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Treasury Issues Second Round of Proposed Regulations Providing Additional Guidance for Making Investments in Qualified Opportunity...

On April 17, 2019, the Treasury Department issued a second round of proposed regulations (the “Proposed Regulations”) addressing investments in Opportunity Zones under the Tax Cuts and Jobs Act of 2017. The first round of...more

New Jersey Releases Proposed Fiduciary Rule for Broker-Dealers and Investment Advisers

On Monday, April 15, the New Jersey Bureau of Securities (“NJBS”) released its long-awaited proposed fiduciary rule (the “Proposed Rule”) for broker-dealers (“BDs”) and investment advisers (“IAs”).1 Key points from the Rule...more

SEC Loosens In Person Voting Requirements for Mutual Fund and other Registered Investment Company

As just about everyone who operates in the mutual fund, closed-end fund or exchange-traded fund (ETF) industries knows, the Investment Company Act of 1940, as amended (the “1940 Act”), requires certain key registered...more

New Jersey Releases Fiduciary Rule for Broker Dealers Investment Advisers

New Jersey released its long-awaited proposed fiduciary rule (the “Fiduciary Rule”) for broker-dealers and investment advisers. The 60-day comment period for the Fiduciary Rule began today, and will end on June 14, 2019....more

FINRA Issues Guidance Re Customer Communications on Departing Registered Reps

Last week FINRA issued guidance (Regulatory Notice 19-10) with respect to communications with customers about registered representatives (“RRs”) who have left a broker-dealer (the “Notice”). With increased frequency, RRs...more

SEC Releases Cryptocurrency and Digital Asset Guidance

The SEC published guidance with respect to cryptocurrencies, digital tokens, and similar investments (each a “digital asset”) that is designed to help issuers and others determine whether the applicable digital asset is a...more

Industry Groups and State and Federal Securities Regulators Grapple with Fiduciary Standards for BDs and Private Fund Advisers

Last April, the SEC released proposed rules related to the standard of care that broker-dealers (“BDs”) owe their customers and issued proposed guidance related to the standard of care that investment advisers (“IAs”) owe...more

OCIE Reminds Investment Advisers of Transfer Agent Compliance Risks

The handling of shareholder funds by transfer agents (“TAs”) has long been an examination priority of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”). Recently, OCIE issued a Risk Alert (the “Alert”)...more

SEC Risk Alert Provides Electronic Messaging Guidance to RIAs

The SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) recently issued a risk alert (the “Alert”) regarding electronic messaging by registered investment advisers (“RIAs”). As used in the Alert, the term...more

Investment Management Regulation: Year in Review

As we prepare for a new year of regulatory initiates and actions, we believe it is important to take inventory of the most significant regulatory events from the past year. True to its word, the SEC focused on reducing...more

SEC Scrutiny of Share Class Selection Practices Intensifies

Last February, the Division of Enforcement of the SEC (the “Division”) launched the Share Class Selection Disclosure Initiative (the “Initiative”). The Initiative enabled registered investment advisers (“RIAs”) to self-report...more

11 Key Features of the Opportunity Zone Program That You Might Have Overlooked

Last month, the Treasury Department released proposed regulations (the “Regulations”). The Regulations included a number of important clarifications and guidance for investors seeking to take advantage of the opportunities...more

Opportunity Zones Present Incredible Opportunity for Private Fund Managers

Last year, Congress passed the Tax Cuts and Jobs Act (the “Act”), which contained a tax incentive program (the “Opportunity Zone Program”) to encourage long-term investments in low-income communities identified as...more

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