13 results found
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.
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.
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.
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.
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.
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.
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”).
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.
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.
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.”