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Summary of Recent Amendments to SEC Rule 15c2-12

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 amendments...

It Will Be Up to the SEC to Define Venture Capital

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...

This Week in Securities Litigation (June 25, 2010)

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 so-called "foreign...

The SEC’s Busy Rule-Making Agenda for Implementation of Dodd-Frank

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...

Commissioner Aguilar Details Guiding Principles for the SEC

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 here . Principle one : Investor protections should...

Proposed Changes to Form ADV

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 No. IA-3110 The Securities and Exchange Commission is proposing new rules and rule amendments under the Investment Advisers...

The SEC Defines Venture Capital

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 Alert: CFTC Issues Sixth Series of Proposed Rules Under Dodd-Frank Including Rules to Further Define Swap Entities December 2, 2010

by The 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...

The SEC Overhaul

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 asking...

Legislation to Revamp the SEC

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 Improve and...

The SEC and Rating Agencies

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...

Cadwalader Clients & Friends Memo: The SEC Approves Final Version of Form PF

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...

The SEC’S New Approach to Economic Analysis in Rule Writing

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 benefit analysis...

SEC - Where is the Public Good?

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...

The New SEC Chair Charts a Course for the Agency

Commentators have speculated since the appointment of Mary Jo White as SEC Chair that there would be a new emphasis on enforcement. Ms. White's remarks during her Senate confirmation hearings about unrelenting enforcement bolstered that view. Yet her recent remarks suggest perhaps another focus...

Could the SEC Become Irrelevant?

New SEC Chair Mary Jo White many well be facing an early test of her leadership. The battle ground could be money market reform. The stakes are high - the SEC could find itself becoming less than relevant in a critical corner of the markets. Treasury Secretary Jacob Lew testified regarding the...

The Stature of the SEC is Rising, But Business Ethics are Sinking

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...