September 18, 2018

Chairman Clayton Clarifies Role of SEC Staff Views

On September 13, 2018, Chairman Jay Clayton issued a statement indicating that all staff statements are nonbinding and do not create enforceable legal rights or obligations. The statement highlighted the distinction between the SEC’s rules and regulations, on the one hand, and staff views on the other.

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September 18, 2018

SEC Staff Withdraws Two No-Action Letters Related to Proxy Advisory Firms

On September 13, 2018, the SEC’s Division of Investment Management issued a notice indicating the withdrawal of two 2004 no-action letters that provided guidance on adviser responsibilities in voting client proxies and the use of proxy advisory firms.

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September 18, 2018

Elad Roisman Sworn in as SEC Commissioner

On September 11, 2018, Elad L. Roisman was sworn into office as an SEC Commissioner by SEC Chairman Jay Clayton. Mr. Roisman was nominated to the SEC by President Donald J. Trump, and his nomination was confirmed by the U.S. Senate on September 5. Commissioner Roisman comes to the SEC from the Senate Banking Committee, where he served as Chief Counsel.

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September 18, 2018

Massachusetts Financial Services to Pay a $1.9 Million Civil Penalty for the Use of Misleading Marketing Materials

On August 31, 2018, the SEC announced that it settled charges against Massachusetts Financial Services related to allegations that it failed to disclose that some of its product marketing materials for its blended research equity strategy presented hypothetical back-tested portfolio results.

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September 18, 2018

Transamerica Entities to Pay $97 Million to Investors Relating to Errors in Quantitative Investment Models

On August 27, 2018, the SEC announced that it settled charges against four Transamerica-related entities for misconduct involving reliance on faulty investment models and ordered the entities to refund $97 million to misled retail investors.

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