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.
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.
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.
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.
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…