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Ropes & Gray’s Investment Management Update: February 2017 - March 2017
  • Ropes & Gray LLP
  • USA
  • April 6 2017

The following summarizes recent legal developments of note affecting the mutual fundinvestment management industry: SEC Issues Guidance Update on


SEC Staff Addresses Funds’ Auditor Independence Problem
  • Ropes & Gray LLP
  • USA
  • July 5 2016

On June 20, 2016, the SEC’s Division of Investment Management provided a temporary no-action letter (the “Letter”) to a fund group (the “Fund Group”)


Court reverses finding of financial adviser aiding and abetting liability
  • Ropes & Gray LLP
  • USA
  • March 16 2016

On October 1 2015 in In re Zale Corporation Stockholders Litigation the Delaware Court of Chancery refused to dismiss a claim against Zale


SEC charges investment adviser with improper use of mutual fund assets to pay distribution fees
  • Ropes & Gray LLP
  • USA
  • October 7 2015

On September 21, 2015, the SEC announced that it had agreed to settle enforcement proceedings brought against an investment adviser and its


Investment adviser sanctioned for failing to adopt proper cybersecurity policies and procedures
  • Ropes & Gray LLP
  • USA
  • October 7 2015

On September 22, 2015, the SEC announced that it had agreed to settle enforcement proceedings brought against an investment adviser, R.T. Jones


SEC charges advisory firm with fraud for improperly retaining fees
  • Ropes & Gray LLP
  • USA
  • October 7 2015

On September 2, 2015, the SEC settled enforcement proceedings brought against Taberna Capital Management LLC ("Taberna"), an investment advisory firm


Failure to provide and evaluate 15(c) information leads to SEC enforcement action
  • Ropes & Gray LLP
  • USA
  • August 5 2015

On June 17, 2015, the SEC settled enforcement proceedings brought against the investment adviser, administrator and the interested trustees of the


Registered fund adviser and chief compliance officer agree to settle SEC action based on inaccurate and incomplete 15(c) information
  • Ropes & Gray LLP
  • USA
  • June 3 2015

On April 21, 2015, the SEC settled an action brought against an investment adviser, Kornitzer Capital Management, Inc. ("KCM"), and Barry E. Koster


SEC staff provides no-action relief for advisory fee waivers that are contingent on negative performance
  • Ropes & Gray LLP
  • USA
  • October 1 2014

On August 19, 2014, the staff (the "Staff") of the SEC's Division of Investment Management provided no-action relief under Section 205(a)(1) of the


SEC issues first exemptive order under pay-to-play rule
  • Ropes & Gray LLP
  • USA
  • July 21 2014

In November of 2013, the SEC issued its first order granting exemptive relief to an investment adviser under the pay-to-play rules. The pay-to-play