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As I wrote about yesterday on the code of ethics for an investment adviser , one of the
requirements of registering with SEC as an investment adviser is implementing a
code of ethics. The most involved part of the code is the extensive reporting
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...
Each year at the program "SEC Speaks," the Commission's
and staff gather to discuss recent events at the agency and future directions.
Comments by the Commissioners this year recapped past events and raised
important issues for future...
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,...
by Marguerite C. Bateman
Late last Friday, the staff of the Securities and
Exchange Commission (SEC) issued guidance on disclosures relating to
investments in derivatives by investment companies. In a letter to the
Investment Company Institute (ICI...
Dell, Inc. filed a 10-KA late on Thursday reporting that it
has revised the financial results previously reported to record a $100 million
liability for a potential settlement of an SEC investigation. While the filing
did not provide the terms of any...
Despite the 'regrettable inaction' by the Securities and
Exchange Commission ("SEC") in failing to detect Bernard Madoff's
historic $65 billion Ponzi scheme, a federal appeals court ruled
that those victimized by Madoff's...
Cooperation can have a significant impact on the outcome
of an enforcement action for the company and its executives. The Seaboard
Release in 2001, regarding corporate charging and cooperation principles, for
example offers the prospect of no charges...
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 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...
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
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
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...
In October 2010, the Securities and Exchange Commission
created a new Part 2 for Form ADV. Instead of filling in blanks, investment
advisers need to create a brochure for delivery to clients and prospective
clients. For fund managers getting ready...
While the SEC Chair is battling Congress to secure a
budget which approaches $2 billion the number of cases being brought by the
enforcement program is dwindling. Regardless of what budget Congress actually
gives the agency, a critical question will...