March 31, 2010

SEC Appoints Agency’s First “Chief Compliance Officer”

The SEC appointed Kathleen M. Griffin as its first Chief Compliance Officer.  The purpose of the new position is to strengthen the SEC's internal compliance program.  The position was created to streamline and centralize oversight responsibility for employee securities transactions and financial disclosure reporting.  Ms. Griffin will head a new compliance unit within the SEC's Office of Ethics Counsel.

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March 29, 2010

Supreme Court Issues Jones v. Harris Opinion

The United States Supreme Court upheld the Gartenberg standard as the appropriate approach for courts and boards of directors to review mutual fund investment advisory contracts and fees. Click http://xlo3.wpengine.com/files/Publication/76c9f34c-f815-44c0-ae01-63039980b95e/Presentation/PublicationAttachment/506b2911-4f57-4772-8452-741bec682729/Supreme%20Court%20Upholds%20Gartenberg%20Standards.pdf to access a Seward & Kissel Alert on this decision.

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March 25, 2010

SEC Staff Evaluating the Use of Derivatives by Mutual Funds

The SEC is conducting a review to evaluate the use of derivatives by mutual funds, exchange-traded funds (ETFs) and other investment companies. The review will examine whether and what additional protections are necessary for those funds under the 1940 Act.

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March 10, 2010

iShares Trust Broadens Its Exemptive Relief Allowing Funds to Invest in its ETFs

The SEC granted iShares Trust an amendment to an existing exemptive order that permits mutual funds and other ETFs (Investing Funds) to acquire shares of iShares ETFs.

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February 1, 2010

SEC and Financial Services Authority Hold Fifth Meeting of the SEC-FSA Strategic Dialogue

SEC Chairman Mary Schapiro met with senior Financial Services Authority (FSA) officials in the most recent phase of the SEC-FSA Strategic Dialogue. The purpose of the Dialogue, which was established in 2006, is to engage at the senior levels of the two agencies on current matters affecting the US and UK capital markets and areas of future collaboration.

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January 26, 2010

Chairman Schapiro Speaks at CCOutreach Conference

SEC Chairman Mary L. Schapiro spoke at CCOutreach National Seminar in Washington, D.C.

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January 14, 2010

CFTC Holds Hearings on Proposed Rules that Would Impose Limits on Energy Positions and Hedge Exemptions

The CFTC considered a proposed rule that would impose energy position limits and hedge exemptions on regulated futures exchanges, derivatives transaction execution facilities and electronic trading facilities.  Under the proposal, the CFTC would impose Federal position limits in several energy futures contracts.  Under the scheme, there would be limits on…

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January 13, 2010

Equity Market Concept Release Issued by the SEC

The SEC issued a report entitled Concept Release on Equity Market Structure."  The report reviews an evaluation of equity market structure performance and assesses whether market structure rules have kept pace with changes in trading practices and technology. 

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January 13, 2010

SEC Bans Broker-Dealers from Providing Customers Unfiltered or Naked Access to Exchanges and Alternative Trading Systems

The SEC proposed a new rule that would effectively prohibit broker-dealers from providing customers with "unfiltered" or "naked" access to an exchange or alternative trading system (ATS).  If adopted, the rule would require brokers with market access, including those who sponsor customers' access to an exchange, to put in place risk management controls and supervisory procedures. The SEC stated that among other things, the procedures would help prevent erroneous orders, ensure compliance with regulatory requirements, and enforce pre-set credit or capital thresholds.

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January 4, 2010

Carol V. di Florio Appointed Director of OCIE

The SEC issued a report entitled Concept Release on Equity Market Structure."  The report reviews an evaluation of equity market structure performance and assesses whether market structure rules have kept pace with changes in trading practices and technology. Click http://www.sec.gov/rules/concept/2010/34-61358.pdf to access the report.

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