Tag: SEC

Improvements Needed Within the SEC’s Division of Enforcement

Doug Cornelius  Fraud   [+]

The SEC’s Inspector General, H. David Kotz, released his most recent report: Program Improvements Needed Within the SEC’s Division of Enforcement. The report is sort of a follow-up to the Madoff Report. The Office of the Inspector General conducted a review “to identify systemic issues that would prevent Enforcement from accomplishing its mission to enforce … Read more »

Schwarzman Stands up for Placement Agents

Doug Cornelius  Investment Advisers Act   2

“Eliminating placement agents as a group because there were a few bad actors who have tarnished the industry is analogous to eliminating Major League Baseball because several of its players behaved illegally.” Steven Schwarzman, The Blackstone Group’s chairman and chief executive, has submitted a comment letter on the SEC’s proposed ban on placement agents interacting … Read more »

SEC Announces New Division of Risk, Strategy, and Financial Innovation

Doug Cornelius  Compliance Bricks and Mortar   [+]

The Securities and Exchange Commission announced the creation of its new Division of Risk, Strategy, and Financial Innovation. University of Texas School of Law Professor Henry T. C. Hu will be its first Director. Professor Hu authored several articles that brought attention to potentially manipulative market practices using borrowed stock and derivatives. “The new division … Read more »

New Compliance and Disclosure Intepretations for Regulation FD

Doug Cornelius  Compliance Bricks and Mortar   [+]

As part of the Updates to Compliance and Disclosure Interpretations, the SEC has published new compliance and disclosure intepretations for Regulation FD. I found these CD&I’s particularly interesting in light of the SEC’s loss in the Cuban case. The SEC seems to be providing a better roadmap for disclosure of information. Here are a few … Read more »

Updates to Compliance and Disclosure Interpretations

Doug Cornelius  Compliance Bricks and Mortar   1

The staff of the Securities and Exchange Commission’s Division of Corporation Finance has updated a bunch of Compliance and Disclosure Interpretations. Here are a few questions that caught my eye, with a snapshot of the answer. Follow the question’s link for the complete answer. There are many more new and revised questions under the Securities … Read more »

New SEC Rule on Political Contributions by Certain Investment Advisers

Doug Cornelius  Investment Advisers Act   6

The SEC has just published the text of the proposed rule on political contributions by investment advisers. SEC voted unanimously to propose this rule at its July 22nd Open Meeting. http://www.sec.gov/rules/proposed/2009/ia-2910.pdf The proposed rule is intended to curtail “pay to play” practices by investment advisers that seek to manage money for state and local governments. … Read more »

CCOutreach

Doug Cornelius  Compliance Programs   1

The SEC formed the CCOutreach (yes, that is how they spell it) to promote open communications and coordination among securities regulators and the industry on mutual fund, investment adviser, and broker-dealer compliance issues. In addition to the national seminar in November of each year, they host regional seminars to enable Chief Compliance Officers to interact … Read more »