The SEC found that Noonan Capital misappropriated client assets by charging excessive advisory fees in the amount of $183,908, which amounts to almost double what should have been charged. Additionally, Noonan Capital misrepresented its AUM and failed to withdraw its registration from the SEC. Noonan also violated the Advisers Act by failing to maintain proper books and records, and failing to furnish investors with the proper information required by Part 2 of form ADV. View letter in full here (links externally to SEC website).

This matter involves violations of federal securities laws by Delaware Asset Advisors (DAA) and Alex Wei, in connection with the structuring, sales, and marketing of a $1.6 billion collateralized debt obligation known as Delphinus CDO. Wei, the portfolio manager employed by DAA, provided inaccurate information in order to obtain Effective Date Rating Agency Confirmation, in an effort to save his reputation and monthly fees that would have otherwise been in jeopardy. View letter in full here (links externally to SEC website).

Earlier this year, the Tri-Party Repo Infrastructure Reform Task Force issued its final report describing the status of industry efforts to reform the tri-party repo market. The Federal Reserve Bank of New York announced that the Federal Reserve would intensify its supervisory oversight of key tri-party market participants' efforts to implement the Task Force recommendations in a timely fashion. Note that triparty repo was also a topic of extensive discussion in the FSOC's annual report, which was also a topic of today's news. View statement in full here (links externally to NY Fed website).

SIFMA today announced it is releasing a set of model documents and related guidance to help municipal securities underwriters comply with new requirements, effective August 2, 2012, for disclosure to municipal issuers set forth by MSRB Rule G-17. These documents are intended to be a starting point for disclosures regarding the underwriter's role, compensation, and conflicts, as well as risks inherent in certain complex financial transactions. SIFMA encourages underwriters to expand or modify these documents as necessary to encompass unique financial characteristics and risks not included in

The SEC announced that a non-profit corporation that offers securities to fund mortgage and construction loans to young Amish families in Ohio will ensure that its investors receive more timely and accurate information. The press release generally indicates that the fund is a good citizen, just not au courant on the securities laws (it had been formed in 1995 "by a group of Amish elders interested in furthering the Amish way of life" and they had not updated its offering materials for a period of 15 years). View press release in full here (links externally to SEC website). Additional Materials