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New York adopts revisions to Regulation 118 governing audited financial statements
  • Locke Lord LLP
  • USA
  • January 12 2010

On December 28, 2009, the New York Insurance Department ("NYID") issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis


Second Circuit upholds dismissal for advisor who recommended Bayou Group hedge fund
  • Locke Lord LLP
  • USA
  • July 21 2009

In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC


White House proposes SEC registration and oversight of private equity, venture capital and hedge fund advisors
  • Locke Lord LLP
  • USA
  • July 21 2009

The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC


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


Joint discussion paper on consumer complaints published
  • Locke Lord LLP
  • United Kingdom
  • March 16 2010

The Financial Services Authority (FSA), the Financial Ombudsman Service (FOS) and the Office of Fair Trading (OFT) have jointly published a discussion paper entitled "Consumer complaints (emerging risks and mass claims) (DP101)"


Senate financial reform bill to be unveiled Monday; bipartisan negotiations fall apart
  • Locke Lord LLP
  • USA
  • March 11 2010

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) announced Thursday morning that he will release his updated financial regulatory reform bill on Monday


UK client money deadline approaches
  • Locke Lord LLP
  • United Kingdom
  • June 11 2010

We have previously reported on the UK Financial Services Authority's (FSA) Client Money and Asset Report (the Report), published in January 2010


Financial Services Authority (FSA) publishes consultation paper on competence and ethics
  • Locke Lord LLP
  • United Kingdom
  • June 11 2010

The FSA has recently published a consultation paper entitled "Competence and ethics" (CP1012


Financial Ombudsman Service publishes second set of complaints data
  • Locke Lord LLP
  • United Kingdom
  • March 4 2010

The Financial Ombudsman Service (FOS) has recently published its second set of consumer complaints data relating to individual financial businesses (which includes insurance companies, banks and investment firms) for the six-month period from 1 July to 31 December 2009


NERA report: SEC settlement trends
  • Locke Lord LLP
  • USA
  • December 9 2009

On December 7, 2009, NERA Economic Consulting issued its report titled: "SEC Settlement Trends: 3Q09 Update" (the "NERA Report"