In two recent filings with the Securities and Exchange Commission (“SEC”), the Municipal Securities Rulemaking Board (“MSRB”) proposed important new standards of conduct for municipal advisors under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).
In a recent ruling, the federal court in Los Angeles found that directors of a failed credit union were not liable for acts alleged to be negligent because the actions of the directors were protected by the so-called business judgment rule.
On Friday, the Alaska Supreme Court decided Henrichs v. Chugach Alaska Corp., No. S-13094 (Apr. 22, 2011), in which it confirmed the vitality of the common law business judgment rule in Alaska.
The Municipal Securities Rulemaking Board ("MSRB") has proposed for comment a new rule, Rule G-36, concerning the fiduciary duty of municipal advisors and proposed interpretive guidance regarding the application of MSRB Rule G-17, which concerns "fair dealing," to municipal advisors and underwriters.
The Municipal Securities Rule Making Board, or MSRB, is requesting comments on a draft rule and two interpretive notices applicable to municipal advisors.
On January 22, 2011, the Securities and Exchange Commission released a staff study (the "Study")1 on the effectiveness of the existing standards required of broker-dealers and investment advisers providing personalized investment advice about securities to retail customers.
The Department of Labor ("DOL") released a proposed rule that would expand the definition of a fiduciary under the Employee Retirement Income Security Act of 1974 ("ERISA").
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").
January 28, 2011-- Last Friday, the SEC delivered to Congress a 166-page study (available here) mandated by the Dodd-Frank reform legislation (the "Study") concerning the regulatory requirements that apply to investment advisers and broker-dealers when they provide personalized investment advice about securities to retail customers.
On January 21, the US Securities and Exchange Commission (SEC) released a study mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act.