On July 14, 2004, the Securities and Exchange Commission ("Commission") voted 3-2 to propose new rule 203(b)(3)-2 under the Investment Advisers Act of 1940, as amended ("Advisers Act") to require hedge fund advisers to register with the Commission. The Commission also voted to propose certain conforming and transitional amendments to rules 203(b)(3)-1, 204-2, 205-3, 206(4), and Form ADV. The proposal will be open to public comment for 60 days and must be voted on again by the Commission before it can be adopted.

I am often put in a precarious position when asked to discuss the types of cases that I work on. At one particular well-attended family function, one of my teenaged daughters asked, "Dad, did you nab the crook who ran away with everyone's money??" Due to the highly confidential and sensitive nature of recovery work that I perform, I never discuss specific examples. But the keen interest is telling: more people are becoming aware of civil fraud as an emerging area of law. At the same time, civil fraud is poorly understood.

In an effort to promote the integrity of research reports and investor confidence in those reports, on February 20, 2003, the SEC adopted final rules relating to certification of broker-dealer research reports. New Regulation Analyst Certification requires research analysts to certify in research reports for which they are responsible that the views expressed in the report accurately reflect the analyst's personal views and to disclose whether or not the analyst received compensation or other payments in connection with his or her specific recommendations or views.

A study of the effect of Rule 204-5 and Form ADV-Y2K (adopted by the SEC under the Investment Advisers Act of 1940) on registered investment advisers regarding the Y2K Problem.

On August 8, 2003, the Commodity Futures Trading Commission (the "CFTC") announced a set of final rules designed to amend the rules relating to the exclusions and exemptions from registration for commodity pool operators (each, a "CPO") and commodity trading advisors (each, a "CTA").

Under new rules adopted by the Securities and Exchange Commission, investment advisers will be required to adopt policies and procedures reasonably designed to ensure that proxies are voted in the best interests of clients.

Making good on a promise by its chairman (see C&C Newsletter for February, 1999, Item 2), the Securities and Ex.

This Client Alert discusses the "Notice Regarding Proposed Plan of Distribution, Hearing and Proof of Claim" issued by the US District Court for the Southern District of New York on June 11, 1999.

As the U.S. investment management industry continued to experience phenomenal growth over the past year, there were.

On Friday, November 12, 1999, President Clinton signed the Gramm-Leach-Bliley Act (the "Act") into law, setting in .

The partial settlement announced on November 13, 2003 between the Securities and Exchange Commission and Putnam Investment Management LLC highlights a significant trend in recent enforcement actions: the imposition of substantial corporate governance reforms and related independent monitoring of these required changes. While criticized by state officials in New York and Massachusetts as not being tough enough, the Putnam settlement details sweeping, and for the most part, voluntary changes to its boardroom in terms of composition, process and procedure. The SEC emphasized these voluntary remedial efforts and undertakings as part of its decision to accept Putnam’s offer of settlement. Understanding these specific reforms provides insight into what non-monetary terms the SEC may expect or require in the current regulatory environment.

In almost every session of the General Assembly in recent years, legislation has emerged which requir.

This article warns investment advisors and employee benefit plan fiduciaries that recent changes in the rules by governmental agencies may have an impact on their preparation for Y2K.

On January 31, 2003 the U.S. Securities and Exchange Commission (the ?SEC?) adopted new rules under the Investment Advisers Act of 1940, as amended (the ?Advisers Act?), that require each adviser registered under the Advisers Act that exercises proxy voting authority over client securities to fulfill cetain obligations.

The Securities and Exchange Commission is proposing new rules that would require each investment company and investment adviser registered with the Commission to adopt and implement policies and procedures designed to prevent the violation of federal securities laws and to protect fund investors.

On July 2, 2004, the SEC adopted Rule 204A-1 under the Investment Advisers Act of 1940 and related amendments that require registered investment advisers to adopt a code of ethics.  The new rule is designed to address certain fraudulent trading practices that have been the subject of several recent enforcement actions against investment advisers and to reinforce the fiduciary principles that define the relationship between advisers and their clients

The September 2000 draft of the proposed bill entitled the Local Government Investment Reform Act was generated by .

The partial settlement announced on November 13, 2003, between the Securities and Exchange Commission and Putnam Investment Management LLC highlights a significant trend in recent enforcement actions: the imposition of substantial corporate governance reforms and related independent monitoring of these required changes. Understanding these specific reforms provides insight into what non-monetary terms the SEC may expect or require in the current regulatory environment.