by Halle R. Alexander, Bruce H. Giles-Klein, and John
Overdorff of Greenberg Traurig
On May 26, the Securities and Exchange Commission (SEC)
unanimously approved amendments to its Rule 15c2-12 that will expand the
continuing disclosure obligations of issuers of municipal securities. The
With the financial reform bill set to eliminate the 15
client rule exemption for registration under the Investment Advisers Act, the
only remaining exemption for fund companies with over $150 million in assets
under management will be for venture capital. The Congressional conference decided to not...
The Supreme Court handed down two significant rulings as the
week came to a close. In one, it rejected constitutional challenges to the
honest services fraud statute which is frequently used in white collar
prosecutions. In a second, the High Court rejected the Second Circuit's
In many instances, the Dodd-Frank Wall Street Reform and Consumer Protection Act
merely set a framework for financial reform and left much of the heavy lifting
to the financial regulatory agencies. The SEC published their agenda for the implementation of Dodd-Frank .
It is a long list. Compliance...
As the SEC continues to implement the Dodd-Frank Act,
Commissioner Luis Aguilar outlined five key principles to guide the
deliberations and actions of the agency. "An Insider's View of the SEC:
Principles to Guide Reform," available
Principle one :
Investor protections should...
The SEC has released its proposed changes to Form ADV to
better deal with private fund registration and the exempt, but reporting
required of venture capital funds: Release
The Securities and Exchange Commission is proposing new
rules and rule amendments under the Investment Advisers...
The SEC is moving much faster in releasing proposed rules
after the SEC Open Meetings. After Friday morning's open meeting discussing the
exemption from registration for venture capital funds, the SEC has released the
full text of the proposed rule merely several hours later.
I have been waiting...
Sutherland Regulatory Reform Task Force Team
The Commodity Futures Trading Commission (CFTC) issued its
sixth series of proposed rules under the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank) at an open meeting held yesterday,
Wednesday, December 1, 2010. The proposed...
On July 11, 2011, the President issued Executive
Order 13579 , "Regulation and Independent Regulatory Agencies," which states
that independent regulatory agencies should promote the goals set forth in Executive
Order 13563 of January 18, 2011 that applies to executive agencies. He is
Two legislative proposals which would reorganize the SEC
and impact the manner in which regulations are enacted are pending before the
House Financial Services Committee. These proposals were considered at a
hearing last week entitled "Fixing the Watchdog: Legislative Proposals to
The SEC examined all 10 firms registered Nationally
Recognized Statistical Rating Organization (.pdf 23 pages) and found all 10
had "apparent failures". The SEC has requested remediation plans from each of
the agencies within 30 days and is continuing its investigation.
The issues found...
The Securities and Exchange Commission (the " SEC ")
held an open meeting on Wednesday, October 26, 2011, regarding the adoption of
a rule requiring certain registered investment advisers to hedge funds and
other private funds to report information on Form PF for use by the Financial Stability...
Economic analysis in rule making has become a critical
issue for the SEC. The D.C. Circuit has rejected two Commission rules in recent
years, expressing concern about the level of analysis. The Office of the
Inspector General issued a report earlier this year which considers cost
Jesse Eisinger posted a very good piece on the SEC and
ratings agencies today ( SEC
keeps the Ratings Game Rigged ). He writes about the Egan-Jones case,
"This is your S.E.C., folks. It courageously assails tiny firms, and at
the pace of a three-toed sloth. And when it goes after its prey, it's...
Another survey presents significant questions regarding the state of ethics on Wall Street and, in particular, the financial services industry. A significant number of those who responded to a new survey stated that the rules might have to be broken to be successful, that their company may have engaged...