As noted in the proposal, “Financial Regulatory Reform: A New Foundation,” released by the U.S. Treasury Department earlier this week, the Obama Administration is calling for legislation to be passed giving the U.S. Securities and Exchange Commission (“SEC”) clear authority to prohibit the use of mandatory arbitration clauses by broker-dealers and registered investment advisers with [...]
Earlier this week, the Obama Administration called for all managers of hedge funds and other private investment pools (including private equity funds and venture capital funds) that exceeded a modest asset threshold to register with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940. Moreover, the Obama Administration proposes that [...]
The U.S. Securities and Exchange Commission (“SEC”) has approved FINRA’s proposed changes to Form U4 (Uniform Application for Securities Industry Registration or Transfer) and Form U5 (Uniform Termination Notice for Securities Industry Registration), and these changes may require an investment adviser representative to update his or her Form U4. The changes to disclosure questions on [...]
Last month, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to the custody rule under the Investment Advisers Act of 1940, which the SEC explained are designed to increase protections for investors who entrust their funds and securities to registered investment advisers. According to the proposed rule changes, all SEC registered investment advisers will [...]
In a May 22, 2009 U.S. Securities and Exchange Commission (“SEC”) press release, Mary Schapiro, SEC Chairman, outlined new steps being taken to strengthen the SEC’s internal compliance program to guard against inappropriate personal securities trading by SEC employees. Previous internal rules for SEC employees prohibited, among other things, short selling, carrying securities on margin, [...]
