February 10, 2010
Senate Banking, Housing & Urban Affairs Committee Holds Hearing on Equipping Financial Regulators with the Tools Necessary to Monitor Systemic Risk
The Senate Housing & Urban Affairs Committee held a hearing about ways to equip financial regulators with the means to monitor systemic risk.
February 1, 2010
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.
January 27, 2010
The SEC adopted amendments to Rule 2a-7 under the Investment Company Act of 1940 (1940 Act) that, among other things, require money market funds to have greater liquidity, limit their riskier investments and to allow funds that do not always maintain a stable $1 share value. Please see http://xlo3.wpengine.com…
January 26, 2010
January 20, 2010
The SEC charged Charles J. Marquardt with insider trading in the shares of the Evergreen Ultra Short Opportunities Fund (Ultra Fund), a mutual fund that invested primarily in mortgage-backed securities.
January 14, 2010
SEC Issues Policy Statement Concerning Cooperation by Individuals in its Investigations and Related Enforcement Actions
The SEC issued a policy statement setting forth the analytical framework it uses to evaluate cooperation by individuals when it is conducting investigations. The SEC stated that the framework serves the following two important purposes: it promotes the fair and effective exercise of discretion by the Commission, and it enhances confidence on the part of the public and cooperating individuals that decisions regarding cooperation in the SEC's investigations and related enforcement actions will be made in an appropriate and consistent manner.
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…
January 13, 2010
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.
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.
January 7, 2010
SEC Office of the Inspector General Posts Memorandum of Inquiry Related to SEC’s Putnam Mutual Funds Market Timing Investigation
The SEC filed a civil injunctive action against Charles R. Kokesh for his role in defrauding at least 21,000 investors in four business development companies (BDCs) through a variety of schemes and contrivances.