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U.S.-Canada Cross-Border Corporate Fraud ( June 2005 )
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. -
Securities and Exchange Commission Proposal to Require Hedge Fund Advisers to Register ( August 2004 )
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. -
SEC Adopts Final Rule Requiring Investment Advisers to Adopt Codes of Ethic ( August 2004 )
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 -
Imposing Corporate Governance Reform: The SEC Takes Action ( November 2003 )
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. -
Final Rules Regarding CPOs and CTAs: Additional Exemptions, Confirmation of No-Action Relief and Other Regulatory Relief ( August 2003 )
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"). -
Imposing Corporate Governance Reform:The SEC Takes Action ( November 2003 )
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.
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