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Results: 1-10 of 49

Changes in securities & insurance regulation affecting enforcement strategies ALI-ABA conference on insurance & financial services litigation

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 19 2010

Speakers at the ALI-ABA's annual conference on insurance and financial services regulation in Chicago offered extensive commentary on changes in enforcement strategies for insurance and securities fraud, in light of recent overhauls to the regulatory scheme

Financial reform package preserves the role of state insurance departments in regulating indexed annuities

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 16 2010

In December 2008, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 151A (the “Rule”) classifying equity-indexed annuities (“EIAs”) as securities, and subjecting them to federal regulation effective 2011

Investment managers are restricted from making political contributions to win business -- unregistered advisers are covered by the SEC's new pay-to-play rule -- third party solicitors are spared . . . if they are registered advisers or broker-dealers

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • July 1 2010

Fund managers and other investment advisers will face tight new restrictions on their ability to make - or facilitate - contributions to politicians, candidates and other officials who are responsible for public assets, including pension plans and Section 529 tuition plans

Financial reform conferees complete work on overhaul legislation

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • June 25 2010

In the early morning hours of June 25, House and Senate conferees completed action on financial regulatory reform legislation (H.R. 4173) by approving a final conference report by a vote of 20-11 among House conferees and a vote of 7-5 among Senate conferees

State insurance commissioners make their case for inclusion in the Financial Stability Oversight Council

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • June 18 2010

In a letter from the National Association of Insurance Commissioners (the "NAIC") to both House and Senate leaders, state insurance commissioners urged lawmakers to designate a non-voting seat for state banking, insurance and securities regulators on the Financial Stability Oversight Council (the "FSOC"

European Commission consults on short selling

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • June 18 2010

On 14 June 2010, the European Commission published a consultation document on the options for dealing with short selling

SDFL judge finds for Wachovia in unique auction rate securities suit

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • May 18 2010

A federal judge in the United States District Court for the Southern District of Florida recently issued findings of fact and conclusions of law following a bench trial in favor of Wachovia in a suit brought by investors who were unable to liquidate certain Auction Rate Securities ("ARS") originally purchased through Wachovia

Supreme Court upholds Gartenberg test for mutual funds’ compensation of investment advisers

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • May 5 2010

The Supreme Court recently issued an important decision regarding the test for determining whether an investment adviser has violated its "fiduciary duty" to a mutual fund by charging excessive fees under 36(b) of the Investment Company Act of 1940

Second Circuit allows securities fraud claim alleging misrepresentations regarding nature, but not amount, of mutual fund’s fees

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • April 27 2010

The Second Circuit recently overturned the Southern District of New York’s dismissal of a claim under 10(b) Securities Exchange Act of 1934 relating to management fees charged to a mutual fund in Operating Local 649 Annuity Trust Fund v. Smith Barney Fund Management LLC

Connecticut Attorney General labels credit rating agencies as “enablers of the wrongdoing,” and calls for regulatory reform to end their system of compensation

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • April 26 2010

On April 23, 2010, Connecticut Attorney General Richard Blumenthal gave written testimony during to a hearing held by the U.S. Senate’s Permanent Subcommittee on Investigations regarding the nation’s financial rating agencies