The Law of the Financial Markets from Top Securities Lawyers
Tuesday, December 3, 2024
American Infrastructure Funds LLC (AIM), a registered investment adviser based in Foster City, California, has agreed to a settlement with the SEC, in which AIM will pay over $1.6 million to resolve charges brought against the firm. These charges stem from several alleged breaches of its duties as an investment […]
July 12, 2023 – The SEC today adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940. The amendments are designed to enhance the resilience and transparency of money market funds, particularly during periods of market stress. Significant Changes One of the key […]
The Securities and Exchange Commission charged investment advisory firm Betterment LLC for material misstatements and omissions related to its automated tax loss harvesting service (TLH), failing to provide clients with notice of contract changes, and failing to maintain certain required books and records. Betterment agreed to pay a $9 million […]
The Securities and Exchange Commission’s staff is considering recommending a regulatory fix to the auditor independence issues caused by the Loan Rule, according to the SEC‘s semiannual regulatory agenda, which was made publicly available Thursday. The “Loan Rule,” actually a provision of Rule 2-01 of Regulation S-X, provides that an […]
Losses cause liquidity concerns By John M. Baker, Esq. Penta Japan Fund Ltd. told investors that it temporarily won’t be able to honor some $120 million in outstanding redemption requests. According to a detailed article on HedgeWorld.com, the fund has lost 47.4% of its value this year after gaining 153.8% […]
New Study Says Maybe Not By John M. Baker, Esq. A longstanding controversy is whether professional investment managers are able to add value. Some older studies have suggested that, at least for mutual fund investors, actively managed funds consistently underperform index funds. Now a study in the August 2000 issue […]
Order Permits Exemptive Order for Manager of Managers By John M. Baker, Esq. July 6, 2001 – The Securities and Exchange Commission today published in the Federal Register an order granting a manager of managers exemptive order and denying a request for a hearing. Release No. IC-25055, 66 Fed. […]
Lying to Investors Is Not. By Mark J. Astarita, Esq. While you would never know it from the press reports, and some pretty irresponsible statements from some regulators, market timing is not illegal. It is a perfectly legal trading strategy, which has been in existence for years, with the knowledge […]
New Obligations for Mutual Fund Directors? By John M. Baker, Esq. The staff of the Securities and Exchange Commission recently issued an interpretive letter on the obligation of investment companies and their directors to determine in good faith the fair value of the funds’ portfolio securities when market quotations are […]
