and Ethics Officer of SEC’s Office of Compliance Inspections and Examinations

The SEC announced that Paula Drake has been appointed an Associate Director to serve as Chief Counsel and Chief Compliance and Ethics Officer in the Office of Compliance Inspections and Examinations (OCIE).  OCIE conducts the SEC's national examination program for investment advisers and investment companies, broker-dealers, self regulatory organizations, clearing…

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July 5, 2012

Norm Champ Named Director of the SEC’s Division of Investment Management

The SEC named Norm Champ as the new director of the SEC's Division of Investment Management.  He had been the Deputy Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) for the past two years.  Prior to that position, he was the Associate Director for Adviser and Investment Company Examinations in the SEC's New York Regional Office.

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July 2, 2012

JOBS Act Rules to be Considered by the SEC on August 22, 2012

The SEC announced that it will consider rules under the Jumpstart Our Business Startups (JOBS) Act in an open meeting on August 22, 2012.  The SEC is directed by the JOBS Act to eliminate through rulemaking the prohibition against general solicitation and general advertising in Regulation D offerings under the Securities Act and Rule 144A offerings under the Securities Act.

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