Journal of Investment Compliance articles from June 2004

Journal of Investment Compliance archives from June 2004

As is apparent to anyone who keeps up with the JIC on a regular basis (and everyone in the compliance and legal community should do so), we continually report on and analyze significant litigation issues.(Editorial)
June 22, 2004... As is apparent to anyone who keeps up with the JIC on a regular basis (and everyone in the compliance and legal community should do so), we continually report on and analyze significant litigation issues. This issue is no different. In fact,...

Who should pay for e-discovery? Examining the Zubulake approach.(trilogy of cases, Zubulake v. UBS Warburg, 2003 WL 21087884, Zubulake v. UBS Warburg, 2003 WL 21714957, Zubulake v. UBS Warburg, 2003 WL 22410619)(Rowe Entm't, Inc. v. William Morris Agency, Inc.)
June 22, 2004... For over two hundred years, our nation's legal system has been based on the "American Rule," with each party bearing its own litigation costs. Not surprisingly, the founders of our legal system did not anticipate the extent to which e-mail...

Transaction costs and best execution: compliance and measurement.(stock markets, stock trading and its costs)
June 22, 2004... This article presents a framework for thinking about trading and its costs upon which to base an effective investment-manager compliance program. An efficient and effective transaction process is vital to the satisfactory implementation of an...

Best execution for investment advisers: the goal and the process.(fiduciary duties, Investment Advisers Act of 1940, Investment Company Act of 1940, Employee Retirement Income Security Act of 1974)
June 22, 2004... What exactly is the best execution duty of investment advisers? There is no clear consistent definition relied upon by regulators and courts and it has assumed different forms in different cases with different facts. Nevertheless everyone...

SEC proposes significant changes to current market structure.
June 22, 2004... The SEC has proposed several rules and rule amendments that, if adopted, would impact the market structure of the equities markets for years to come. This article summarizes those proposed changes and describes some of the early reaction to...

Understanding behavior detection technology: how it finds suspicious behaviors and meets requirements of the new compliance environment.(Wall Street wrongdoing, tool for financial services companies and compliance staff)
June 22, 2004... Amid all the bad news of Wall Street wrongdoing, there is good news for financial services companies and compliance staff: A new generation of technology, called "behavior detection," means that more and more financial abuses and violations...

Institutional brokerage anti-money laundering detection scenarios: filling the gaps.(seeking guidance from regulators on the potential characteristics of anti-money laundering activities)
June 22, 2004... Certain institutional trading operations executives of major broker-dealers currently are indicating that there is a paucity of guidance from regulators and others on the potential characteristics of anti-money laundering activities in their...

Soft dollars: a hot-button issue ripe for reform.(Disclosures (Securities law), Soft dollar arrangements)
June 22, 2004... In this time of heightened regulatory attention to potential conflicts of interest and the transparency of transaction costs in buying and selling portfolio securities, soft dollar practices have come under intense scrutiny. Soft dollar...

An overview of advisers act requirements for hedge fund managers.(hedge fund manager, Investment Advisers Act of 1940)
June 22, 2004... A hedge fund manager typically falls within the definition of an "investment adviser" under the Investment Advisers Act of 1940. Persons who fall within this definition generally must register with the SEC and are subject to all applicable...

Further thoughts regarding research analysts' conflicts of interest: the 2004 Joint Memorandum.(National Association of Securities Dealers, New York Stock Exchange)
June 22, 2004... In March 2004, the NASD and the New York Stock Exchange issued a joint memorandum that provides interpretative guidance on NASD Rule 2711 and the research analyst provisions of NYSE Rules 351 and 472, as amended in July 2003, and addresses...

ERISA and hedge funds.
June 22, 2004... The Employee Retirement Income Security Act of 1974 (ERISA) is a complex piece of legislation dealing with the establishment, operation, and administration of employee benefit plans. Administered and enforced by the U.S. Department of Labor...

ERISA for securities professionals.
June 22, 2004... This article provides an overview of how the Employee Retirement Income Security Act of 1974, as amended (ERISA), applies to securities professionals such as registered investment advisers and registered broker-dealers who advise, manage, or...