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Vedder Thinking | Articles Investment Services Regulatory Update

Newsletter/Bulletin

Topics:

New Rules, Proposed Rules and Guidance

  • Massachusetts Proposes Amendments to Information Security Program Regulations and Compliance Deadline
  • SEC Makes Short Sale Rule Permanent
  • SEC Proposes New Rule to Curtail Adviser “Pay to Play” Practices
  • SEC Proposes Amendments to Enhance Corporate Governance Disclosures
  • SEC Approves NYSE Rule Amendments Eliminating Discretionary Voting in Uncontested Director Elections and Investment Advisory Contracts
  • FINRA Proposes New Consolidated Rule on the Distribution and Sale of Investment Company Securities
  • SEC Proposes Rule Amendments to Strengthen the Regulatory Framework for Money Market Funds
  • FinCEN Issues Proposal to Define Mutual Funds as "Financial Institutions"
  • Implementation of Identity Theft Prevention Programs Further Delayed Until November 1, 2009

Proposed Legislation

  • Legislation Proposed to Require Private Fund Advisers to Register with the SEC

Other News

  • SEC Provides No-Action Relief Permitting Foreign Funds to Invest in U.S. Funds in Excess of 1940 Act Limitations
  • SEC Issues No-Action Letter Related to Mixed and Shared Funding Orders
  • SEC Staff Issues No-Action Letter on TALF Loans for Registered Funds

Enforcement Actions

  • SEC Charges Adviser and Its CEO for Fraudulently Overstating Assets
  • FINRA Fines Merrill Lynch and UBS for Supervisory Failures in Sales of Closed-End Funds
  • FINRA Fines Bank Broker-Dealers $1.65 Million for Supervisory Failures in Variable Annuity, Mutual Fund and UIT Transactions
  • FINRA Fines Wachovia Securities $1.4 Million for Prospectus Delivery Failures
  • SEC Charges Madoff Solicitors and Feeder Funds with Fraud
  • SEC Settles Charges Against Evergreen Fund Adviser and Distributor over Alleged Mispricing of Mortgage-Backed Securities
  • SEC Settles Charges Against Investment Adviser Representative for Aiding and Abetting Merrill Lynch’s Antifraud Violations