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SEC Proposes New Fair Valuation Framework for Registered Funds

Under the Investment Company Act of 1940, securities held by a fund for which market quotations are readily available are to be priced at current market value, and securities for which market quotations are not readily...more

SEC Issues Notice of Intention to Grant Exemption from Board’s In-Person Meeting Requirement to Approve Sub-Advisory Agreements

On January 21, 2020, the SEC issued a notice of its intention to grant exemptive relief to a registered fund and its investment adviser that would permit the fund’s board to approve new sub-advisory agreements and material...more

OCIE Announces 2020 Examination Priorities

On January 7, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2020 examination priorities for regulated entities, including investment advisers and registered funds. The examination...more

OCIE Publishes Cybersecurity and Resiliency Observations

On January 27, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) published observations from its examinations of regulated entities, including funds and investment advisers, to assist those entities in...more

FINRA Announces 2020 Exam Priorities

On January 9, 2020, FINRA released its 2020 Risk Monitoring and Examination Priorities Letter for its member firms. The exam priorities are organized into four categories: (1) sales practice and supervision; (2) market...more

Investment Services Regulatory Update - December 2019

New Rules, Proposed Rules, Guidance and Alerts – PROPOSED RULES – SEC Proposes Rule Changes for Proxy Advisory Firms – On November 5, 2019, the SEC issued a release proposing amendments to the federal proxy rules...more

SEC Staff Issues Form CRS FAQs

On November 26, 2019, the staff of the SEC’s Division of Investment Management and Division of Trading and Markets issued guidance in the form of frequently asked questions (FAQs) relating to the requirements of Form CRS,...more

Court Dismisses Plaintiffs’ Excessive Fee Claim against Mutual Fund Adviser following Trial

On September 27, 2019, following a two-week bench trial, the U.S. District Court for the Southern District of New York dismissed an action brought by mutual fund shareholders under Section 36(b) of the Investment Company Act...more

SEC Issues FAQs on Adviser Conflict Disclosure Practices

On October 18, 2019, the SEC’s Division of Investment Management issued guidance in the form of Frequently Asked Questions that address certain matters regarding the disclosure of conflicts of interest involving the receipt...more

SEC Extends Temporary Relief for MiFID II-Compliant Research Payments

On October 26, 2017, the SEC staff issued a no-action letter providing relief to broker-dealers that provide research that constitutes “investment advice” under the Investment Advisers Act of 1940 to investment managers...more

SEC Proposes Rule Changes for Proxy Advisory Firms

On November 5, 2019, the SEC issued a release proposing amendments to the federal proxy rules that are intended to enhance the accuracy and transparency of information provided by proxy advisory firms to investors and...more

Investment Services Regulatory Update - September 2019

New Rules, Proposed Rules, Guidance and Alerts - GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Improving Fund Principal Risks Disclosure - On September 9, 2019, the Disclosure Review and Accounting Office...more

OCIE Issues Risk Alert Relating to Investment Adviser Oversight of Supervised Persons with Disciplinary Histories

On July 23, 2019, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert outlining its observations and recommendations following an examination initiative that focused on oversight practices...more

SEC Staff Issues No-Action Letter Extending Existing Multi-Manager Exemptive Relief to Non-Wholly-Owned Affiliated Sub-Advisers

On July 9, 2019, the staff of the SEC’s Division of Investment Management issued a no-action letter to the BNY Mellon family of funds and BNY Mellon Investment Adviser, Inc. (collectively, BNYM) stating that the staff would...more

Court Finds for Defendant Investment Adviser in Section 36(b) Excessive-Fee Case

On August 5, 2019, the U.S. District Court for the Central District of California found for the defendant, Metropolitan West Asset Management, LLC (MetWest), following a bench trial in an excessive fee case brought under...more

Investment Services Regulatory Update - August 2019

Litigation and Enforcement Actions and Initiatives – SECTION 36(b) LITIGATION – Court Finds for Defendant Investment Adviser in Section 36(b) - Excessive-Fee Case – On August 5, 2019, the U.S. District Court for the...more

SEC, NASAA and FINRA Issue Senior Safe Act Fact Sheet

On May 23, 2019, in recognition of the one-year anniversary of the passage of the Senior Safe Act, the SEC, the North American Securities Administrators Association and FINRA issued a fact sheet to raise awareness of the act...more

SEC Adopts Rules and Interpretations Concerning the Standard of Conduct for Broker-Dealers and Investment Advisers

On June 5, 2019, the SEC adopted a package of rules and interpretations addressing standards of conduct for broker-dealers and investment advisers: • Regulation Best Interest. Regulation BI establishes a standard of...more

Investment Services Regulatory Update - June 2019

Investment Services Regulatory Update – New Rules, Proposed Rules, Guidance and Alerts – New Rules – SEC Adopts Rules and Interpretations Concerning the Standard of Conduct for Broker-Dealers and Investment Advisers...more

Investment Services Regulatory Update - January 2019

New Rules, Proposed Rules, Guidance and Alerts – PROPOSED RULES – SEC Proposes New Fund-of-Funds Rule – On December 19, 2018, the SEC proposed new Rule 12d1-4 under the Investment Company Act of 1940, which, if...more

Investment Services Regulatory Update - November 2018

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS – OCIE Announces Risk-Based Sweep Exam of Funds, ETFs and Advisers - On November 8, 2018, the SEC’s Office of Compliance Inspections and...more

Investment Services Regulatory Update - January 2018

New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - Division of Investment Management Staff Issues Liquidity Risk Management Program FAQs - On January 10, 2018, the staff of the SEC’s...more

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