August 29, 2012

SEC Proposes Rules Implementing Elimination of General Solicitation and Advertising Bans in Rule 506 and Rule 144A

The SEC proposed rules mandated by the JOBS Act that would eliminate the general solicitation and advertising prohibition in Rule 506 under the 1933 Act and a similar prohibition in Rule 144A under the 1933 Act.  Rule 506 is the safe harbor exemption most hedge funds rely upon to privately…

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August 22, 2012

SEC Does Not Have Required Votes to Implement Money Market Reform

SEC Chairman Mary Schapiro announced in a press release that she does not have the requisite three Commissioner votes to implement proposed reforms of money market funds. She stated that because three Commissioners have now stated that they will not support her proposal and that it therefore cannot be published…

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August 21, 2012

Open Meeting for JOBS Act Rules Proposal Postponed Until August 29th

The SEC announced that it will postpone its consideration of rules under the Jumpstart Our Business Startups (JOBS) Act until August 29, 2012.  The SEC had scheduled an open meeting on August 22, 2012 to consider the rules.

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August 6, 2012

Adviser SRO Revived by Congressman Bachus

 While it was recently reported that House Financial Services Committee Chairman Spencer Bachus had suspended his proposal to shift adviser regulation from the SEC to a self-regulatory organization (“SRO”), he recently called for the enactment of the Investment Adviser Oversight Act in an editorial in the Wall Street Journal. …

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August 2, 2012

Deputy Director of SEC’s Division of Investment Management to Step Down

Robert E. Plaze, the Deputy Director of the Division of Investment Management of the SEC, will resign on August 31, 2012.  He has been with the SEC since 1983.

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August 1, 2012

Bill Would Give the SEC Authority to Increase Its Fines

Senator Jack Reed, the Chairman of the Senate Banking Subcommittee on Securities, Insurance and Investment, has introduced a bill that, if enacted, would allow the SEC to levy fines of up to $1 million (up from $150,000) per securities violation on individuals and up to $10 million (up from $725,000)…

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