Small and Emerging Companies Advisory Committee to Meet
The SEC’s Advisory Committee on Small and Emerging Companies will hold a public meeting on December 17, 2014. Written statements should be submitted on or before December 15, 2014. SEC Release No. 33-9683.
Investment Management Guidance Update
On December 5, the SEC’s Division of Investment Management published updated guidance on business development companies’ co-investment transactions.
Municipal Advisor Outreach
On December 5, the SEC made available on its website the unofficial transcript from its October 23, 2014 compliance outreach program for municipal advisors. Transcript.
Investment Advisor User Fees
On December 3rd, Investment News summarized a recent letter from Representatives Jeb Hensarling and Scott Garrett to SEC Chair Mary Jo White in which they voiced their opposition to a bill which would allow the SEC to impose user fees on investment firms in order to fund investment advisor examinations. User Fees.
On December 2nd, the Financial Express reported that India is the second highest off-shore source of whistleblowing tips to the U.S. SEC. Outsourced Whistleblowing.
On December 1, the SEC published working papers entitled: “Going Public Abroad”, “Differences of Opinion and Stock Prices: Evidence from Spin -Offs and Mergers”, “Making the Most of Good Times: Shareholder Rights and Performance Revisited”, “Automated Liquidity Provision”, and “Liquidity Risk, Speculative Trade, and the Optimal Latency of Financial Markets”.
On December 1, Reuters noted some of the violations municipalities have self-reported, as the deadline for self- reporting under the SEC’s Municipalities Continuing Disclosure Cooperation Initiative approached. Municipal Confessions.
Focus of Comment
On November 25, CFO.com discussed a recent report published by Deloitte. The report found that the Management Discussion and Analysis portions of regulatory filings continue to receive the most comments from SEC staff. Focus of Comment.
Fiduciary Rulemaking Advocate Analysis
On November 25, Think Advisor summarized comments that a collection of industry groups submitted to the SEC in anticipation of the agency’s publication of a harmonized fiduciary duty rule for broker-dealers and investment advisors. Supporting Analysis.
New Mutual Fund Liquidity Rules
Enforcement Director Lists Enforcement Trends
On November 21, SEC Enforcement Director Andrew Ceresney discussed upcoming enforcement trends. He expects significant cases including those involving exchanges, alternative trading systems, and broker-dealers; financial reporting and audit cases, including fraud cases, cases against auditors, and violations of the internal controls requirements; Foreign Corrupt Practices Act cases involving unique facts; asset management cases, including misrepresentations of fund performance and failures to disclose conflicts of interest; cases relating to complex products and credit ratings; and the municipal markets. Ceresney also defended the agency’s use of administrative proceedings. Ceresney Remarks.
The SEC announced it has named Kevin M. Kelcourse as the associate director for the Office of Compliance Inspections and Examinations in Boston. In that role, he will oversee the SEC’s exam program in six New England states with a staff of approximately 65 examiners, accountants and attorneys.