Journal of Investment Compliance: Volume 15 Issue 2

A new SEC enforcement direction for 2014

Randall Fons, Tiffany Rowe

To summarize and comment on the Securities and Exchange Commission’s (SEC’s) two-day conference, “The SEC Speaks,” held February 21-22, 2014, in which commissioners and senior…

The SEC’s Municipal Advisor Rule will prompt new practices for market participants

David Bannard, Reed Groethe

To explain the new Municipal Advisor Rule that will take effect on July 1, 2014, which regulates persons and firms that provide advice to municipal issuers and obligated parties…

SEC offers relief to M&A brokers

Russell D. Sacks, Thomas Donegan, Charles S. Gittleman

To explain a No-Action letter recently issued by the USA Securities and Exchange Commission (SEC) permitting persons who qualify as “M&A Brokers” to facilitate the sale of private…

SEC staff expands relief from broker-dealer registration under US Securities Exchange Act for intermediaries in private M&A transactions

Henry Kahn, Robert Welp, Richard Parrino

To review the M&A Brokers “no-action” letter issued in February 2014 by the staff of the USA Securities and Exchange Commission that clarifies the circumstances in which…

SEC’s examination program issues a risk alert on investment adviser due diligence processes

John H. Walsh

To summarize and interpret a Risk Alert titled “Investment Adviser Due Diligence Processes for Selecting Alternative Investments and their Respective Managers,” issued by the USA…

Broker-dealers need to respond to recent focus on cybersecurity threats

David Petron, Michael Wolk, Edward McNicholas

– To alert broker-dealers to several regulatory developments relating to cybersecurity threats.

Shareholder activism spreads globally

Abigail Pickering Bomba, Steven Epstein, Philip Richter, David Shine, John E. Sorkin, Gail Weinstein

To inform on recent developments in shareholder activism, a phenomenon well-documented in North America and Europe and now spreading to Latin America, and summarize the key…

Fortress Europe? UCITS V and the US Fund Manager

Thomas Jesch, Hartmut Renz, Stephen Culhane, Simon Firth, David Sausen, Willys Schneider, George Williams

To discuss the new UCITS V Directive, recently agreed upon by the European Parliament and Council, which will include safeguards to protect client assets in the event of a…

How sell side advisors can reduce litigation risk in light of Delaware’s Rural/Metro decision

Gregory Gooding, William Regner, Maeve O'Connor, Gary Kubek

To explain the implications of a March 2014 Delaware Court of Chancery decision that found RBC Capital Markets liable for damages for aiding and abetting breaches of fiduciary…

Editor’s letter

Henry Davis