Portfolio managers must halt new client onboarding until compliance with Regulation 16(8); pool accounts frozen with limited transfers allowed. Non compliant portfolio managers must immediately stop accepting new clients until fully compliant with Regulation 16(8) and submit monthly progress reports; client securities in pool accounts as of May 11, 2009 are frozen for further transactions though selling and transfers to respective clients are permitted, and no fresh purchases on behalf of those clients are allowed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Portfolio managers must halt new client onboarding until compliance with Regulation 16(8); pool accounts frozen with limited transfers allowed.
Non compliant portfolio managers must immediately stop accepting new clients until fully compliant with Regulation 16(8) and submit monthly progress reports; client securities in pool accounts as of May 11, 2009 are frozen for further transactions though selling and transfers to respective clients are permitted, and no fresh purchases on behalf of those clients are allowed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
