Journal of Investment Compliance: Volume 15 Issue 4

Cybersecurity: SEC is starting to scrutinize registrants’ practices

Daniel A. Nathan, Libby J. Greismann

– To alert broker-dealers to the SEC’s plans to examine their cybersecurity practices, and offer advice on compliance.

SEC’s enforcement action against hedge fund adviser for retaliation against a whistleblower highlights challenges employers face

Bryan B. House, Pam L. Johnston, Courtney Worcester

To explain a recent enforcement action by the USA Securities and Exchange Commission (SEC) whereby the SEC brought its first enforcement action for retaliation against a…

SEC issues guidance update regarding enhanced mutual fund disclosure

Domenick Pugliese, Michael Rosella, David Hearth

To explain a guidance update recently issued by the USA Securities and Exchange Commission (SEC) Division of Investment Management that furthers the SEC’s goal of clear and…

Director of SEC’s Division of Investment Management discusses alternative mutual funds

Richard F. Kerr

To alert participants in the mutual fund industry to regulatory developments in the alternative mutual fund space as articulated by the SEC’s Director of the Division of…

ESMA opinion on structured retail products – good practices for product governance arrangements

Hartmut T. Renz, Ingrid Kalisch, Sandra Pfister, Stuart Axford, George M. Williams, Jr.

To explain the practices that ESMA (European Securities and Markets Authority) recommends for investment firms and national competent authorities to implement when it comes to…

European private placements for US managers – navigating the AIFMD minefield

Winston Penhall, Jacqui Hatfield

– The article sets out the practical implications of the EU Alternative Investment Fund Managers Directive for USA managers with a focus on the marketing provisions of AIFMD.

Depository banks under the Alternative Investment Fund Managers Directive (AIFMD)

Lukas Prorokowski

This paper aims to investigate whether enhanced requirements result in the depositories exiting the business. Furthermore, this paper attempts to analyse prospective changes to…

Supreme Court reaffirms “fraud-on-the-market” presumption in securities fraud class actions

Veronica Rendon, John Freedman, Adam Reinhardt

To explain the Supreme Court’s recent decision in Halliburton Co. v. Erica P. John Fund, Inc. and its implications for private class action litigation under the federal securities…

The Securities and Exchange Commission (“SEC”) prevails in the second circuit in defending its no-admission settlement policy

Terence Healy, Amy J. Greer, Daniel Z. Herbst

To explain the impact of a recent decision by the USA Court of Appeals for the Second Circuit on the SEC’s “neither admit nor deny” practice on SEC enforcement matters after the…

FATCA: implications for non-US funds: a general guide for determining the applicability of FATCA to non-USA funds

Kristen M. Garry, Etienne Gelencsér, Eileen M. O’Pray, Naomi King, Jeffrey B. Tate

– To summarize the principal aspects of USA tax legislation commonly known as the “Foreign Account Tax Compliance Act” (“FATCA”) that may be relevant to non-USA investment funds.

FINRA fines broker-dealer for failing to apply Class A sales charge waivers for certain eligible customers on its mutual fund platform

Richard F. Kerr

To review FINRA enforcement action taken against a broker-dealer over failure to waive mutual fund sales charges for certain eligible customers and failure to establish, maintain…

Characteristics of financial crime investigation reports by fraud examiners

Petter Gottschalk

The purpose of this paper is to present results from an exploratory study of private investigations by fraud examiners in Norway. The activity of private investigations by fraud…

Editor’s letter

Henry Davis