May 29, 2013

SEC Charges NASDAQ for Failures During Facebook IPO

The SEC charged NASDAQ with securities law violations resulting from its poor systems and decision-making during the initial public offering (IPO) and secondary market trading of Facebook shares. NASDAQ agreed to pay a $10 million penalty to settle the charges, which is the largest ever against an exchange. Under the…

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May 23, 2013

SEC Charges ISS in Breach of Clients’ Confidential Proxy Voting Information

The SEC charged Rockville, Maryland based proxy adviser Institutional Shareholder Services (ISS) for failing to safeguard the confidential proxy voting information of clients participating in a number of significant proxy contests.  The SEC investigation found that an ISS employee provided a proxy solicitor with material non-public information revealing how more…

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May 3, 2013

SEC Brings Action Against Adviser for Misappropriated Hedge Fund Assets

The SEC brought an administrative action against Walter V. Gerasimowicz, Meditron Asset Management, LLC (MAM) and Meditron Management Group, LLC (MMG) for misappropriating assets of a hedge fund managed by MAM. The SEC found that, from 2009 through 2011, Gerasimowicz, MAM and MMG misappropriated approximately $2.65 million from their client,…

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May 2, 2013

SEC Announces the Appointment of Andrew Bowden as the New Director of OCIE

The SEC appointed Andrew J. Bowden as the Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE). Mr. Bowden will also lead the OCIE’s National Exam Program. Mr. Bowden joined the SEC in November 2011 as the National Associate Director for OCIE’s Investment Adviser/Investment Company Examination Program, and…

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May 2, 2013

OCIE Director to Leave the SEC

Carlo V. di Florio has announced that he is stepping down as Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE).  Mr. di Florio was appointed Director of the SEC’s OCIE in January 2010. He was also in charge of the National Exam Program, which is comprised of…

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May 1, 2013

SEC Chairman White Speaks at ICI General Membership Meeting

Mary Jo White, the Chairman of the SEC, spoke at the ICI’s General Membership Meeting in Washington, D.C. about global securities regulation. After brief introductory remarks, she stated that the SEC has long been at the forefront on multilateral efforts to ensure that broad standard setting is coupled with robust…

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May 1, 2013

SEC Issues Guidance About Complying with Exemptive Orders

The SEC’s Division of Investment Management issued another IM Guidance Update, which focused on the importance of complying with the terms of exemptive orders granted to investment advisers and mutual funds. The SEC stated that entities that receive and rely upon exemptive orders are at risk of violating the federal…

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