February 10, 2016
On December 22, 2015, the Securities and Exchange Commission (the "SEC") issued Exchange Act Release No. 34-76743 (the "Release"), which contains an Advance Notice of Proposed Rulemaking providing public notice that the SEC is considering new and amended rules governing transfer agents. The Release also contains a Concept Release addressing other aspects of transfer agent regulation.
December 11, 2015
The Securities and Exchange Commission voted to propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds (ETFs) and closed-end funds, as well as business development companies. The proposed rule would limit funds’ use of derivatives and require them to put risk management measures in place which would result in better investor protections.
May 8, 2015
The SEC named David Grim as the Director of its Division of Investment Management. Mr. Grim has been the Division’s acting director since February, 2015, following the departure of former Director Norm Champ.
June 30, 2014
The SEC’s Division of Investment Management issued Staff Legal Bulletin No. 20 which provides guidance about an investment adviser’s responsibilities in voting client proxies and retaining proxy advisory firms. In the bulletin, the SEC staff responds to 13 questions about Rule 206(4)-6 (the proxy voting rule) and the retention of…
April 2, 2014
SEC Commissioner Luis Aguilar spoke at a Mutual Funds Directors Forum event in Washington, D.C., about mutual fund industry issues. He began by reviewing the history of the SEC’s regulation of mutual funds. During that discussion, he spoke about recent developments at the SEC including several enforcement actions involving mutual funds.
February 9, 2011
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.
February 9, 2011
Seward & Kissel LLP issued an alert on a proposed series of amendments to CFTC regulations, one of which is to eliminate certain exemptions from registration as a commodity pool operator ("CPO"), currently available to managers of private funds.
February 4, 2011
February 2, 2011
The Investment Company Institute (the “ICI”) has filed a comment letter (the “letter”) on the CFTC’s proposal to: (i) impose requirements on swap dealers (“SDs”) and major swap participants (“MSPs”) with respect to the treatment of collateral posted by their counterparties for uncleared swaps and (ii) amend certain provisions of the CFTC’s Part 190 rules related to securities held in a portfolio margining account that is a futures account, for purposes of the Bankruptcy Code.