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SEC Announces First Cybersecurity Enforcement Action Against an Investment Adviser for Failure to Protect Client Data
On September 22, 2015, the Securities and Exchange Commission (SEC) announced its first cybersecurity-related enforcement action against an investment adviser for failure to protect customer records and information. According to the settlement, R.T. Jones Capital Equities Management, Inc. (R.T. Jones)...
SEC Issues New Guidance on Cybersecurity for Investment Companies and Investment Advisors
On April 28, 2015, the SEC's Division of Investment Management released a Guidance Update providing cybersecurity guidance for investment companies and investment advisors (firms). 1 The SEC has prioritized cybersecurity as a critical issue for such firms, especially for those...
SEC Proposes Changes to Various Reporting Requirements for Investment Advisers
On May 20, 2015, the Securities and Exchange Commission (SEC) unanimously approved a proposal of additional amendments to the Investment Advisers Act of 1940 (Advisers Act) 1 : specifically, three changes to Form ADV 1A, and one revision to the...
Distress in the Defense Industry: Opportunities and Obstacles
To listen to the podcast, please click here . The U.S. defense industry is facing a new battle – financial distress. Withdrawal of U.S. forces from Afghanistan and Iraq combined with reductions in the defense budget and sequestration have taken...
SEC Seeks to Alleviate Chief Compliance Officers' Concerns Regarding Recent Enforcement Actions
On November 4, 2015, Andrew Ceresney, Director of the Division of Enforcement of the Securities and Exchange Commission (SEC), presented the keynote address at the 2015 National Conference of the National Society of Compliance Professionals. In his speech, Mr. Ceresney...
Supreme Court Confirms that Credit Bidding is Alive and Well
Today, the Supreme Court of the United States issued its much awaited decision in RadLAX Gateway Hotel, LLC v. Amalgamated Bank , 566 U.S. ______ (2012). The noteworthy decision resolves any uncertainty surrounding a secured creditor’s right to credit bid...
CFTC Regulation of Hedge Funds to Increase - Final Rules Adopted
On February 9, 2012, the Commodity Futures Trading Commission (CFTC) issued final rules rescinding and revising certain key exemptions to its registration requirements that have been routinely relied upon by the advisors and sponsors of private funds and investment companies...
A Private Foreign Issuer Who Issues US Notes Shielded by Sovereign Immunity??
Imagine an international issuer with US branch offices selling private placement notes in the US to US institutional investors, with the notes governed by NY law and the issuer submitting irrevocably to NY jurisdiction. Now imagine that the issuer’s common...