Author Archive
Speaking Engagement – ICI’s Mutual Funds and Investment Management Conference 2010
Morgan Lewis’s Steve Stone will speak on the panel “The Changing Landscape for Trading and Market Structure” at this event. >>> continued
Speaking Engagement – Ascendant Investment Adviser Compliance Conference—A Bold New World of Compliance: 2010
Morgan Lewis’s Steve Stone will present “Critical Elements of Commission Sharing Arrangements and Soft Dollars” and “Insider Trading: Creating a Safe Environment (SEC Top Risk)” at this event. >>> continued
Speaking Engagement – TD Ameritrade Institutional 2010 National Conference
Morgan Lewis’s Rebecca Leon will speak on “The Latest on the Regulatory Landscape and What it Means for You” at this event. >>> continued
SEC Proposes Amendments to Issuer Repurchase Rule (Rule 10b-18)
On January 25, the Securities and Exchange Commission (SEC) proposed changes to Rule 10b-18—the issuer repurchase rule under the Securities Exchange Act of 1934 (Exchange Act). Rule 10b-18 provides a safe harbor for open-market common stock purchases by the issuer and by affiliated purchasers, such as directors and executive officers. Under this nonexclusive safe harbor, issuers (and their affiliated purchasers) will not be deemed to have violated the Exchange Act anti-manipulation rules if they comply with the following provisions of the Rule regarding the method, timing, price and amount of their common stock purchases: >>> continued
Speaking Engagement – ALI-ABA’s Social Networking in the Securities Context Webinar
Morgan Lewis’s Steven Stone will speak at this event. >>> continued
SEC Adopts Amendments to Advisers Act Custody Rule
On December 30, 2009, the Securities and Exchange Commission (SEC) adopted amendments to the custody rule under the Advisers Act of 1940 (the Custody Rule) designed to strengthen controls over the custody of client assets by registered advisers and their related persons. The proposed amendments would have imposed sweeping new obligations on advisers that have custody or are deemed to have custody of client assets by, among other things, requiring an annual surprise examination to verify client assets and promoting the use of independent qualified custodians. >>> continued
Speaking Engagement – 24th Annual Fall Broker-Dealer and Investment Adviser Compliance Conference
Morgan Lewis’s Mary Dunbar will speak on the panel “FINRA Update” at this event. >>> continued
Speaking Engagement – 2009 TD Ameritrade Fall Regional Conference
Morgan Lewis’s Steven Stone will speak on the panel “Hot Regulatory Topics for Advisers” at this event. >>> continued
Speaking Engagement – NSCP 2009 National Membership Meeting
Morgan Lewis’s Steven Stone will present “Commission Sharing Agreements vs. Traditional Soft Dollar Agreements: What has changed?” at this event.
SEC Adopts Interim Final Temporary Money Market Funds Reporting Requirement
On Friday, September 18, the Securities and Exchange Commission (SEC) adopted interim final temporary rule 30b1-6T under the Investment Company Act of 1940 (the Rule) requiring any money market fund with a market-based net asset value (NAV) per share below $0.9975 to report certain portfolio holdings and valuation information on a weekly basis. The Rule was adopted concurrent with the expiration of the U.S. Treasury Temporary Guarantee Program for Money Market Funds (the Guarantee Program), which had required money market funds participating in the Guarantee Program to provide substantially similar reporting to the SEC. >>> continued
Proposed Rule under Investment Advisers Act Would Limit “Pay to Play” Practices
On August 3, the Securities and Exchange Commission (SEC) proposed new Rule 206(4)-5 under the Investment Advisers Act of 19401 (Advisers Act) aimed at curtailing “pay to play” practices by investment advisers that seek to manage assets of state and local governments. The proposed rule would substantially restrict contribution and solicitation practices of investment advisers and certain of their related persons, and poses possibly draconian consequences for slip-ups. If adopted, the proposed rule will significantly affect investment advisers’ compliance policies and procedures as well as recordkeeping requirements. Below, we discuss key aspects of the proposed rule and some of the many unresolved issues that will have to be sorted out in the comment process. >>> continued
The Fate of Fixed Indexed Annuities and Rule 151A
On July 21, the U.S. Court of Appeals for the District of Columbia Circuit issued its opinion in American Equity Investment Life Insurance Company, et al.1 v. Securities and Exchange Commission.2 >>> continued