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USA - December 11 2012
Nearly three years after the U.S. Securities and Exchange Commission ("SEC") effectively froze the creation of actively managed and leveraged exchange traded funds ("ETFs") that utilize options, futures, swaps, and other derivatives as part of their investment strategies, the SEC has lifted the moratorium on the use of derivatives by actively managed funds while continuing to restrict the use of derivatives by leveraged ETFs.
USA - December 11 2012
On December 7, 2012, the Division of Swap Dealer and Intermediary Oversight (the "Division") of the Commodity Futures Trading Commission ("CFTC") issued CFTC Letter No. 12-44 (the "Letter").
USA - July 23 2012
Continuing the trend of increased scrutiny of exchange-traded products ("ETPs"), the Financial Industry Regulatory Authority ("FINRA") issued an Investor Alert on July 10, 2012 titled "Exchange-Traded Notes—Avoid Unpleasant Surprises" (the "July 10 Alert").
USA - August 27 2010
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Wall Street Reform Act") was formally signed into law on July 21, 2010.
USA - August 9 2010
On June 30, 2010, the U.S. Securities and Exchange Commission (the "SEC") voted unanimously to adopt amendments to the U.S. Investment Advisers Act of 1940 (the "Advisers Act") to eliminate perceived "pay-to-play" practices by investment advisers providing advisory services to government clients.
