Amendment to Japanese investment management tegulations in response to AIJ incident
On 12 October 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan published a draft amendment to certain rules intended to revamp the regulation and supervision of discretionary advisory businesses, particularly with respect to employees’ pension fund clients. The Draft Rules effectively impose an audit requirement on funds into which investment managers invest client assets, and require the investment manager to establish processes for independent third party verification of fund NAV, except when clients are specified investors.
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California’s first carbon allowance auction on 14 November 2012 featured plenty of demand but a lower-than-expected closing price, based on results released on Monday by the California Air Resources Board.
The FTC announced a potentially groundbreaking settlement with the social networking app Path and released an important new staff report on Mobile Privacy Disclosures late last week.