On March 26, the Staff of the Securities and Exchange Commission (SEC) granted a request for no-action relief to permit certain affiliated purchase transactions involving registered open-end investment companies....more
On March 25, the SEC issued orders under the Investment Company Act of 1940 (New ICA Order) and the Investment Advisers Act of 1940 (New Advisers Act Order) that extend the relief previously provided on March 13 in response...more
As a result of the current and potential effects of COVID-19, the SEC has relaxed certain requirements of the Investment Company Act of 1940 and the Investment Advisers Act of 1940 and rules under the Acts....more
3/17/2020
/ Business Development Companies ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Disclosure Requirements ,
Filing Deadlines ,
Filing Requirements ,
Form ADV ,
Form N-CEN ,
Form N-PORT ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Prospectus ,
Publicly-Traded Companies ,
Relief Measures ,
Required Forms ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stock Repurchases
On January 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2020 national examination priorities. This is the eighth year that OCIE has published its fiscal year examination priorities. ...more
1/31/2020
/ Digital Assets ,
Examination Priorities ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
Information Security ,
MSRB ,
OCIE ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Retail Investors ,
Robo-Advisors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
SEC Proposes to Update Accredited Investor Definition to Increase Access to Investments -
On December 18, 2019, the Securities and Exchange Commission (SEC) proposed amendments to the definition of “accredited investor” in...more
1/27/2020
/ Derivatives ,
ETFs ,
Fiduciary Duty ,
Financial Markets ,
Form N-CEN ,
Form N-LIQUID ,
Form N-PORT ,
Global Code of Ethics ,
Investment Adviser ,
Investment Management ,
OCIE ,
Proposed Rules ,
Registered Investment Companies (RICs) ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Repurchase Agreements ,
Revenue Sharing ,
Risk Management ,
Rule 18f-4 ,
Rule 6c-11 ,
Rulemaking Process ,
Section 15(c) ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Share Classes ,
Wealth Management
Presented by Pepper Hamilton and Financial Executives Alliance, Pepper Hamilton partners John P. Falco and John M. Ford discussed "An Overview of the SEC’s Recently Adopted Exchange-Traded Funds (ETF) Rule" on a recent...more
11/18/2019
/ Basket Transactions ,
Disclosure Requirements ,
ETFs ,
Exchange-Traded Products ,
Exemptive Relief ,
Investment Adviser ,
Investment Management ,
Open-Ended Fund Companies (OFCs) ,
Policies and Procedures ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Transparency
SEC Adopts ETF Rule -
On September 25, 2019, the Securities and Exchange Commission (SEC) unanimously adopted Rule 6c-11 under the 1940 Act to modernize the regulation of exchange-traded funds by establishing a clear and...more
10/23/2019
/ Bank of New York (BNY) Mellon ,
Broker-Dealer ,
Disclosure Requirements ,
ETFs ,
Exchange-Traded Products ,
Exemptive Relief ,
Form N-1A ,
Investment Adviser ,
Investment Management ,
Mortgage Servicing Rules ,
No-Action Relief ,
OCIE ,
Popular ,
Prospectus ,
Proxy Voting Guidelines ,
Risk Alert ,
Rule 6c-11 ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Trading Platforms ,
Transparency
On September 25, the SEC unanimously adopted Rule 6c-11 under the 1940 Act to modernize the regulation of exchange-traded funds by establishing a clear and consistent framework for the vast majority of ETFs operating today....more
Covering legal developments and regulatory news for registered funds, their advisers and industry participants through June 30, 2019.
Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships -
On...more
7/19/2019
/ Broker-Dealer ,
Capital Formation ,
Common Reporting Standard (CRS) ,
Conflicts of Interest ,
Duty of Care ,
Duty of Loyalty ,
ETFs ,
Fiduciary Duty ,
Financial Markets ,
Financial Services Industry ,
Form CRS ,
Investment Management ,
Investor Protection ,
Public Comment ,
Regulation Best Interest ,
Regulation S-X ,
Regulatory Standards ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In an offshoot of its enforcement action against Apollo Management L.P. (Apollo) last year, the Securities and Exchange Commission (SEC) on October 25 charged a former senior partner at Apollo with defrauding his fund clients...more
Practical points on managing SEC Modernization.
INTRODUCTION -
On October 13, 2016, the Securities and Exchange Commission (SEC) issued its final Investment Company Reporting Modernization rules and forms for the...more
The SEC continues to expand the scope of responsibilities and standards applicable to gatekeepers.
In an application of the Investment Advisers Act of 1940 (Advisers Act) to the actions of a nonadviser fund service...more
The proposed rule would establish the exclusive means through which funds could enter into certain leveraged transactions, including swaps, futures, reverse repurchase agreements and short sales.
At an open meeting of...more
The SEC’s focus in the action was not on the manner of the firm’s responses to the breach or whether there was any actual harm, but predominantly on the adequacy of the firm’s written policies for safeguarding customer...more
9/24/2015
/ Client Data ,
Compliance ,
Cyber Attacks ,
Cyber Crimes ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Enforcement Actions ,
Hackers ,
Investment Adviser ,
OCIE ,
Popular ,
Privacy Policy ,
Securities and Exchange Commission (SEC)
The SEC’s order provides significant guidance on how the SEC staff will scrutinize the propriety of payments made pursuant to commonly occurring agreements between mutual funds and their service providers and with respect to...more
9/23/2015
/ Dealers ,
Enforcement Actions ,
Financial Institutions ,
Financial Markets ,
Intermediaries ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Mutual Funds ,
Securities and Exchange Commission (SEC) ,
Shareholders
Eighteen months after amending CFTC Regulation 4.5 to narrow the registered investment company (RIC) exclusion from the definition of commodity pool operator (CPO) and issuing a companion release proposing to amend certain...more