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SEC settles charges against investment adviser for misleading use of hypothetical back-tested performance models

USA - January 22 2013 On December 18, 2012, the SEC announced the settlement of charges against New England Investment and Retirement Group, Inc. ("NEINV"), a registered…

John G. Crowley, Nora M. Jordan, Yukako Kawata, Leor Landa, Gregory S. Rowland

European Commission adopts AIFMD level 2 regulations

European Union - February 27 2013 On December 19, 2012, the European Commission published the AIFMD Delegated Regulations (the "Level 2 Regulations"), which supplement the Directive…

Mary Conway, John G. Crowley, Nora M. Jordan, Yukako Kawata, Leor Landa, Gregory S. Rowland, Arie Rubenstein, Mario J. Verdolini

Additional guidance extends FATCA deadlines and expands the scope of “grandfathered” obligations

USA - November 27 2012 On October 24, 2012, the Internal Revenue Service (the “IRS”) and the United States Treasury Department released Announcement 2012-42, which provides additional guidance on the provisions of the Internal Revenue Code (the “Code”) commonly referred to as “FATCA.”

Mary Conway, John G. Crowley, Michael Farber, Gregory T. Hannibal, Nora M. Jordan, Yukako Kawata, Leor Landa, Gregory S. Rowland, Danforth Townley

SEC releases guidance on Advisers Act exemption for CFTC-registered investment advisers that advise private funds

USA - December 20 2012 On November 15, 2012, the SEC's Division of Investment Management released guidance on the exemption from registration under the Advisers Act provided by…

Jeffrey P. Crandall, John G. Crowley, Edmond T. FitzGerald, Nora M. Jordan, Yukako Kawata, Leor Landa, Gregory S. Rowland, Danforth Townley, Veronica M. Wissel

NFA waives Series 3 proficiency exam requirement for associated persons of certain registered CPOs and CTAs

USA - November 27 2012 On October 3, 2012, the National Futures Association (the “NFA”) released a notice announcing that it had amended NFA Registration Rules 401 and 402 to exempt from the Series 3 proficiency exam requirement “associated persons” of commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) whose activities subject to Commodity Futures Trading Commission (“CFTC”) jurisdiction are limited to swaps.

Mary Conway, John G. Crowley, Michael Farber, Gregory T. Hannibal, Nora M. Jordan, Yukako Kawata, Leor Landa, Gregory S. Rowland, Danforth Townley