The Securities and Exchange Commission today ordered the Financial Industry Regulatory Authority (FINRA) to hire an independent consultant and undertake other remedial measures to improve its policies, procedures, and training for producing documents during SEC inspections. According to the SEC’s order instituting settled administrative proceedings, certain documents requested by the SEC’s Chicago Regional Office during [...]

The Securities and Exchange Commission today approved a new rule to define “family offices” that are to be excluded from the Investment Advisers Act of 1940.   “Family offices” are entities established by wealthy families to manage their wealth and provide other services to family members, such as tax and estate planning services. Historically, family offices [...]

The Securities and Exchange Commission today adopted rules that require advisers to hedge funds and other private funds to register with the SEC, establish new exemptions from SEC registration and reporting requirements for certain advisers, and reallocate regulatory responsibility for advisers between the SEC and states. In addition, the Commission amended rules to expand disclosure [...]

The Securities and Exchange Commission today adopted rules to create a whistleblower program that rewards individuals who provide the agency with “high-quality tips” that lead to successful enforcement actions.  Reportedly, to be considered for an award, the SEC’s rules require that a whistleblower must voluntarily provide the SEC with “original information” that leads to the [...]

The North American Securities Administrators Association’s (NASAA) Investment Adviser Regulatory Policy and Review Project Group is soliciting comments from interested persons regarding proposed changes to the NASAA model rules pertaining to investment adviser custody, financial requirements, recordkeeping and brochure delivery.  The Project Group has been charged with amending these rules to address changes by the U.S. [...]

Published in January 2011, is a Study on Investment Advisers and Broker-Dealers by the Staff of the United States Securities and Exchange Commission as now required by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Click on The Study for further details. There are recommendations listed that are designed to address gaps [...]

Consistent with the requirements of the Dodd-Frank Act, the Securities and Exchange Commission is proposing new rules and forms that, if adopted, would establish a permanent Commission registration regime for municipal advisors. Until the passage of the Dodd-Frank Act, the activities of municipal advisors were largely unregulated and municipal advisors were generally not required to [...]

The SEC is proposing new rules and amendments under the Investment Advisers Act of 1940 to implement provisions of the Dodd-Frank Act to: increase the statutory threshold for registration by investment advisers with the Commission; require advisers to hedge funds and other private funds to register with the Commission; require reporting by certain investment advisers [...]

Effective December 1, 2010 there is work product protection as to draft expert reports “regardless of the form in which the draft is recorded,” and communications between an attorney and expert witness are protected under work product (with certain exceptions).  See Proposed Amendments Rule26 as published (and largely proposed) by the ABA. Also click here, for [...]

Attended a conference in Phoenix this week, and the subject matter came up re the CFTC’s Notice of Proposed Rulemaking concerning commodity whistleblower incentives and protection under the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Here it is published in the Federal Register. View the PDF here. The proposed rules establish [...]