Recently, the Securities and Exchange Commission (“SEC”) issued an Order Instituting Administrative Cease-and-Desist Proceedings against Ronald S. Rollins (“Rollins”) of Plainfield, New Jersey (Rel. 34-70058). Rollins is the former Chief Compliance Officer (“CCO”) of Comprehensive Capital Management, Inc. (“CCM”), a…
With this year’s U.S. Supreme Court (the “Court”) term coming to a close, there has been a flurry of rulings that may substantially impact the securities industry. While most are aware of the Court’s decision to invalidate the Defense of…
This week, President Barack Obama nominated former U.S. attorney Mary Jo White to be chairman of the Securities and Exchange Commission (“SEC”). If confirmed by the Senate, White would take over the helm at the SEC from Elisse Walter, who…
Last week the Enforcement Section of the North American Securities Administrators Association (NASAA) issued its annual enforcement survey, providing an overview of state enforcement efforts in 2011. The survey concludes that 6,121 investigations were conducted by the 48 responding regulators…
In a news conference this week, North American Securities Administrators Association (“NASAA”) President and Arkansas Securities Commissioner Heath Abshure sharply criticized the SEC’s proposed rule allowing marketing of private offerings. Mr. Abshure, who was joined in the conference by Cristina…
Yesterday the Securities and Exchange Commission instituted administrative proceedings against nationally syndicated radio personality and author Raymond J. Lucia. Lucia is the owner of Raymond J. Lucia Companies, Inc., a former federally registered investment adviser doing business as RJL Wealth…
ERISA Rule 404a-5 was enacted in order to provide greater transparency to investors in 401(k) type pension plans. The rule was adopted two years ago, but the August 30, 2012 deadline for plan administrators to issue the required disclosures is…
On June 28, 2012 SEC Chairman Mary Shapiro appeared before a House subcommittee to testify about the agency’s implementation of the Jumpstart Our Business Startups Act (JOBS Act). Title II of that legislation requires the SEC to implement ground-shifting rule…
On February 15, 2012, the SEC announced the final adoption of amendments to Rule 205-3 of the Investment Advisers Act of 1940 (“Advisers Act”). The amendment results from the Dodd-Frank Wall Street Reform and Consumer Protection Act’s change to section…
As previously reported by JLG, in June 2011 the SEC adopted new rules implementing amendments to the Investment Advisers Act created by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The Dodd-Frank Act increased…