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Vedder Thinking | Articles Investment Services Regulatory Update

Newsletter/Bulletin

Topics:

New Rules, Proposed Rules and Guidance

  • SEC Adopts Rule Requiring Disclosure of Certain Money Market Fund Portfolio Information
  • SEC Proposes Flash Order Ban
  • SEC Proposes Changes to NYSE Corporate Governance Standards
  • 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
  • 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

  • IDC Issues Task Force Report on Board Oversight of Fund Compliance
  • 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

Enforcement Actions

  • FINRA Settles Auction Rate Securities Violations with Three Firms
  • 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