October 22, 2018

SEC Staff Grants No-Action Relief Regarding Board Oversight of Affiliated Transactions

On October 12, 2018, the SEC staff issued a no-action letter regarding board oversight of affiliated transactions. The staff agreed not to recommend enforcement action to the SEC for violations of Sections 10(f), 17(a) or 17(e) of the Investment Company Act of 1940 if a fund’s board of directors…

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October 22, 2018

SEC Charges Firm With Deficient Cybersecurity Procedures

On September 26, 2018, the SEC announced that it settled charges against a broker-dealer/investment adviser related to its failures to adopt and implement adequate cybersecurity policies and procedures. The failures were identified in connection with a cyber intrusion that compromised personal information of thousands of customers. The firm agreed to be censured and pay a $1 million penalty.

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