Journal of Investment Compliance articles from December 2006

Journal of Investment Compliance archives from December 2006

Editor column.
December 22, 2006... This issue of the Journal of Investment Compliance provides useful updates on a variety of current regulatory and compliance topics, including soft dollars, pension investment legislation, anti-money laundering, New York Stock Exchange...

SEC releases new interpretive guidance on soft dollar arrangements.
December 22, 2006... Abstract Purpose--To describe and analyze in detail an Interpretive Release (the "2006 Interpretation") approved on July 12, 2006 by the US Securities and Exchange Commission ("SEC") regarding the soft dollar safe harbor under Section...

New pension legislation will significantly change US pension and IRA investments.
December 22, 2006... Abstract Purpose--To describe how the Pension Protection Act of 2006 (the "Pension Act") will affect the investment of plan assets subject to the Employee Retirement Income Security Act of 1974 (ERISA). ...

USA Patriot Act: five years and counting, but still more work to be done.
December 22, 2006... Abstract Purpose--To summarize three implementing rules issued over the past year under the USA Patriot Act by the US Treasury Department Financial Crimes Enforcement Network ("FinCEN") and to make some basic recommendations designed to...

Recent anti-money laundering enforcement actions: lessons to be learned at others' expense.(PATRIOT Act of 2001)
December 22, 2006... Abstract Purpose--To draw lessons learned from recent anti-money laundering enforcement actions. Design/methodology/approach--After providing a brief introduction to the AML regime, this article reviews the recent high-profile...

The evolution of the exchange-traded fund: is active management on the horizon?
December 22, 2006... Abstract Purpose--To discuss how product innovations in exchange-traded funds (ETFs) have blurred the line between passive and active management, and to explore the legal ramifications of these developments. ...

The conflicting roles of the new New York Stock Exchange.
December 22, 2006... Abstract Purpose--To examine whether the New York Stock Exchange (NYSE) in its recent rule changes has provided the appropriate separation between its supervisory authority and the management of the Exchange. ...

Why outsource the compliance function?(financial services)
December 22, 2006... Abstract Purpose--To highlight some of the issues that small firms must address when deciding to avail themselves of the services of independent compliance consultants. Design/methodology/approach--Explains why investment firms use...

Editor column.(Securities and Exchange Commission's regulations)(Editorial)
December 15, 2006... We start this issue with two views of recent SEC regulatory and enforcement actions since Chairman Cox took office a little over a year ago. Nicolas Morgan, Edward Totino, and Perrie Weiner express skepticism that Mr. Cox will lead the...

Recent developments in hedge fund enforcement and regulation by the SEC under the leadership of Chairman Cox suggest that he may not be the free market advocate everyone once thought he was.(Christopher Cox of Securities and Exchange Commission)
December 15, 2006... Abstract Purpose--This paper aims to draw conclusions about the likelihood that Securities and Exchange Commission ("SEC") Chairman Christopher Cox will take significant action to reduce regulation affecting hedge funds based on how the...

The investment advisers act: the need for clarity in the post-Goldstein era.
December 15, 2006... Abstract Purpose--This paper seeks to discuss regulatory clarifications provided by the SEC since the June 2006 DC Court of Appeals decision in Goldstein v. Securities and Exchange Commission disrupted the SEC's hedge fund registration...

The investment company chief compliance officer: three years later--an assessment of the evolution of the role of the CCO.(Company overview)
December 15, 2006... Abstract Purpose--This paper sets out to assess the role of the chief compliance officer ("CCO"), how the CCO performs his/her duties, and hew the CCO interacts with the fund's board three years after the adoption of Rule 38a-1 under the...

Conflicts of interest chief compliance officers face in implementing compliance programs for investment funds and investment advisers.
December 15, 2006... Abstract Purpose--This paper aims to discuss some of the more significant conflicts that a chief compliance officer ("CCO") may face in implementing a compliance program and to offer suggestions intended to reduce the conflicts and...

Compensating mutual fund advisers: a return to the basics of properly structured performance fees.
December 15, 2006... Abstract Purpose--The article seeks to outline the requirements under the Investment Company Act of 1940 (the "Investment Company Act"), the Investment Advisers Act of 1940 (the "Advisers Act") and related US Securities and Exchange...

NASD publishes initial proposal to change conflict of interest rules relating to underwriting of public offerings in the United States.(National Association of Securities Dealers)
December 15, 2006... Abstract Purpose--This paper aims to describe the NASD's recent proposal modifying NASD Rule 2720, the rule by which underwriting can be conducted where the underwriter and the issuer have a "conflict of interest" as defined by the...

Updates on the corporate attorney-client privilege.
December 15, 2006... Abstract Purpose--This paper seeks to describe and assess recent legal developments that affect the corporate attorney-client privilege. Design/methodology/approach--Discusses and analyzes the corporate attorney-client privilege and...

Tackling risk-based compliance.(in investment companies)
December 15, 2006... Abstract Purpose--This paper seeks to recommend a way for the compliance function to identify, monitor, and report the risks it faces to the firm's management. Design/methodology/approach--Outlines the principal challenges in...