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Civil Monetary Penalties Adjusted for Inflation

A final rule has been introduced to carry out the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The final rule implements the first annual inflation adjustment of Securities and Exchange Commission-issued (“SEC”) civil monetary penalties under the following: Securities Act of 1933 Securities Exchange Act of 1934 Investment Company Act of 1940 Investment Advisers Act of 1940 Certain penalties under the Sarbanes-Oxley Act of 2002 Violations that occurred after November 2, 2015, will be impacted upon the final rule’s effective date. For violations on or before that date, the SEC will reinstate penalty amounts in its previous adjustments as. Read More.

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GASB Adds External Investment Pools to Pre-Research Agenda

Approved at its Friday meeting, the Governmental Accounting Standards Board (“GASB”) has added External Investment Pools to its pre-agenda research plan. In its research efforts, the GASB will review whether the reporting requirements for 2a7-like external investment pools that function as money market funds were impacted by recent Securities and Exchange Commission (“SEC”) regulation changes. The GASB hopes to acquire enough information to help decide whether a project should be added to its current technical agenda. In July, the SEC issued Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF to lower the possibility of investors seeking money. Read More.

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SEC’s Release No. IC-31184 to Remove Credit Ratings from Money Market Fund Rule

Issued by the U.S. Securities and Exchange Commission (“the Commission”), Release No. IC-31184, Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule, was approved unanimously on July 23rd. The proposal aims to help the Commission lessen reliance on credit ratings in its rules due to the 2008 financial crisis. Among the changes proposed, most were part of Release No. 33-9408, Money Market Fund Reform, and relate to provisions in Rule 2a-7 of the Investment Company Act of 1940. The Dodd-Frank Act ordered regulatory groups to review rules that use. Read More.

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