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Article

Reed Smith LLP | USA | 8 Feb 2011

MSRB antes-up: proposes 'pay to play' rule for municipal advisors

In MSRB Notice 2011-04 ("Notice 2011-04"), dated January 14, 2011, the Municipal Securities Rulemaking Board ("MSRB") proposed for comment:MSRB Rule G-42, a "pay to play" rule for municipal advisors ("Proposed MSRB Rule");Changes to MSRB Rule G-37, the existing MSRB "pay to play" rule for brokers, dealers and municipal securities dealers (collectively, "dealers"); andChanges to MSRB Rules G-8 and G-9, which relate to recordkeeping requirements.

Article

Reed Smith LLP | USA | 1 Dec 2010

DOL proposes rule broadening the definition of 'fiduciary' under ERISA

The Department of Labor ("DOL") has issued proposed regulations that would more broadly define the circumstances under which a person is considered a "fiduciary" under the Employee Retirement Income Security Act of 1974 ("ERISA") by reason of giving investment advice.

Article

Reed Smith LLP | USA | 1 Dec 2010

Creditors of insolvent subsidiaries may bring derivative actions against parent company’s officers and directors for breach of fiduciary duties

The official committee of unsecured creditors filed complaints against the officers and directors of a parent company and its subsidiaries, alleging that the defendants breached their fiduciary duties by directing their respective companies to engage in a loan transaction while insolvent.

Article

Reed Smith LLP | USA | 4 Nov 2010

DOL finalizes new fee and investment disclosure rules for participant-directed plans

The Department of Labor has issued final regulations setting forth certain fiduciary obligations regarding the disclosure of fees and expenses to participants and beneficiaries in participant-directed individual account plans, such as 401(k) plans.

Article

Reed Smith LLP | USA | 27 Jul 2010

The Dodd-Frank Wall Street Reform and Consumer Protection Act: financial reform and new executive compensation rules

The Dodd-Frank Wall Street Reform and Consumer Protection Act ("the "Dodd-Frank Act" or "Act") was signed into law July 21, 2010 by President Obama, to promote the financial stability of the United States by improving accountability and transparency in the financial system.

Article

Reed Smith LLP | USA | 15 Oct 2008

Securities cross-trading ERISA final rule

The Pension Plan Protection Act of 2006 added to ERISA a new section 408(b)(19), which provides an exemption for the “cross-trading” of securities between accounts managed by the same investment manager, subject to certain conditions.

Article

Reed Smith LLP | USA | 12 Aug 2008

Proposed guidance on oversight of investment adviser portfolio trading activities

On July 30, 2008, the Securities and Exchange Commission issued proposed guidance regarding the duties and responsibilities of investment company boards of directors with respect to the oversight of investment adviser portfolio trading practices (the “Proposed Guidance”).

Article

Reed Smith LLP | USA | 25 Mar 2008

SEC proposes new rule 6c-11 under the Investment Company Act of 1940 to create certain exemptions for exchange-traded securities

In March 2008, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Company Act of 1940 (the “40 Act”) that would exempt exchange-traded funds (“ETFs”) from certain provisions of the 40 Act as well as certain SEC rules, and would allow investment companies to more freely invest in ETFs than is currently allowed under the 40 Act.

Article

Reed Smith LLP | USA | 27 Dec 2007

DOL proposes service provider disclosure requirements

On December 13, 2007, the U.S. Department of Labor (“DOL”) published a proposed regulation under section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which would impose advance disclosure requirements regarding fees and conflicts of interest on plan service providers as a condition of compliance with that section’s prohibited transaction exemption.

Article

Reed Smith LLP | USA | 18 Dec 2007

DOL proposes new service provider disclosure requirements

Section 408(b)(2) of ERISA provides relief from ERISA’s prohibited transaction rules for service contracts or arrangements between a plan and a provider of services to the plan if, among other things, the contract or arrangement is “reasonable.”

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