May 25, 2011

SEC Adopts Whistleblower Rules

The SEC adopted whistleblower rules (the “rules”) that will reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions.

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May 13, 2011

Seward & Kissel Posts a Memorandum on Proposed Changes to Compensation Rule for Registered Investment Advisers

Seward & Kissel LLP recently posted “Memorandum: SEC to Change Registered Investment Adviser Performance Compensation Rule and Proposes Transition Rules.” Click here to access the memorandum.

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May 10, 2011

SEC Publishes Notice Regarding Inflation Indexing of Performance Fee Rule

The SEC proposes to raise certain dollar thresholds that would need to be met before investment advisers can charge their clients performance fees. The SEC seeks public comment on the plan, which would satisfy a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

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May 6, 2011

Seward & Kissel Posts a Memorandum on Recent Proposals to Regulate Swaps

Seward & Kissel LLP recently posted “Memorandum:  Recent Proposals Regarding Regulation of Swaps.” Click here to access the memorandum.

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May 6, 2011

SEC Chairman Schapiro Speaks at ICI General Membership Meeting

SEC Chairman Mary Schapiro spoke at the ICI General Membership meeting held in Washington, D.C.  She noted that the day of her speech was the day of the 2010 flash crash.  On that day, a combination of algorithmic trading systems and rational trading behavior drove a broad liquidity crisis that caused unprecedented gyrations in the equities markets. During the May 6, 2010, flash crash, the Dow Jones Industrial Average dropped 1,000 points, with hundreds of stocks briefly trading at close to zero before rebounding within minutes.

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May 5, 2011

SEC Seeks Public Comment on Short Sale Disclosure

The SEC published on its website a request for public comment on the feasibility, benefits, and costs of two short selling disclosure regimes as a part of a study mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

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May 5, 2011

James R. Burns Named SEC Deputy Chief of Staff

SEC Chairman Mary Schapiro announced that James R. Burns will become the SEC’s Deputy Chief of Staff.  Mr. Burns has been a member of Chairman Schapiro’s staff since March 2010, working chiefly on issues involving the Division of Trading and Markets. From August 2008 to February 2010, Mr. Burns was a counsel to Commissioner Kathleen Casey, advising her on investment management issues.  Mr. Burns replaces Kayla Gillan, who left the agency at the end of April.

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May 2, 2011

Seward & Kissel Posts a Memorandum on New Treasury Form

Seward & Kissel LLP recently posted “Memorandum:  Department of Treasury Proposes New Form SLT.”  Click here to access the memorandum.

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May 2, 2011

Seward & Kissel Posts a Memorandum on Recent Incentive-Based Compensation Proposal

Seward & Kissel LLP recently posted “Memorandum:  SEC Proposes Incentive-Based Compensation Arrangement Rule.”  Click here to access the memorandum.

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April 20, 2011

SEC Announces Roundtable on International Financial Reporting Standards

The SEC will sponsor a roundtable on July 7, 2011 to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (“IFRS”) into the financial reporting system for U.S. issuers.

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