February 27, 2013

Fixed Income Roundtable to be Held by the SEC

The SEC will hold a roundtable on April 16, 2013 to discuss potential ways to improve the transparency and efficiency of fixed income markets. 

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February 27, 2013

SEC Staff Issues No-Action Letter Permitting Co-Adviser Arrangement to Shift to a Single Adviser Arrangement without Shareholder Vote

The SEC granted no-action relief permitting the altering of an advisory arrangement without a shareholder vote. In Emerging Global Advisors, LLC and EGA Emerging Global Shares Trust (pub. avail. February 27, 2013), a registered investment company (the “Trust”) has 22 ETF series (“ETFs”) and two investment advisers: ALPS Advisors Inc.

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February 21, 2013

SEC Announces Exam Priorities

The SEC announced its examination priorities for 2013 for broker-dealers, clearing agencies, exchanges and self-regulatory organizations, investment companies, hedge funds and private equity funds, and transfer agents. Examinations are conducted by its Office of Compliance Inspections and Examinations.

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February 15, 2013

Adviser Charged with Fraudulently Selling Part of Its Business to Client

The SEC brought charges against Oxford Investment Partners, LLC, a registered investment adviser, in connection with the sale of interests in that adviser to a client. The SEC alleges that Walter Clarke, the owner and principal of Oxford, faced severe financial problems in 2007.

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February 5, 2013

U.S. Sues Standard & Poor’s Rating Services Over Ratings

The U.S. Justice Department brought suit against Standard & Poor’s Rating Agency (“S&P”), alleging that S&P did not follow its standards to rate subprime mortgage bonds that crumbled in the financial crisis of 2008 and cost investors billions. This is the first federal enforcement action against a credit rating firm…

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