The North American Securities Administrators Association expanded its Electronic Filing Depository System to accommodate the electronic notice filings for unit investment trusts (Form NF-UIT).

The Managed Funds Association urged the SEC to adopt an approach that "protects investors, enhances regulatory coordination, promotes market transparency and increases market fairness and efficiency."

SEC Division of Corporation Finance Director Keith F. Higgins delivered remarks regarding the SEC's recent rulemakings and the impact on angel investors. First, Director Higgins stated he is surprised the new Rule 506(c) ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of...

The Managed Funds Association ("MFA") submitted comments to the SEC in response to the notice of FINRA amendments to Rule 5123 ("Private Placement of Securities"). The amendments would require broker-dealers to provide additional information about an issuer to FINRA, along with a private placement...

The SEC has published additions to its Securities Act Compliance and Disclosure Interpretations ("C&DIs"). The additions cover questions regarding Rule 506 ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering"), including when an issuer is required to determine...

Various regulators, including SEC Chair Mary Jo White and SEC Director of Investment Management Norm Champ, spoke at the the Managed Funds Association ("MFA") Outlook 2013 Conference. Chair White spoke about the new alternatives market place and emphasized that investors must be protected in this...

The Managed Funds Association ("MFA") President and CEO, Richard Baker, issued a statement that "MFA is pleased" that hedge funds meeting the conditions of amended Regulation D can now engage in general advertising. See: MFA Statement ; Press Release . See also: The SEC Approves JOBS Act Rules (...

NASAA seeks comments on the proposed amendments to the Model Rule to disqualify advisers from use of the private fund exemption if the adviser or its advisory affiliates are subject to an event that would disqualify an issuer under new Rule 506(d)(1) of SEC Regulation D; this paragraph on "bad...

On July 10, 2013, the U.S. Securities and Exchange Commission ("SEC") adopted rule changes that will permit "general solicitation and general advertising" ("GSGA") in "private" securities offerings effected under either Rule 506 of Regulation D under the Securities Act of 1933 (the "Securities Act...

MFA has submitted critical comments to the SEC regarding the amendments to FINRA Rule 5123 ("Private Placements of Securities"), which requires issuers to file a private placement memorandum or other disclosure document with FINRA in connection with certain private placements. MFA commented that...

The MFA commended the SEC for approving new rules related to the JOBS Act, which allows hedge funds to advertise their funds to qualified investors. The MFA stated it is hopeful that the steps taken by the SEC will help modernize existing securities laws to enhance market transparency, improve...

SEC Chairwoman Mary Jo White testified before the Subcommittee on Financial Services and General Government, Committee on Appropriations, in support of the President’s fiscal year ("FY") 2014 budget request for the Commission. In her testimony, Chairwoman White described the extent of the SEC's...

The MFA released the latest edition of its monthly newsletter, MFA Policy Brief . The following items of regulatory interest are included: The MFA's comment letter to the SEC on proposed capital, margin and segregation rules. An update on developments surrounding financial transaction tax proposals...

MFA submitted a comment letter to the SEC in response to its proposed implementation of JOBS ActSection 201 ("Modification of exemption"). In this letter, MFA expressed support for the SEC's proposed approach for an issuer to take reasonable steps to verify that a purchaser is an accredited...

North American Securities Administrators Association (NASAA) President and Arkansas Securities Commissioner Heath Abshure participated in a news teleconference to discuss the proposed rule with representatives from the AARP, AFL-CIO, Consumer Federation of America, and Americans for Financial...

SIFMA and the Financial Services Roundtable submitted comments to the SEC declaring unwavering support for (i) the elimination of the prohibition against general solicitation and general advertising in certain offerings, and (ii) the SEC's decision not to prescribe specific steps to meet the...