Registration and Regulation Considered By John M. Baker, Esq. Web aggregation is among the most recent financial services developments. Web aggregators collect an individual’s financial account information from a variety of web sites and enable the individual to view and manage it all at a single site. Current estimates are […]
Tag: News
NASAA Proposed Web Based Investment Advisor Registration Depository
]]> Home | Message Board Home Search Arbitration Investors Brokers Finance Law Compliance Archives Comment Period Expires August 21, 2000 By John M. Baker, Esq. The North American Securities Administrators Association (NASAA) has released for public comment proposed amendments to the Uniform Securities Act and the NASAA Model Rules […]
Duties of Advisor to Supervise Sub-advisor
Duties of Advisor to Supervise Sub-Advisor Addressed SEC speech reflects on obligations for conduct of sub-advisor By John M. Baker, Esq. Dec. 9 2001 – Stephen Cutler, Director of the SEC’s Division of Enforcement, on Thursday spoke at the Investment Company Institute’s Securities Law Developments Conference on potential pitfalls in […]
Court Dismisses Class Action based on SLUSA
Court Dismisses Class Action Based on State Law Claims SLUSA preemption found in variable annuities claim By John M. Baker, Esq. The U.S. Court of Appeals for the Second Circuit recently ruled that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) preempts class actions based on state law claims […]
SEC Letter on Variable Annuity Exchanges
Retail Exception Too Broadly Applied By John M. Baker, Esq. June 27, 2001 – The SEC‘s Division of Investment Management recently wrote several trade associations to advise of staff concerns with variable annuity exchanges. National Association for Variable Annuities, SEC No-Action Letter (June 19, 2001; available June 20, 2001). Section […]
SEC Interpretation on Mini-Tender Offers Released
Section 14(e) applies, but not 14(d) for some, but yes for others. By John M. Baker, Esq. The SEC issued an interpretive release on “mini-tender offers” and limited partnership tender offers. Release Nos. 34-43069, IC-24564 (July 24, 2000). A mini-tender offer is a tender offer resulting in ownership of not […]
SEC IPO Improper Allocation Case
Assigning IPO Shares to an Affiliate Causes Problems. By John M. Baker, Esq. The SEC instituted and settled administrative proceedings against The Dreyfus Corporation and a former portfolio manager for improperly allocating IPOs to a favored fund. The portfolio manager was responsible for five funds (plus a sixth fund that […]
SEC Adopts Repurchase Agreement RuleNews
]]> Home | Message Board Home Search Arbitration Investors Brokers Finance Law Compliance Archives SEC Adopts Repurchase Agreement Rule Amendments to Investment Company Act approved By John M. Baker, Esq. July 6, 2001 – The SEC today posted a release adopting a new rule and related rule amendments […]
SEC Injunction Issues for Investment Contract Scheme
Promises of 15% Returns in Government and Distressed Securities Alleged to be Fraudulent By Mark J. Astarita, Esq. The Securities and Exchange Commission announced that on July 28, 2000, the Honorable Kenneth L. Ryskamp, United States District Judge for the Southern District of Florida, entered a summary judgment against a […]
Global Billion Dollar Settlement
“These cases reflect a sad chapter in the history of American business — a chapter in which those who reaped enormous benefits from the trust of investors profoundly betrayed that trust. These cases also represent an important new chapter in our ongoing efforts to restore investors’ faith in the fairness […]
