Commissioner Aguilar Considers Retirement Savings

On February 5th, Securities and Exchange Commission (“SEC”) Commissioner Luis A. Aguilar, addressing the American Retirement Initiative’s Winter 2015 Summit, discussed the need to improve investor protection measures regarding target date funds and municipal securities. Aguilar Remarks.

Commissioners Award Oppenheimer A Golden Raspberry

On February 4th, SEC Commissioners Kara M. Stein and Luis A. Aguilar published their dissent from the SEC’s order granting a waiver to Oppenheimer & Co. from the “bad actor” automatic disqualification provision of Securities Act Rule 506(d)(1)(ii). The strongly­worded dissent explains why the exemption represents a departure from the SEC’s long­established criteria for granting waivers; recounts Oppenheimer’s history of recidivism; and questions the Commission’s judgment in allowing Oppenheimer to choose whatever law firm it likes to act as its compliance authority without requiring that the firm be qualified and independent.

ATS List

The SEC has published a list of alternative trading systems with Form ATS on file with the SEC as of February 1, 2015.

Staff Announcements

The SEC announced that David Grim has been named Acting Director of the Division of Investment Management, replacing Norm Champ, the division’s former director, who left the SEC at the end of January.