November 27, 2013

Hedge Fund Analysts Charged with Making Misleading Statement in Connection with Securities-Related Transactions

The SEC charged Marie L. Huber and Jess E. Jones, two former hedge fund analysts, for making misleading statements.

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November 26, 2013

Money Market Fund Adviser Charged with Misleading Trustees

The SEC charged Ambassador Capital Management (Ambassador), a Detroit-based investment adviser to money market and other funds, and Derek Oglesby, a portfolio manager of Ambassador, for deceiving the trustees of a money market fund and failing to comply with rules that limit risk in a money market fund’s portfolio.

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November 22, 2013

SEC Investor Advisory Committee Supports Imposing a Fiduciary Duty on Broker-Dealers

The SEC’s Investor Advisory Committee voted to extend a fiduciary duty to broker-dealers when they provide personalized investment advice to retail investors, and to call for legislation to fund investment adviser examinations. The Committee also supports assessing user fees to help boost advisor exams.

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November 20, 2013

Adviser Charged with Fraud in Connection with Offshore Fund Investments

The SEC charged two Tampa-area investment advisers with committing fraud by failing to truthfully inform clients about compensation received from offshore funds they were recommending as safe investments despite substantial risks and red flags. The advisers were also charged with contributing to violations of Rule 206(4)-2 under the Advisers Act, the "custody rule."

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November 19, 2013

Adviser Charged with Failing to Establish a Compliance Program

The SEC brought an enforcement action against Agamas Capital Management, LP finding that Agamas failed to adopt and implement written compliance policies and procedures required by Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder. In particular, the SEC found that with respect to private funds, the adviser lacked…

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November 5, 2013

SEC to Host Proxy Advisory Firm Roundtable in December

The will host a public roundtable on December 5 to discuss the use of proxy advisory firm services by institutional investors and investment advisers.  The roundtable will be held at the SEC’s Washington, D.C. headquarters and will be open to the public and webcast live on the SEC’s website.In…

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November 4, 2013

ICI Criticizes U.S. Treasury – OFR Study on the Asset Management Industry

The ICI, the trade group for the investment company industry, in a letter to the SEC criticized a recent report entitled “Asset Management and Financial Stability” on the asset management industry issued by the U.S. Treasury Department’s Office of Financial Research (OFR) .  The ICI stated that the study speculates…

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