Business of Law - Product Update
9/8/2008 1:28:06 PM EST
Investment Advisors: Law and Compliance
The update of this publication includes the latest cases, SEC No-Action Letters, Interpretive Releases, and discussions on the following topics: the publication of the RAND report on the differences between investment advisers and broker-dealers serving retail clients; the SEC issuing a report confirming that entities not regulated as investment advisers remain subject to prohibitions of insider trading; registered Advisers with Foreign Clients; the definition of "United States Person;" an SEC enforcement action against a separately managed account sponsor that favored proprietary mutual funds in structuring a mutual fund asset allocation program; SEC staff and industry guidance regarding best execution in fixed income securities transactions; an SEC enforcement action against a mutual fund manager whose personnel considered the receipt of gifts, entertainment and travel in selecting broker-dealers to execute client transactions; and an SEC enforcement action confirming that recordkeeping obligations extend to complete records of instant messages.
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