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SEC extends no-action relief to broker-dealers who rely on registered investment advisers to perform customer identification program obligations

USA - February 27 2013 On January 11, 2013, the SEC's Division of Trading and Markets extended previously granted no-action relief that allows broker-dealers, subject to…

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

SEC expected to move forward with uniform fiduciary standard

USA - February 27 2013 On January 16, 2013, Kenneth E. Bentsen Jr., executive Vice President of public policy and advocacy for SIFMA, said that he expects the SEC to issue…

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

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

District Court dismisses ICI and Chamber of Commerce challenge to CFTC amendments affecting registered investment companies

USA - January 22 2013 On December 12, 2012, the U.S. District Court for the District of Columbia granted the CFTC's motion to dismiss the joint suit filed against it by…

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

SEC settles charges against a business development company and its executives for overvaluing assets and for internal control failures

USA - January 22 2013 On November 28, 2012, the SEC announced the settlement of charges against KCAP Financial, Inc. ("KCAP"), Dayl W. Pearson, its president and chief…

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