Journal of Investment Compliance: Volume 10 Issue 4

Robert Khuzami speaks: on his first 100 days as division director, and the future of the enforcement division

Nader H. Salehi, Gerald J. Russello, Vincent Hull

The purpose of this paper is to explain new initiatives announced by SEC Division of Enforcement Director Robert Khuzami on August 5, 2009 as Phase I of the division's…

Conversations at the top: the tone of the independent chief compliance officer

Rob Sobol

The purpose of this paper is to clearly set forth before fund business leaders certain current relevant investment management compliance regulatory issues, to communicate the…

Short sale developments: “close‐out” requirement made permanent and additional regulatory initiatives expected from the Securities and Exchange Commission

Soo J. Yim, Timothy F. Silva, Stephanie Nicolas, Tiffany J. Smith

The purpose of this paper is to explain the SEC's final rule, issued on July 27, 2009, making the “close‐out” requirement in Interim Temporary Final Rule 204T permanent and…

Short‐selling: progress on international harmonization and forthcoming changes in the UK

Leonard Ng, Tom Hunter

The purpose of this paper is to highlight a number of important developments regarding the regulatory framework for the short‐selling of securities.

Court holds that adviser recommending that its clients invest in Bayou Funds, which turned out to be Ponzi schemes, is not liable for violating Federal Securities Antifraud Statute

Thomas Cauley, Scott Rauscher

The purpose of this paper is to address the potential liability of investments advisers who recommend investments that are later revealed to be Ponzi schemes.

Reporting tax return positions inconsistent with IRS authority – between “a rock and a hard place”

Roger D. Lorence, Steven M. Etkind

The purpose of this paper is to highlight the quandary that a taxpayer may be in when choosing between disclosing a tax return position that may be contrary to Internal Revenue…

The outplacement of placement agents? SEC proposes new “pay‐to‐play” rules

Steven W. Rabitz, Marissa J. Holob

The purpose of this paper is to explain the SEC's proposed new rules under the Advisers Act that would prohibit making or receiving various types of payments and political…

Joint DOL and SEC hearing on target‐date funds

Susan M. Camillo, Robert A. Robertson, Kathleen Ziga, Karl J. Paulson Egbert, Alpa Patel

The purpose of this paper is to explain the results of a June 18, 2009 Joint US Department of Labor‐Securities and Exchange Commission hearing regarding Target Funds as investment…

FSA publishes final Code of Practice on policies relating to remuneration of personnel at FSA regulated firms: financial services alert

Philip J. Morgan, Neil Nick Robson

The purpose of this paper is to explain UK Financial Services Authority (FSA) Policy Statement 09/15, Reforming Remuneration Practices in Financial Services, (the “Code”) which…

The regulation of private placements in France

Eric Cafritz, Olivier Genicot, Benoit Ternon

The purpose of this paper is to explain a recently adopted Ordinance (the “Reform Act”) and amendments to the General Regulation of the Autorité des Marchés Financiers (AMF…

Implementing the new summary prospectus rule: done right it will save both time and money; done wrong and look out for the bottom line

Jeff Levering

The purpose of this paper is to recommend a print distribution and web site disclosure strategy that is both cost effective and compliant with the SEC summary prospectus rule.

Regulating credit default swaps as insurance: a law and economics perspective

Matthew A. Zolnor

The purpose of this paper is to analyze a recent proposal by the State of New York that would subject a large portion of the credit default swap (CDS) market to state‐based…

Summary of selected FINRA regulatory notices and disciplinary actions July‐August 2009

Henry A. Davis

The purpose of this summary is to provide excerpts of selected Financial Industry Regulatory Authority (FINRA) regulatory notices and disciplinary actions issued in July and…

Editor column

Henry A. Davis