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 requirement... Read More

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... Read More

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... Read More

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,... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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 ... Read More

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... Read More

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... Read More

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... Read More

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... Read More