On July 10, 2009, the Treasury Department released the proposed Investor Protection Act of 2009 (the “Act”), which would, if enacted, implement portions of the financial reform propos...
In response to the turmoil that rippled through money market funds and credit markets last fall when the Reserve Primary Fund’s net asset value fell below $1.00 or “broke the buck,”...
Pay-to-play arrangements involving payments to intermediaries to influence public pension fund investment decisions have recently come to the fore on a number of fronts:
New York Stat...
On May 5, 2009, the SEC charged a bond salesman and a hedge fund manager with insider trading involving credit default swaps (“CDS”). The case, the first ever involving insider tradin...
On March 26, 2009, SEC Chairman Shapiro testified before the Senate Committee on Banking, Housing and Urban Affairs with regard to SEC objectives for investor protection enhancement and s...
The reorganization or liquidation of most types of companies is governed in the United States by a single federal law—the US Bankruptcy Code (the “Bankruptcy Code”). As a result, no...
As discussed in the February 18, 2009 Davis Polk Corporate Regulatory Report, SEC Chairman Mary Schapiro recently spoke at the annual “SEC Speaks” conference and indicated her priorit...
In late January, members of Congress introduced two bills that could greatly affect private funds and their managers. Senators Chuck Grassley (R-IA) and Carl Levin (D-MI) proposed “The ...
On December 30, 2008, the SEC Office of the Chief Accountant and Division of Corporation Finance issued a report to Congress on mark-to-market accounting standards as provided by FAS 157,...
Prominent hedge fund managers were among those who testified before the House Committee on Oversight and Government Reform (the “Committee”) on November 13, 2008, in a hearing aimed a...
