On January 21, 2011, the Securities and Exchange Commission ("SEC") released the study (the "Fiduciary Study") of its staff mandated by Section 913 of Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act").
The SEC recently announced a settled enforcement action against a hedge fund manager (who was also a registered adviser) alleging that the manager fraudulently took securities for itself that its hedge funds had purchased.
On October 16, 2008, the US Department of Labor (the “DOL”) published two interpretive bulletins that modify and supersede the DOL’s prior guidance regarding the responsibilities of a benefit plan fiduciary in examining, and potentially investing the plan’s assets in, “economically targeted” or “socially responsible” investments, and in exercising the benefit plan’s shareholder rights, including the voting of proxies on securities held in the benefit plan’s portfolio.
On October 6, 2008, the US Department of Labor (the “DOL”) released its final regulation regarding the content of the policies and procedures that an investment manager must adopt if it seeks to effect cross trades under the statutory cross-trading exemption added by the Pension Protection Act of 2006 (the “PPA”).
The SEC recently voted unanimously to adopt new Rule 206(4)-8 under the Advisers Act.
On December 27, the SEC released the text of its proposed new rules that would impact advisers to hedge funds and other pooled investment vehicles.