Yesterday afternoon the draft text of the "Proposal of the European Parliament and of the Council on Alternative Investment Fund Managers" (the "Draft Directive") was published. Though widely heralded as a measure directed at the hedge fund industry, the proposals in fact affect the operations of managers of all funds that are not registered as UCITS (Undertakings for Collective Investments in Transferable Securities), including private equity, real estate, infrastructure and venture capital funds.
6 October 2008 - We are transmitting to our clients and friends an announcement just posted by the US Treasury Department containing three solicitations for financial agents to provide services that are needed for the effective implementation of the Troubled Asset Relief Program (TARP) authorized under the Emergency Economic Stabilization Act (EESA).
On October 3, 2008, President Bush signed the Emergency Economic Stabilization Act of 2008 (the "EESA" or the "Act") into law. After a failed vote in the US House of Representatives on Monday, the US Senate passed the legislation on Wednesday as amended to increase temporarily deposit insurance overage and to provide numerous tax benefits.
22 October 2007 - Regulation R was jointly adopted by the Securities and Exchange Commission (SEC) and the Board of Governors of the Federal Reserve System (FRB) in September of 2007 to implement provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) governing bank brokerage activities. Regulation R defines key terms in some of the exceptions for banks from the definition of "broker" under the Securities Exchange Act of 1934 (the "Exchange Act"), as well as provides certain related exemptions.
7 August 2006 - The SEC has issued interpretive guidance concerning clientcommission arrangements and the scope of the Section 28(e)safe harbor (http://sec.gov/rules/interp/2006/34-54165.pdf).
One hundred thirty-four Mayer, Brown, Rowe & Maw LLP lawyers are listed in the 2006 Chambers USA guide to leading business lawyers. The guide highlights the firm's work in several dozen practice areas throughout the U.S. Mayer, Brown, Rowe & Maw LLP senior counsel Philip Lacovara and partner Robert Baptista were also singled out in receiving prestigious "Chambers USA Awards for Excellence."
25 July 2005 - One of the country's leading securities regulation and enforcement groups has joined Mayer, Brown, Rowe & Maw LLP. The nine partners, from Crowell & Moring LLP, include former high-ranking SEC and NASD Enforcement officials and federal prosecutors with broad experience defending corporate and financial services clients in a full range of investigations and actions by the SEC, the NYSE, the NASD, the Justice Department and the New York Attorney General. The group also includes a preeminent investment management practice, including a former Director of the SEC's Division of Investment Management.
23 February 2004 - The Securities and Exchange Commission ("SEC") is adopting a new rule (Rule 206(4)-7) under the Investment Advisers Act of 1940 (the "Advisers Act") requiring registered investment advisers ("Advisers") to adopt written compliance procedures, review the adequacy of such procedures
annually and designate a Chief Compliance Officer responsible for their administration.1 The rule is designed to protect investors by ensuring that all Advisers have internal compliance programs.
Contents:
- Disclosures Required by the Sarbanes-Oxley Act of 2002
- Section 407: Disclosure of Audit Committee Financial Expert
- Proposed Definition of "Financial Expert"
- Section 406: Senior Officer Code of Ethics
- Section 303(a): Improper Influence on Audits
- Proxy Voting Rules for Investment Advisers
- Disclosure of Proxy Voting Record and Inconsistencies with Policies and Procedures
- Requests for Comments
- Changes in Investment Adviser/Investment Company Inspection Procedures and Frequency
30 September 2002 - The Sarbanes-Oxley Act of 2002 (the “Act”) was
signed by President Bush on July 30, 2002. It presents
an extraordinary expansion of securities law regulation
of corporate governance, disclosure, reporting and
accounting requirements and penalties, which should
be fully understood by all publicly traded and reporting
companies.
1 May 2002 - Those of us who practice law in the investment management arena frequently confront important business issues involving Section 17(d) of the Investment Company Act of 1940 (1940 Act) and Rule 17d-1 thereunder (collectively 17(d)). Several of these issues are discussed in this article.
Mayer Brown is a global legal services organization comprising legal
practices that are separate entities (the "Mayer Brown Practices"). The
Mayer Brown Practices are: Mayer Brown LLP, a limited liability
partnership established in the United States; Mayer Brown International
LLP, a limited liability partnership incorporated in England and Wales;
and JSM, a Hong Kong partnership, and its associated entities in Asia. The
Mayer Brown Practices are known as Mayer Brown JSM in Asia. "Mayer Brown"
and the "Mayer Brown" logo are the trademarks of the individual Mayer
Brown Practices in their respective jurisdictions.
