Shakespeare's Juliet may not have ascribed great significance to a name but for securities lawyers and market participants alike there is significance
The Financial Industry Regulatory Authority, Inc. ("FINRA") has recently adopted, and the Securities and Exchange Commission has approved, new FINRA Rule 5131 ("Rule 5131").
The Massachusetts Securities Division, under the direction of Secretary Galvin, has proposed new regulations relating to the regulation of investment advisers, including hedge fund managers.
On November 29, 2010, the Financial Industry Regulatory Authority, Inc. (“FINRA”) announced that FINRA Rule 5131 will take effect on May 27, 2011.
On December 20, 2010, the Securities and Exchange Commission (SEC or Commission) voted to propose Rules 15Ba1-1 through 15Ba1-7 (collectively, the Proposed Rules) to, among other things, establish a permanent registration regime with the Commission for municipal advisors and impose certain record-keeping requirements on such advisors.
With the passage of the Securities Acts Amendments of 1975 (Tower Amendment), Congress limited the regulatory scheme for municipal securities (including conduit borrowers such as 501(c)(3)s borrowing through state or local bond issuing authorities).
The Federal Trade Commission is looking to extend its authority over tax-exempt organizations.
A number of significant developments occurred at the SEC during the first quarter of the year.