SEC Staff published new guidance providing private fund managers and other investment advisers with flexibility to use extracted performance and portfolio/investment characteristics in marketing materials, without cumbersome...more
SEC staff issued no-action guidance on Rule 506(c) of Regulation D private securities offerings on March 12, 2025, which should provide issuers with an easier path to rely on Rule 506(c) and solicit and advertise their...more
On August 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted a final rule that subjects investment advisers to anti-money laundering/countering the financing of terrorism...more
In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order...more
In a unanimous decision published on June 5, 2024, the US Court of Appeals for the Fifth Circuit vacated the entire set of regulations, including amendments to existing rules (collectively, the Rules), adopted by the US...more
On March 18, the US Securities and Exchange Commission (SEC) announced the first AI-related settled actions against two investment advisers—Delphia (USA) Inc. and Global Predictions Inc.—for making false and misleading...more
On February 8, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC and, together with the SEC, the Commissions) voted to adopt amendments to Form PF1 that will impact the...more
2023 was a watershed year for the private fund industry, not only because the US Securities and Exchange Commission (SEC) adopted a package of new regulations that will substantially alter the private fund landscape (subject...more
The US Securities and Exchange Commission (SEC) recently adopted sweeping new rules under the Investment Advisers Act of 1940 (Advisers Act) that apply in certain circumstances to non-US advisers to private investment funds....more
On August 23, 2023, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt new and amended rules under the Investment Advisers Act of 1940, as amended (Advisers Act) that will impose additional requirements on...more
The US Securities and Exchange Commission (SEC) proposed on July 26, 2023 new rules designed to address conflicts of interest from the use of predictive data analytics in “investor interactions” by broker-dealers and...more
The US Securities and Exchange Commission recently implemented amendments to Form PF for large liquidity fund advisers, which will take effect June 11, 2024....more
The US Securities and Exchange Commission recently proposed a new rule and rule amendments that, if adopted as proposed, would require registered investment advisers to meet certain requirements when outsourcing certain...more
In a 3-1 vote on May 25, 2022, the US Securities and Exchange Commission (SEC) approved a proposed environmental, social, and governance (ESG) rulemaking for investment advisers and funds. The proposed rule and form...more
Morgan Lewis’s securities enforcement and investment management teams highlight expected US Securities and Exchange Commission (SEC or Commission) priorities for investment advisers in 2022 and look back at significant SEC...more
Morgan Lewis’s securities enforcement and investment management teams highlight expected US Securities and Exchange Commission (SEC or Commission) priorities for private fund managers in 2022 and look back at SEC private fund...more
In the span of two weeks, the US Securities and Exchange Commission (SEC) has proposed rules that would significantly overhaul the regulation of the private fund industry. Specifically, on January 26, the SEC issued proposed...more
In the US Securities and Exchange Commission staff’s most recent guidance addressing environmental, social, and governance (ESG) investing, the staff of the Division of Examinations released an April 9 Risk Alert noting...more
4/16/2021
/ Business Plans ,
Business Strategies ,
Capital Investments ,
Corporate Counsel ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Internal Controls ,
Investment Management ,
Popular ,
Publicly-Traded Companies ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Sustainability
The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement and examination developments, and summarizes...more
3/2/2021
/ Biden Administration ,
BSA/AML ,
Disgorgement ,
Enforcement Actions ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swaps ,
TRACE ,
Whistleblowers
Investment advisers’ advertising and solicitation practices, and the media through which investment advisers communicate with clients and investors, have evolved considerably since the US Securities and Exchange Commission...more
The Securities and Exchange Commission (SEC) on August 26 adopted amendments (Amendments) to the “accredited investor” definition, which is one of the principal tests for determining who is eligible to participate in certain...more
While an SEC proposal to exempt “finders” from broker-dealer registration requirements is promising, potential hazards remain and interpretive questions may persist. ...more
The US Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert on August 12 highlighting compliance considerations created by the coronavirus (COVID-19)...more
8/20/2020
/ Brokers ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Financial Transactions ,
Investment ,
Investment Adviser ,
Investment Funds ,
Investor Protection ,
OCIE ,
Risk Alert ,
Securities and Exchange Commission (SEC)
The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement and examination developments, and cases...more
8/19/2020
/ American Depository Receipts (ADRs) ,
BSA/AML ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Transactions ,
Investment ,
Investment Adviser ,
Investment Companies ,
Investment Management ,
RMBS ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
The SEC’s Office of Compliance Inspections and Examinations issued a Risk Alert citing common deficiencies identified during examinations of investment advisers managing hedge funds and private equity funds, particularly...more