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SEC Settles with FINRA Over Document Alteration
October 31, 2011
Recently, the SEC settled with FINRA for allegedly altering documents that were requested as part of an SEC examination. The SEC has ordered FINRA to hire an independent consultant within 30 days to review and assess FINRA's policies and procedures relating to document integrity and… read more
GAO Issues Report on Mutual Fund Advertising
August 02, 2011
Last week, the US Government Accountability Office released a report on mutual fund advertising documenting the results of a study mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank legislation required the GAO to conduct a review of mutual fund advertising, focusing… read more
Senate Sends Letter to the SEC on Data Security
June 21, 2011
In a letter to SEC Chair Mary Schapiro, five Democratic members of the Senate Committee on Commerce, Science & Transportation asked the SEC to issue interpretive guidance regarding disclosure of information security risk, including material network breaches. The Commission, with its authority to protect… read more
Federal District Court Hands Fund Prospectus Liability Win
June 16, 2011
The US District Court for the Southern District of New York dismissed a class action suit brought by plaintiffs alleging that risks associated with the fund's investments in mortgage backed securities were not adequately disclosed in the fund's prospectus. Arising out of the decline in… read more
Wells Fargo Fined for Tardy Fund Prospectuses
May 12, 2011
Last week FINRA announced that it has imposed a $1 million fine on Wells Fargo Advisors, LLC of St. Louis for its "failure to deliver prospectuses in a timely manner to customers who purchased mutual funds in 2009, and for delays in reporting material information about its… read more