The SEC, CFTC and UK Financial Conduct Authority urged market participants to address the risks posed by "opportunistic strategies" in the credit derivatives markets.
The SEC Office of Compliance Inspections and Examinations urged investment advisers to evaluate their fee and expense policies and procedures in order to meet compliance obligations.
FINRA is seeking comments on a retrospective review of rules governing introducing/clearing arrangements to determine whether they meet intended investor-protection objectives.
The Delaware Chancery Court decision serves as a powerful reminder of the broad freedom of contract that Delaware law accords entities such as LLCs. The decision offers the promise of great latitude to contracting parties and the threat of serious pitfalls for parties that fail to carefully protect their interests in the agreement.
The SEC Office of Investor Education and Advocacy issued an Investor Bulletin detailing factors to consider when opening an investment advisory account.
The U.S. House of Representatives voted to approve a joint resolution to block the recently adopted Consumer Financial Protection Bureau arbitration rule.
The Consumer Financial Protection Bureau issued a final rule that restricts mandatory arbitration clauses in certain consumer financial contracts. It will become effective on September 19, 2017.
Members of the North American Securities Administrators Association voted to implement a Statement of Policy governing the use of electronic offering documents and the execution of documents with electronic signatures.
Citigroup Global Markets, Inc. agreed to pay $18.3 million to settle SEC allegations that the dually registered investment adviser and broker-dealer overcharged clients on numerous advisory accounts.
Morgan Stanley Smith Barney LLC, an investment advisory firm, agreed to pay a $13 million penalty to settle SEC charges alleging the firm (i) overbilled investment advisory clients, and (ii) committed custody examination, and books and records violations under the Investment Advisers Act.
The SEC Division of Investment Management updated its guidance on mutual fund disclosure to facilitate compliance with the Department of Labor's fiduciary rule.
Several trade associations submitted comment letters responding to the FDIC's proposed rulemaking to restrict the contractual provisions of qualified financial contracts entered into by certain FDIC-supervised institutions.
The Secretary of the Treasury, as Chair of the Financial Stability Oversight Council, adopted final rules to implement the qualified financial contract recordkeeping requirements of the Dodd-Frank Act.
The American Council of Life Insurers, et.al., filed a complaint against the Department of Labor seeking declaratory and injunctive relief to prevent the implementation of the fiduciary rule.
SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.
The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises reviewed the "Investment Advisers Modernization Act," which would require the SEC to modernize certain rules relating to investment advisers.
The Structured Finance Industry Group, Inc. ("SFIG") and SIFMA filed an amicus brief urging the U.S. Supreme Court to grant certiorari and reverse a Second Circuit ruling that the application of state usury laws to third-party assignees is not preempted by the National Bank Act . In Midland Funding...
The SEC granted no-action relief to RS Global Natural Resources Fund ("RS Global"), SailingStone Capital Partners LLC ("SailingStone") and RS Investment Management Co. LLC, under Investment Company Act Section 15(a) ("Contracts of Advisers and Underwriters"), provided that RS Investment Management...
SEC Release 34-63999 (SR-FINRA-2010-061) March 1, 2011 The SEC granted approval to a FINRA proposal to adopt new FINRA rules governing guarantees, carrying agreements, security counts, and supervision of general ledger accounts. The new rules are based primarily upon NASD Rule 3230 and NYSE Rules...
