Journal of Investment Compliance: Volume 8 Issue 4

Operating company or investment company: what would a reasonable investor think?

Christopher D. Menconi

This paper aims to discuss a recently‐decided Seventh Circuit case in which the Securities and Exchange Commission (SEC) alleged that National Presto Industries, Inc., a seller of…

Sound policies and procedures: the basis of a sound compliance program

Linda Wolosz

The purpose of this paper is to: emphasize the importance of sound policies and procedures to support a sound compliance program; define the relationships among rules, policies…

Net trading, market making, and the SEC's view of best execution

Brandon Becker, Bruce H. Newman, Andre Owens, Soo J. Yim, Christie Oberg

The purpose of this paper is to discuss the implications of a recent SEC settlement with Morgan Stanley & Co. (MS & Co.) with regard to: communication and coordination among…

Revisiting insider trading in the debt markets: lessons for debt investors and members of committees in bankruptcy cases

Karl A. Groskaufmanis, Kalman Ochs

The purpose of this paper is to draw attention to the Securities and Exchange Commission's (SEC's) insider trading principles as they apply to trading in debt securities based on…

Tellabs, Inc. v. Makor Issues & Rights, Ltd – a uniform test for pleading scienter in securities fraud cases

P. Benjamin Duke

The purpose of this paper is to discuss the US Supreme Court's recently enunciated uniform test in Tellabs for determining whether factual allegations in a federal securities…

SEC adopts new anti‐fraud rule for private funds

Elizabeth Shea Fries, Jackson B.R. Galloway

The purpose of this paper is to analyze new SEC Rule 206(4)‐8 under the Investment Advisers Act of 1940 and discuss its practical implications.

Supreme Court holds that the federal securities laws implicitly preclude application of the antitrust laws to the underwriting of initial public offerings

Harry Frischer, Stephen L. Ratner, Sarah S. Gold, Gregg M. Mashberg, Michael S. Lazaroff

The purpose of this paper is to describe the background and reasoning behind the June 18, 2007 US Supreme Court decision in Credit Suisse Securities (USA) v. Billing et al.

SEC adopts amendments to Regulation SHO

Stuart J. Kaswell, Alan Rosenblat, Christopher S. Ha

The purpose of this paper is to summarize and explain amendments to SEC Regulation SHO adopted on June 13, 2007

State securities legend requirements in Rule 506 private placement memos

Adam D. Gale

The purpose of this paper is to discuss state securities legend requirements for private offerings made pursuant to Rule 506 of Regulation D, with a particular focus on hedge fund…

SEC and BaFin sign regulatory cooperation arrangement

Angelo Lercara

The purpose of this paper is to explain a comprehensive memorandum of understanding (MOU) between the SEC and BaFin designed to facilitate their supervision of internationally…

China opens up issuance of Renminbi Bonds in Hong Kong

Connie Heng, Cao Yanping, Rupert Li, Yang TieCheng

The purpose of this paper is to explain the legal framework of both Hong Kong and the People's Republic of China (PRC) that governs the issuance of Renminbi bonds in Hong Kong.

Summary of selected FINRA Regulatory Notices

Henry A. Davis

The purpose of this paper is to provide excerpts of selected Financial Industry Regulatory Authority (FINRA) Regulatory Notices issued in July and August 2007. In July 2007, FINRA…

Editor column

James A. Tricarico, Henry A. Davis