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35 results found


Drinker Biddle & Reath LLP | USA | 6 Nov 2017

SEC Issues MiFID II No-Action Relief and Allays Various Cross-Border Concerns

On January 3, 2018, the European Union (EU) Markets in Financial Instruments Directive (MiFID II) will require, for impacted EU parties, that research


Foley & Lardner LLP | USA | 14 Feb 2011

Fund portfolio manager sanctioned for charging undisclosed fees

In an SEC administration proceeding (In the Matter of Thomas S. Albright, SEC Release No. 34-63676), the SEC issued a cease-and-desist order and imposed a bar upon a portfolio manager of a registered investment adviser from association with, among others, brokers, dealers, investment advisers, municipal securities dealers, or advisers, with the right to reapply for association after one year.


Ropes & Gray LLP | USA | 12 Nov 2010

SEC issues guidance regarding board determinations required by Rules 10f-3, 17a-7 and 17e-1 under the 1940 Act

On November 2, 2010, the SEC staff issued a letter to the Independent Directors Council and Mutual Fund Directors Forum clarifying its views regarding the responsibilities of a registered investment company's board of directors in respect of its review of transactions effected in reliance on Rule 10f-3 (permitting a fund to purchase securities from an affiliated syndicate under certain conditions), Rule 17a-7(exempting certain purchase or sale transactions between a fund and certain of its affiliated persons from the prohibitions in Section 17(a)) and Rule 17e-1 (providing when a commission, fee or other remuneration will not be deemed to exceed the usual and customary broker's commission) under the Investment Company Act of 1940, as amended (the "Rules").


Cadwalader Wickersham & Taft LLP | USA | 31 Aug 2010

The DOL adopts Interim Final Regulation under ERISA Section 408(b)(2) relating to service provider fee disclosures

On July 16, 2010 the DOL published an interim final regulation (the "Interim Final Regulation") (75 FR 41599) clarifying that a certain level of disclosure with respect to compensation and potential conflicts of interest is necessary in order for a plan fiduciary to determine that a contract or arrangement for services by a party in interest to a plan is "reasonable."


Baker Donelson Bearman Caldwell & Berkowitz PC | USA | 4 Aug 2010

Dodd-Frank Wall Street Reform and Consumer Protection Act: brokers, dealers and investment advisers

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act).


Fox Rothschild LLP | USA | 27 Jul 2010

The Dodd-Frank Wall Street Reform and Consumer Protection Act: whistle-blower provisions and fiduciary duty standards

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which President Obama signed into law on July 21, 2010, represents the most sweeping changes to the financial system in decades.


Hunton Andrews Kurth LLP | USA | 20 Jul 2010

Volcker rule will impact private fund industry

On July 15, 2010, the Senate approved the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), previously passed by the House on June 30, 2010.


Morgan Lewis | USA | 19 Jul 2010

Landmark legislation gives SEC new enforcement capability

The newly approved financial reform bill contains new measures expanding the SEC's enforcement authority and strengthening its oversight and regulatory authority over the nation's securities markets.


Stikeman Elliott LLP | USA | 13 Apr 2010

US Supreme Court rules on fiduciary duty of investment advisers

On March 30, the Supreme Court of the United States released its decision in the case of Jones v. Harris.


Gibson Dunn & Crutcher LLP | USA | 30 Mar 2010

Supreme Court clarifies standards for judicial review of mutual fund fees

On March 30, 2010, the Supreme Court issued its decision in Jones v. Harris Associates L.P., No. 08-586.

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