Topics covered in this issue include:

SEC Adopts Rule Changes to Investment Advisers' Act, Registration Requirements
Private fund advisers will face added disclosure requirements as a result of the adoption of the new Form ADV as well as new recordkeeping obligations.

Kramer Levin Files Amicus Brief for SIFMA and The Clearing House in Federal Housing Finance Agency v. Nomura Holding America
Nomura and RBS have appealed the $806 million ruling, one of only a small number of significant mortgage-backed securities cases to proceed to trial.

SEC Approves FINRA's Capital Acquisition Broker Rules
The SEC has approved FINRA's proposed rules that would exempt certain firms from FINRA rules designed for more traditional broker-dealers.

Hedge Fund Law Report Quotes Kramer Levin's Fabien Carruzzo on Derivatives
In case you missed it, Kramer Levin's Fabien Carruzzo is quoted in this Hedge Fund Law Report article discussing the increasing use of synthetic leverage from derivatives instruments, the systemic risks involved and how regulators may respond.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.