In order to conform to the requirements of Dodd-Frank, the SEC has amended its rules to exclude the value of a person’s primary residence from net worth calculations used to determine whether such individual is an “accredited investor” for purposes of qualifying for certain private offerings under the securities laws. SEC rules permit certain private and limited offerings to be made without registration, and without …
SEC Proposes New Investor Disclosure Requirements for Hedge Funds Using Third Party Marketers
On October 18, 2011, the SEC released a notice of FINRA’s filing of Proposed Rule 5123 (the “Proposed Rule”) which would require FINRA members and associated persons to: 1) provide to investors disclosure
SEC Takes Enforcement Action Under Aberrational Performance Inquiry Initiative
On December 1, 2011, the SEC announced enforcement actions against three separate advisory firms and six individuals for various misconduct including improper use of fund assets, fraudulent valuations, and
CFTC Adopts Anti-Fraud and Anti-Manipulation Rules
On July 7, 2011, the Commodity Futures Trading Commission (“CFTC”) issued final rules under the new anti-manipulation and anti-fraud provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act