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This has been (and continues to be) a period of extraordinary change in the investment management industry. During the past three months, the Securities and Exchange Commission ("SEC") has issued numerous proposed and final rulemakings affecting mutual funds and investment advisers. (At right is our survey of recent SEC regulatory activity.) This article briefly discusses one of these proposals: the SEC ’s recent initiative to increase the transparency of a fund ’s investment advisory

On July 11, 2007, the Securities and Exchange Commission (SEC) unanimously adopted a measure designed to curb fraudulent conduct by investment advisers with respect to "pooled investment vehicles" including hedge funds, private equity funds and venture capital funds.

The staff of the SEC’s Division of Investment Management has posted guidance on how registered funds comply with the new corporate governance disclosure requirements described in the December 22, 2009 "Alert".

On July 10, 2009, the Treasury released draft legislation, the Investor Protection Act of 2009 (the “Proposed IPA”), intended to provide new tools to the Securities and Exchange Commission to protect investors.

With the U.S. sector share doubling to $500 billion by 2030, companies must prepare for a deepening talent shortage.

Has your Board, especially if it has a financial professional on it, ever looked with dismay at the low interest that a Capital Reserve Fund is earning?

The recent conviction of wealthy investor Frederic Bourke by a federal jury in New York reaffirms that the U.S. government's anti-corruption enforcement program, led by the Fraud Section of the Department of Justice, continues to push to the brink the limits of an already sweeping statute.

If a lender knows or has reason to believe that a customer/borrower is committing a fraud, does the lender have an obligation to disclose this knowledge to other lenders or customers who may be adversely affected? Tough question, and one that the U.S. Court of Appeals for the Second Circuit grappled with in two recent opinions.

The San Francisco Assessment Appeals Board ("Board") issued its findings of fact for assessment appeals brought by the San Francisco Giants challenging the 2001, 2002, and 2003 assessments of the team’s possessory interest in SBC Park.

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (the “Act”). Among its provisions, the Act permits certain taxpayers to elect to defer the taxation of cancellation-of-indebtedness (“COD”) income arising from certain repurchases, exchanges or modifications of their outstanding debt that occur during 2009 and 2010.

In the life of any company, the days immediately following the announcement of a merger or joint venture agreement are among the busiest imaginable. From the moment the deal is made public, the pressure is on to start realizing all of the synergies that have been touted to the marketplace. Operations and infrastructure must be integrated. Key employees must be reassured about their roles in the new business. Customers must be convinced about the positive impact that the deal will have on them.

On January 29, 2009, Senators Carl M. Levin (D-MI) and Charles E. Grassley (R-IA) introduced a bill titled the “Hedge Fund Transparency Act” (the “Bill”).

In the last two weeks, two separate bills have been introduced in Congress attempting to micromanage private employer retirement plan investments.

On March 21, 2023 the Oklahoma House of Representatives passed House Bill 2547, which claims to be "designed to continue protections of state pension funds from strategies

A New Jersey investment adviser and her various related firms entered into a settlement agreement with the SEC involving the operation of a multi-million dollar investment fraud, primarily targeting elderly and unsophisticated investors (SEC v. Venetis, D. N.J., No. 10-CV-4493, 9/2/10).

The U.S. Court of Appeals for the Second Circuit affirmed a district court decision, holding that the National Bank Act and OCC regulations preempt state regulation of a national bank operating subsidiary to the same extent that they preempt state regulation of the parent national bank.

On May 20, 2010 the Senate passed the Restoring American Financial Stability Act of 2010 (the "Senate Bill") 59-39, only hours after the cloture vote ended debate on the bill