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Ninth Circuit bars shareholder suit
  • Jorden Burt LLP
  • USA
  • November 30 2010

The Ninth Circuit Court of Appeals has determined that mutual fund shareholders do not have a private right to enforce section 13(a) of the Investment Company Act of 1940 (1940 Act), which requires an investment company to obtain shareholder approval before deviating from fundamental investment policies.


SEC adopts enhanced fund director disclosure requirements
  • Jorden Burt LLP
  • USA
  • January 5 2010

On December 16, 2009, the Securities and Exchange Commission ("SEC") adopted proxy rule and registration statement form amendments that impact disclosures about directors and director nominees of management investment companies registered under the Investment Company Act of 1940 ("funds").


SEC proposes broad rule changes to enhance compensation and corporate governance disclosures
  • Jorden Burt LLP
  • USA
  • August 12 2009

The Securities and Exchange Commission has proposed amendments to its rules to "enhance the compensation and corporate governance disclosures registrants are required to make" about their "overall compensation policies and their impact on risk taking; stock and option awards of executives and directors; director and nominee qualifications and legal proceedings; company leadership structure; the board's role in the risk management process; and potential conflicts of interest of compensation consultants who advise companies."


SEC proposes proxy rule changes to facilitate director nominations by shareholders
  • Jorden Burt LLP
  • USA
  • June 30 2009

The Securities and Exchange Commission has proposed changes to its proxy rules to "remove impediments to the exercise of shareholders' rights to nominate and elect directors to company boards of directors," including the boards of investment companies registered under the Investment Company Act of 1940.


SEC proposes amendments to Regulation S-P
  • Jorden Burt LLP
  • USA
  • June 2 2008

Citing growing concern “with the increasing number of information security breaches and the potential for identity theft and other misuse of personal financial information,” the SEC has proposed amendments to Regulation S-P that would significantly expand the scope of current information safeguards and disposal rules.


Sudan Accountability and Divestment Act
  • Jorden Burt LLP
  • USA, Sudan
  • June 2 2008

In accordance with the Sudan Accountability and Divestment Act, the SEC has amended Form N-CSR and Form N-SAR to require disclosures by registered investment companies that divest from securities of issuers that the investment companies determine conduct or directly invest in certain business operations in Sudan.