April 19, 2011

SEC Seeks Comment on Effective Investor Education Programs

The SEC requested comments on the effectiveness of its existing investor education efforts as part of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

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April 12, 2011

CFTC Issues Notice of Proposed Rulemaking on Swap Data Recordkeeping and Reporting Requirements for Pre-Enactment and Transition Swaps

The CFTC has proposed rules establishing swap data recordkeeping and reporting requirements for counterparties to pre-enactment swaps (those executed prior to enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and transition swaps (those entered into between the enactment date and the future effective date for final rules concerning swap recordkeeping and reporting).

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April 12, 2011

Financial Stability Board Publishes a Note on Financial Stability Issues From ETFs

The Financial Stability Board, an organization established to coordinate at the international level the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability (“FSB”), published a note on Potential financial stability issues arising from recent trends in exchange-traded funds (ETFs) (the “note”).

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April 12, 2011

CFTC and SEC to Host Public Roundtable Discussion on Dodd-Frank Implementation

The staffs of the CFTC and the SEC announced that they intend to hold a two-day joint public roundtable on May 2-3, 2011, to discuss the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).

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April 8, 2011

SEC and CFTC Publish a Study on the Feasibility of Mandating Algorithmic Descriptions for Derivatives

The SEC and the CFTC delivered to Congress a joint study on the “the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives,” pursuant to Title VII, Section 719(b) of Dodd-Frank Wall Street Reform and Consumer Protection Act (the “study”) conducted by their respective staff (the “staff”).

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April 8, 2011

Bibb Strench of Seward & Kissel Set to Speak at the 7th Annual Global ETF Awards

Bibb Strench will speak on April 14th  in New York at the 7th Annual Global ETF Awards.  Joining him on the panel will be Buddy Donohue and Seddik Meziani.  The panel’s topic is “The Problem with ETFs.” Click here for information about the conference.

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April 5, 2011

SEC Announces Filing of Limit Up-Limit Down Proposal

The SEC announced that national securities exchanges and the Financial Industry Regulatory Authority (“FINRA”) filed a proposal to establish a new “limit up-limit down” mechanism to address extraordinary market volatility in U.S. equity markets.

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March 3, 2011

SEC Re-Opens Comment Period for Security-Based Swap Rule Proposals

The SEC reopened the period for public comment on proposed Regulation MC under the Securities Exchange Act of 1934, which is designed to mitigate potential conflicts of interest at clearing agencies that clear security-based swaps, security-based swap execution facilities (SB SEFs), and national securities exchanges that post or make available for trading security-based swaps (SBS exchanges).

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February 28, 2011

SEC Charges KPMG Australia with Auditor Independence Violations

The SEC charged KPMG Australia and certain other KPMG member firms with auditor independence violations.  While this action may not have involved investment management firms, the SEC’s auditor independence rules are applicable to registered investment companies.

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February 9, 2011

Seward & Kissel Issues an Alert on Proposed Filing of Form PF by Investment Advisers

Seward & Kissel issued an alert on proposed Rule 204(b)-1 under the Investment Advisers Act of 1940, which would require SEC registered investment advisers that advise one or more "Private Funds" to file new Form PF with the SEC.

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