Dodd-Frank.com

SEC Invites Regulated Entities to Voluntarily Submit Self-Assessments of Diversity Policies and Practices

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The SEC Office of Minority and Women Inclusion, or OMWI, invited entities regulated by the SEC to submit a Diversity Assessment Report. Entities regulated by the SEC include broker-dealers, investment advisers, investment companies (mutual funds), transfer agents, municipal advisors, private fund advisers, clearing agencies, nationally recognized statistical rating organizations, national... Read More

Topics: Broker-Dealer, Employment, Investment Advisers, Municipal Advisors, Private Equity

MSRB Warns Municipalities, Underwriters and Municipal Advisors about Selective Disclosure

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Regulation FD prohibits public companies from disclosing material nonpublic information to designated classes of persons such as securities professionals and holders of the issuer’s securities without, in most cases, simultaneous public disclosure. For many good reasons, public companies generally prohibit disclosure of material non-public information to anyone not subject to... Read More

Topics: Municipal Advisors

SEC Brings First Action under Dodd-Frank Municipal Advisor Antifraud Rules

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Two California-based municipal advisory firms and their executives have agreed to settle SEC charges that they used deceptive practices when soliciting the business of five California school districts. According to the SEC, an investigation found that School Business Consulting Inc. was advising certain school districts about their hiring process for... Read More

Topics: Litigation, Municipal Advisors

MSRB Publishes Compliance Advisory for Municipal Advisors

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The Municipal Securities Rulemaking Board, or MSRB, published its first Compliance Advisory for Municipal Advisors, developed to assist municipal advisors with understanding and implementing the regulatory framework created by the MSRB as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new compliance advisory highlights fundamental... Read More

Topics: Municipal Advisors

SEC Provides Guidance on Definition of “Spouse” and “Marriage”

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The SEC has provided guidance on the definition of “spouse” and “marriage” in the wake of United States v Windsor.  That case held Section 3 of the Defense of Marriage Act was unconstitutional. As a result  the SEC will read the terms “spouse” and “marriage,” where they appear in the... Read More

Topics: Investment Advisers, Municipal Advisors, Public Companies and Securities

MSRB Provides Guidance on Developing Supervision and Compliance Programs for Municipal Advisors

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Rule G-44 of the Municipal Securities Rulemaking Board, or MSRB, became effective on April 23, 2015. That Rule establishes the supervisory and compliance obligations of municipal advisors. The MSRB has provided an educational document designed to support municipal advisors’ development of effective policies and procedures for supervision and compliance, particularly... Read More

Topics: Municipal Advisors, Uncategorized

MSRB Moves Foward Professional Qualification Standards For Municipal Advisors

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The Municipal Securities Rulemaking Board, or MSRB, has received approval from the SEC to create baseline standards of professional qualification for municipal advisors. The new standards will be incorporated through amendments to the MSRB’s existing Rules G-2 and G-3 on professional qualifications and take effect April 27, 2015. The Dodd-Frank... Read More

Topics: Municipal Advisors, Uncategorized