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SEC Proposes New Requirement for Business Continuity Plans for Investment Advisers
  • Wilmer Cutler Pickering Hale and Dorr LLP
  • USA
  • July 7 2016

On June 28, 2016, the Securities and Exchange Commission (“SEC”) proposed a rule that would require all SEC-registered investment advisers to adopt

Non-compete caution: protecting the attorney-client privilege
  • Fisher Phillips
  • USA
  • October 5 2011

When non-compete and trade secrets lawyers are advising an employee who is preparing to transition from one employer to another, ensuring that the client’s intentions remain confidential is paramount.

CSA issue relief from newly enacted "Canadian permitted client" restrictions
  • Stikeman Elliott LLP
  • Canada
  • September 30 2011

Earlier this week, all CSA members except the OSC issued blanket orders to provide interim relief from the new restrictions on registration exemptions for international dealers and international advisers found in the July 2011 amendments to NI 31-103.

CSA extend relief regarding trading short-term debt and relationship disclosure
  • Stikeman Elliott LLP
  • Canada
  • September 30 2011

As we discussed in our earlier post, CSA members issued parallel orders yesterday to provide relief from certain requirements found in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Obligations.

SEC abandons proxy access rules (for now), but amended Rule 14a-8 will go into effect soon
  • Husch Blackwell LLP
  • USA
  • September 9 2011

The Securities and Exchange Commission (SEC) confirmed publicly that it will not seek a rehearing or further review of the D.C. Circuit Court of Appeal’s decision to vacate the proxy access rules adopted by the SEC last year.

Adjustments to qualified client standard
  • Haynes and Boone LLP
  • USA
  • September 1 2011

Pursuant to an order recently issued by the Securities and Exchange Commission (the “SEC”), the dollar amount thresholds in the definition of “qualified client” under Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), are set to increase effective as of September 19, 2011.

Financial adviser sentenced to prison for securities fraud
  • Dorsey & Whitney LLP
  • USA
  • August 25 2011

A former Smith Barney financial adviser, Sanjeev Jayant Kumar Shah, was sentenced to serve thirty-eight months in prison for securities fraud in connection with the handling of two client accounts.

Recent court decision highlights importance of reasonable inquiry
  • LeClairRyan
  • USA
  • July 15 2011

In Play Visions, Inc. v. Dollar Tree Stores, Inc., a recent decision out of the U.S. District Court for the Western District of Washington in Seattle, the court ordered Rule 26(g)(1) discovery sanctions against Play Visions' counsel for failing to make reasonable inquiry as to whether the client's discovery responses were adequate.

Attorney who “excessively reviewed” privileged documents misappropriated by his client was properly disqualified
  • Proskauer Rose LLP
  • USA
  • July 13 2011

While he worked as VeriSign’s chief administrative officer, Grant Clark signed VeriSign’s nondisclosure agreement, which included a provision that he would not remove VeriSign’s confidential or privileged information and that he would return any such documents in his possession upon termination of his employment.

Family offices
  • Morrison & Foerster LLP
  • USA
  • July 7 2011

On June 22, 2011, the SEC voted unanimously to adopt Rule 202(a)(11)(G)-1 under the Advisers Act, which provides an exemption from most provisions of the Advisers Act to certain family offices.