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Speaking recently at NYU Law School, David Miller outlined his enforcement philosophy and priorities as the new head of the Commodity Futures Trading Commission’s (CFTC) Division of Enforcement (Division). While emphasizing that the “era of regulation by enforcement is over,” Miller made clear that the CFTC intends to vigorously pursue fraud, manipulation and abuse.

The Massachusetts Securities Division has amended proposed rules relating to the regulation of investment advisers.

As has been widely reported in both the financial and trade press, on Friday, June 23, 2006 a federal appeals court in Washington, DC invalidated the SEC’s hedge fund manager registration rule, calling the controversial rule "arbitrary." The rule, which sought to redefine the meaning of the term "client" as used in the Investment Advisers Act of 1940, was passed in late 2004 by a deeply divided Commission.

Over the past year, several managers of collateralized debt obligation (or similar) vehicles (CDO issuers) have sought to avoid the failure of overcollateralization ratio (O/C ratio) tests that would have resulted in the diversion of cash flows to pay down the most senior debt tranches by causing the surrender of junior debt to the CDO issuer with the intent that it be forgiven.

The departments of the Treasury and Justice, along with the Federal Reserve, have imposed ever-increasing fines against financial institutions for violating U.S. economic sanctions programs against countries such as Iran, but without apparent effect.

Congress passed the Investment Company Act of 1940, 15 U.S.C. §§ 80a-1 et seq., to protect mutual fund investors. Section 36(b) of the Act imposes on investment advisers, who often create and manage mutual funds, “a fiduciary duty with respect to the receipt of compensation for services” from a mutual fund, and gives fund shareholders a private right of action for breach of that duty.

On December 29, 2025, the Securities and Exchange Commission (the "SEC") issued a final rule delegating authority to the Director (the "IM Director") of the Division of Investment Management...

There is no one best way to invest. Every investment strategy offers potential rewards and poses certain risks. The appropriate strategy or strategies for you depends on your personal...

Changes to the eligibility requirements for Forms S-3 and F-3 became effective on Sept. 2, 2011. The new requirements changed the test that previously allowed primary offerings of non-convertible investment grade securities.

Midas was an ancient King who was cursed, so that whatever he would touch would literally turn to gold. Henceforth, in modern day language, a person that has the "Midas touch" is universally...

According to new research from TMF Group, in association with Forbes Insights, over a third (36.4%) of US-based multinationals still see the developing markets of South America as central...

The Federal Trade Commission recently announced and asked for comments about proposed changes to the Hart-Scott-Rodino (HSR) premerger notification rules and report form.

You are floating on your raft in the hotel pool, drink in hand, watching the clouds go by.

The United States Senate on May 19, 2004 approved legislation authorizing Project Bioshield, a program President Bush first outlined during his 2003 State of the Union address to prepare the nation better against a biological attack.

On April 19, the U.S. Supreme Court handed down a unanimous decision that may make it tougher for investors to recover compensation when companies make misleading disclosure.

recent Delaware Chancery Court case provides further support for using "pay-toplay" techniques to reduce or remove the rights of preferred stock investors who fail to support a company in subsequent fundraisings. In <I>Watchmark Corp. v. ARGO Global Capital, LLC, et. al.</I>, the court decided that Watchmark’s directors, five out of six of whom were representatives of the preferred stock investors, did not breach their fiduciary duties in approving a financing that converted preferred

In the latest development in a long-running regulatory saga, the U.S. Department of Labor (DOL) on October 31, again proposed major changes (the Proposal)...