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Vedder Thinking | Articles Investment Services Regulatory Update

Newsletter/Bulletin

Topics:

Litigation

  • Court Rules State Market Timing Claims Precluded by SLUSA
  • Second Circuit Reverses Decision in Derivative Action Against Fund Board, Certifies Question to Massachusetts Supreme Court
  • Court Rules in Favor of American Funds in Fee Case

New Rules, Proposed Rules and Guidance

  • SEC Adopts Money Market Fund Reforms
  • FINRA Provides Guidance on Blogs and Social Networking Websites
  • SEC Adopts Amendments to Investment Adviser Custody Rule
  • SEC Extends Temporary Rule Regarding Adviser Principal Trades
  • SEC Adopts New Disclosure Requirements for Board Governance Matters
  • Federal Regulatory Agencies Issue Model Privacy Notice Form

New Legislation

  • Congressman Introduces Banking Integrity Act
  • Congressmen Introduce Regulated Investment Company Modernization Act of 2009
  • House Approves Wall Street Reform and Consumer Protection Act of 2009

Other News

  • IDC Issues Task Force Report on Board Oversight of Subadvisers
  • SEC Makes Enforcement Changes
  • Director of SEC’s Division of Investment Management Comments on Independent Director Issues at IDC Conference

Enforcement Actions

  • SEC Charges Advisers for Unlawful Short Selling Practices
  • SEC Settles Charges Against Adviser’s CFO/CCO for Aiding and Abetting Adviser’s Fraud
  • SEC Settles Charges Against Investment Adviser Representative for Aiding and Abetting and Causing Morgan Stanley’s Advisers Act Violation
  • 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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