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SEC adopts rules to eliminate general solicitation ban and proposes other private offering reforms mandated by JOBS Act

USA - July 18 2013 As mandated by Section 201(a) of the Jumpstart Our Business Startups Act, on July 10, 2013, the Securities and Exchange Commission (the "SEC")…

John G. Crowley, Nora M. Jordan, Yukako Kawata, Leor Landa, Richard Small, Robert F. Young

SEC issues second-ever whistleblower award

USA - July 18 2013 On June 12, 2013, the SEC announced its second-ever "whistleblower" award under Section 21F of the Exchange Act in connection with SEC v. Andrey C…

John G. Crowley, Nora M. Jordan, Yukako Kawata, Leor Landa, Richard Small, Robert F. Young

European Parliament rejects proposal to cap UCITS managers’ bonuses at 100% of fixed salary

European Union - July 18 2013 On July 3, 2013, the European Parliament approved an amended text of the proposed fifth directive on Undertakings for Collective Investments in…

John G. Crowley, Nora M. Jordan, Yukako Kawata, Leor Landa, Richard Small, Robert F. Young

D.C. Circuit upholds dismissal of ICI and Chamber of Commerce challenge to CFTC amendments affecting registered investment companies

USA - July 18 2013 On June 25, 2013, the U.S. Court of Appeals for the District of Columbia affirmed the decision of a district court to dismiss the joint suit filed…

John G. Crowley, Nora M. Jordan, Yukako Kawata, Leor Landa, Richard Small, Robert F. Young

SEC grants no-action relief to adviser to allow subadvisers to deliver brochure documents to adviser instead of clients

USA - July 18 2013 On June 20, 2013, the Division of Investment Management of the SEC issued a no-action letter to Goldman, Sachs & Co. ("GS&Co.") stating that it would…

John G. Crowley, Nora M. Jordan, Yukako Kawata, Leor Landa, Richard Small, Robert F. Young