Tuesday, October 21, 2014

SEC Adopts Scaled-Back Hedge, Private Fund Adviser Risk Reporting Rule

The Securities and Exchange Commission Oct. 26 unanimously adopted a rule that will require hedge and other private fund advisers to report information—scaled to the size and types of funds—that will be used by the Financial Stability Oversight Council to assess systemic risk…

Divided SEC Adopts Hedge Fund, Private Fund Adviser Registration Rules

A sharply divided Securities and Exchange Commission June 22 voted 3-2 to adopt new rules and amendments to register hedge fund and private fund advisers, and to impose reporting requirements for funds exempt from registration…

Mutual Fund Investment Adviser Not Liable For Fund Prospectus’s Alleged Misstatements, Supreme Court Finds

An investment adviser that is a legally separate entity from the mutual fund that files an allegedly misleading prospectus cannot be held primarily liable in a private action under Securities and Exchange Commission Rule 10b-5 for “mak[ing]” a false statement…

BNA INSIGHTS: Social Media and the Federal Securities Laws

Social media has become a key component of corporate communications strategies. These internet sites allow for the creation and exchange of user generated content, and encompass a vast array of social networks, blogs, microblogs, photo and video sharing sites, news aggregation sites and reference sites…

SEC Proposes to Require Systemic Risk Reports from Certain Private Fund Advisers

The Securities and Exchange Commission Jan. 25 unanimously proposed to require certain private fund advisers to report information that ultimately would be shared with the Financial Stability Oversight Council to monitor systemic risk…

OUTLOOK 2011: Republicans to Side-Step Dodd-Frank Repeal, Will Seek to Influence SEC Rulemaking

While some Republicans in the 112th Congress are unhappy with the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, it is highly unlikely that any effort will be made to repeal the law in its entirety.

Instead, the 112th Congress is shaping up as one in…

BNA INSIGHTS: Information Technology and the Investment Adviser of Private Funds: 2011 and Beyond: Bracing for the Onslaught

The year 2011 will dramatically transform the way that investment advisers of private funds do business. This is especially true about how these investment advisers implement their information technology (IT) infrastructure and handle electronically stored information (ESI)…

Supreme Court Hears Debate on Holding Investment Adviser Liable as Primary Actor

The U.S. Supreme Court Dec. 7 heard oral argument in a case that is testing the boundaries of primary versus secondary liability under the federal securities laws’ cornerstone antifraud provision while also…

BNA INSIGHTS: New SEC Enforcement Unit Focuses on Funds and Advisers

For decades, the Securities and Exchange Commission’s Enforcement Division allocated few of its limited resources to the world of funds and advisers. The ’40 Act was left to the regulatory lawyers while, apart from the combined state-federal campaign against market timing and late trading a few years ago, the…

SEC, Connecticut Charge Advisory Firm with Fraud in Valuing Portfolio Assets

BOSTON—The Securities and Exchange Commission and state regulators in Connecticut filed suits Oct. 25 charging hedge fund investment manager Stephen M. Hicks and his investment advisory…

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