In an open meeting held on June 5th by the Securities and Exchange Commission (SEC), the SEC’s Chair, Mary Jo White, proposed a series of rules aiming to provide meaningful reform to the functional operations of money market funds. In … Read More
In a move that has rippled through the securities industry, Charles Schwab has retracted their waiver of rights by clients of class-action lawsuits stipulated in their account agreements. Schwab explained that it would be revising the agreements to reflect this … Read More
The Financial Industry Regulatory Authority, Inc. (FINRA) retracted a rule, proposed this year, requiring brokers to display a URL on their websites and on social media profiles linking directly to their background profiles on the online FINRA-based database BrokerCheck. BrokerCheck … Read More
A recent petition on the Securities and Exchange Commission (SEC) website has begun to bring light to a move by advocacy groups and others to force disclosures of corporate political campaign funds. Proponents seek the adoption of a rule by … Read More
Advisory firms continue to monitor gifts and entertainment by reviewing all statutory and regulatory requirements, one of which is the reporting requirements of the Labor-Management Reporting and Disclosure Act of 1959 (“LMRDA”). Firms may be subject to the LMRDA as … Read More
In a recent speech at the Private Equity International Conference in New York, Bruce Karpati, Chief of the Securities and Exchange Commission’s (“SEC”) Enforcement Division’s Asset Management Unit, addressed private equity enforcement concerns. While the SEC has not traditionally brought … Read More
The Financial Industry Regulatory Authority Inc. (“FINRA”) Board of Governors voted to propose a rule during the December board meeting that would require brokers to disclose their recruitment incentives to customers. The suggestion is obviously getting a sharp reaction from … Read More
On October 29, 2012, the Securities and Exchange Commission (“SEC”) accepted an Offer of Settlement with Tilden Loucks & Woodnorth, LLC (“Tilden”) for the firm’s alleged violations of the Investment Advisers Act of 1940 for not seeking best execution for … Read More
A permanent private fund adviser exemption has been adopted by the California Department of Corporations (the “Department”). The exemption was effective August 27, 2012, following public comments first received between February 20th and March 25th, 2012. Several amendments were made … Read More