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Newsletter/Bulletin

Topics:

Litigation

  • Court Rules in Favor of American Funds in Fee Case
  • U.S. Supreme Court Hears Jones v. Harris Associates

New Rules, Proposed Rules and Guidance

  • SEC Adopts Amendments to Investment Adviser Custody Rule
  • SEC Extends Temporary Rule Regarding Adviser Principal Trades
  • SEC Reopens Comment Period on Proposed Amendments to Proxy Rules to Facilitate Rights of Shareholders to Nominate Directors
  • SEC Adopts New Disclosure Requirements for Board Governance Matters
  • Federal Regulatory Agencies Issue Model Privacy Notice Form
  • SEC Adopts Regulation S-AM
  • Massachusetts Publishes Final Information Security Program Regulations
  • Implementation of Identity Theft Prevention Programs Further Delayed Until June 1, 2010
  • SEC Proposes Amendments to Rules Requiring Internet Availability of Proxy Materials
  • SEC Proposes Rules to Enhance Credit Ratings Disclosure
  • SEC Removes Rule References to Nationally Recognized Statistical Rating Organizations

New Legislation

  • Congressmen Introduce Regulated Investment Company Modernization Act of 2009
  • House Approves Wall Street Reform and Consumer Protection Act of 2009
  • Senator Introduces Mutual Fund Transparency Act of 2009

Other News

  • Director of SEC’s Division of Investment Management Comments on Independent Director Issues at IDC Conference

Enforcement Actions

  • SEC Charges U.S. Subsidiary of World’s Largest Inter-Dealer Broker for Displaying Fictitious Trades and Misleading Customers
  • SEC Charges Investment Adviser and COO for Trade Allocation Violations
  • FINRA Fines Terra Nova Financial $400,000 for Improper Soft Dollar Payments
  • SEC Charges Investment Adviser and Two Senior Officers for $24 Million Fraudulent Scheme

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