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SEC Lowers Barriers to ETFs
Earlier this month, Norm Champ, director of Investment Management Division at SEC, stated that the commission is considering eliminating regulatory barriers to launching certain types of...
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Letter to SEC Regarding Compliance and Enforcement
On June 7, John Walsh, a partner at Sutherland Asbill & Brennan, urged SEC Chair Mary Jo White in an open letter to carefully weigh the consequences when enforcement recommendations are brought...
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Recent Women on Boards Survey Show Slow Increase
The GovernanceMetrics International’s 2013 GMI Ratings Women on Boards survey indicate that increases in female representation on boards continue to be slow. The survey included data from nearly 6,000...
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CCO Compensation Survey Shows Steady Increase in 2012
The eighth annual Survey of Mutual Fund Chief Compliance Officer Compensation and Organizational Practices found that many CCOs have seen steady increases in their salaries in the past couple of...
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Commissioner Gallagher Remarks on Role of Governments and Proxy Advisory Firms
In May, SEC Commissioner Daniel M. Gallagher spoke about the limitations and requirements imposed on boards of directors and companies due to increasing influence from governments and proxy advisory...
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House Passes Measure to Prevent Mandatory Auditor Rotation
On July 8, the U.S. House of Representatives voted 321-62 on a measure to amend Sarbanes-Oxley Act to prohibit the Public Company Accounting Oversight Board from requiring companies to switch...
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SEC to Hold Open Meeting on Lifting Ban of General Advertising in Securities
The U.S. Securities and Exchange Commission scheduled a meeting for Wednesday, July 10 to consider rule amendments mandated by the JOBS Act, and other related amendments. The Commission will consider...
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FINRA Issues Sweep Letter for Social Media Use
With the steady rise in use of social media in the fund industry, FINRA enacted two new communication rules that pertain specifically to electronic communications in the last three years. The two...
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SEC Announces Enforcement Initiatives to Combat Fraud
On July 2, the U.S. Securities and Exchange Commission announced three new initiatives designed to focus the Division of Enforcement's efforts on high-risk areas of the market. The three initiatives...
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Commission Lifts Ban on Hedge Fund Advertising
Wednesday, the SEC voted to lift the ban on hedge fund advertising, as mandated by the JOBS Act. Though hedge funds will be permitted to advertise to the general public, sales of the funds will still...
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Commissioner Gallagher Comments on Disclosure Requirements
During the Society of Corporate Secretaries & Governance Professionals’ National Conference on July 11, SEC Commissioner Daniel Gallagher’s remarks focused on the need to refine the mandatory...
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Board Oversight of Valuation Webinar Resources
Following the SEC’s settlement with the Regions Morgan Keegan board, valuation is one of the top areas of concern for fund independent directors. As part of the Forum’s Webinar Series: Issues and...
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SEC Announces Compliance Outreach Program Regional Seminars
On July 16, the SEC announced the schedule for its upcoming Compliance Outreach Program regional seminars. These programs are open to senior officers of investment advisers and investment companies,...
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House Republicans Probe FSOC Involvement in MMF Reform
Republicans on the House Committee on Oversight and Government Reform have expressed concern that the SEC’s money market fund rulemaking during the past year may have been heavily influenced by the...
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SEI Study Highlights Retail Alternatives Phenomenon
As alternative products continue steady growth in the mutual funds industry, SEI has released The Retail Alternatives Phenomenon: What Enterprising Private Fund Managers Need to Know. It explores the...
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SEC Releases Guidance on Counterpart Risk Management of Tri-Party Repos
The SEC’s Division of Investment Management recently issued a guidance focusing on money market funds’ counterparty risk management practices in regards to tri-party repos. This guidance follows the...
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Court Rejects Appeal on Leveraged Funds’ Risk Disclosure
On July 22, the 2nd U.S. Circuit Court of Appeals affirmed a ruling that had rejected a lawsuit by investors alleging that ProShares Advisors LLC did not properly disclose the risks for its leveraged...
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U.S. Court of Appeals Reverses Ruling on Mutual Fund Insider Trading Charges
A Court of Appeals ruled against the SEC recently in a case alleging that Jilaine Bauer, the former General Counsel and CCO of Heartland Advisers, had used inside information to wrongfully sell her...
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SEC Hints More Whistleblower Cases with Rewards
On June 12, 2013, the SEC formally announced its second whistleblower award to three individuals. While the award recipients remain unidentified, the SEC did say that they will be receiving 5 percent...
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Gibson Dunn Releases Memo on D&O Insurance Considerations
On July 15, the Gibson Dunn law firm released a memo to its clients titled Directors and Officer Indemnification and Insurance – Issues for Public Companies to Consider. Since the financial crisis,...
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