On April 17, 2012, in testimony before the House Oversight and Government Reform subcommittee, Mary Schapiro advised the SEC to consider rules issued by congressional mandates, as well as rules the SEC develops through its own authority. Schapiro acknowledged the … Read More
Lately, we are receiving many inquiries relating to ERISA fiduciary considerations. Section 3(21)(A) of ERISA defines a “fiduciary” to a plan as persons who fall into any one of the three categories, whether or not they entered into a formal … Read More
On January 18, 2012, the staff of the Investment Management Division of the SEC issued a No-Action Letter (the “ABA Letter”) providing relief from registration for certain advisers that are affiliated with a registered adviser, subject to certain conditions. Significantly, … Read More
Recognizing the rapid growth of the use of social media in the securities industry, the SEC recently released a Risk Alert on the use of social media by investment advisers highlighting concerns that may arise from the use of social … Read More
On December 21, 2011, the SEC adopted final rules to exclude the value of a person’s primary residence for purposes of determining whether the person qualifies as an “accredited investor” on the basis of having a net worth in excess … Read More
On December 21, 2011, the California Corporations Commissioner released a notice of proposed rulemaking to create an exemption from the investment adviser registration requirements for advisers to certain private funds. California’s proposed exemption is in response to changes made by … Read More
On December 8, 2011, the SEC announced that the national compliance seminar for CCOs and senior personnel at investment management firms is open for registration. The Compliance Outreach Program will be held on January 31, 2012, at the SEC’s headquarters … Read More