On May 27, 2020, the SEC staff issued a no-action letter to the Investment Company Institute (ICI) and the Securities Industry and Financial Markets Association (SIFMA) permitting registered funds to participate in the Term...more
New Rules, Proposed Rules, Guidance and Alerts –
PROPOSED RULES –
Agencies Propose Volcker Rule Amendments Relating to Covered Funds –
On January 30, 2020, the Federal Reserve Board, FDIC, OCC, SEC and CFTC proposed...more
3/3/2020
/ Cybersecurity ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Investment Fund ,
Investment Funds ,
New Guidance ,
OCIE ,
Proposed Rules ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Sub-advisers ,
Volcker Rule
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
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
2/27/2020
/ Anti-Money Laundering ,
Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
Investment Adviser ,
Investment Funds ,
MSRB ,
OCIE ,
Registered Investment Advisors ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
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
On November 7, 2019, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert outlining its top compliance observations from examinations of nearly 300 registered funds conducted over a two-year...more
1/29/2020
/ Board of Directors ,
Compliance ,
Corporate Governance ,
Disclosure Requirements ,
Ethics ,
Investment Funds ,
Mutual Funds ,
OCIE ,
Policies and Procedures ,
Risk Alert ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Target Date Funds
On May 3, 2019, the SEC issued a proposal to amend certain rules and forms relating to required financial disclosures in business combination transactions involving investment companies.
First, the proposal would...more
7/5/2019
/ Acquisitions ,
Comment Period ,
Disclosure Requirements ,
Financial Reporting ,
Financial Statements ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Proposed Amendments ,
Public Comment ,
Regulation S-X ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Subsidiaries
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
1/30/2019
/ Enforcement Actions ,
EU ,
Examination Priorities ,
Form N-CEN ,
Fund of Funds ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
MiFID II ,
No-Action Letters ,
OCIE ,
Registered Investment Companies (RICs) ,
Robo-Advisors ,
Section 12(d)(1) ,
Securities and Exchange Commission (SEC)
New Rules, Proposed Rules, Guidance and Alerts –
NEW RULES –
SEC Adopts New Rules Permitting Covered Investment Fund Research Reports –
On November 30, 2018, the SEC adopted Rule 139b under the Securities Act of...more
12/18/2018
/ Broker-Dealer ,
Division of Investment Management ,
Enforcement Actions ,
ETFs ,
Excessive Fees ,
Financial Adviser ,
Financial Services Industry ,
Investment Companies ,
Investment Funds ,
Investors ,
Life Insurance ,
Mutual Funds ,
New Guidance ,
New Rules ,
OCIE ,
Partial Summary Judgments ,
Proposed Rules ,
Regulatory Requirements ,
Reporting Modernization Rules ,
Risk Alert ,
Safe Harbors ,
Section 36(b) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
New Rules, Proposed Rules, Guidance and Alerts -
SEC STAFF GUIDANCE AND ALERTS –
SEC Staff No-Action Letter Allows Fund Boards to Rely on CCO Representations for Affiliated Transactions –
In a no-action letter to the...more
12/3/2018
/ Board of Directors ,
Capital Markets ,
CCO ,
Cybersecurity ,
Enforcement Actions ,
Investment Company Act of 1940 ,
Investment Funds ,
Investor Protection ,
No-Action Letters ,
Securities and Exchange Commission (SEC) ,
SLUSA ,
The Clayton Act
New Rules, Proposed Rules, Guidance and Alerts –
SEC STAFF GUIDANCE AND ALERTS -
SEC Staff Issues Guidance on Cryptocurrency-related Holdings -
On January 18, 2018, the staff of the SEC’s Division of Investment...more
2/13/2018
/ Arbitrage ,
Bitcoin ,
Broker-Dealer ,
Civil Monetary Penalty ,
Closed-End Funds ,
Conflicts of Interest ,
Cryptocurrency ,
Custody ,
Cybersecurity ,
Data Protection ,
De Minimis Claims ,
Disgorgement ,
Enforcement Actions ,
ETFs ,
Examination Priorities ,
Excessive Fees ,
Fee Disclosure ,
Fiduciary Duty ,
Fraud ,
Fund Sponsors ,
Index Funds ,
Investment ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
Investment Opportunities ,
Investors ,
Liquidity ,
Market Manipulation ,
Mutual Funds ,
NAV ,
New Guidance ,
New Rules ,
OCIE ,
Penalties ,
Prejudgment Interest ,
Press Releases ,
Proposed Rules ,
Public Statements ,
Registration Statement ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Risk-Based Approaches ,
Robo-Advisors ,
Rule 22e-4 ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
Sub-advisers ,
Testimony ,
Valuation
On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more
8/29/2017
/ Amended Regulation ,
Annuities ,
Appeals ,
Auditors ,
Broker-Dealer ,
Compliance ,
Cybersecurity ,
Dismissals ,
Enforcement Actions ,
ETFs ,
Excessive Fees ,
Failure To Disclose ,
Federal Employees ,
Filing Deadlines ,
Financial Reporting ,
Form N-CEN ,
Form N-PORT ,
Fraud ,
Investment Companies ,
Investment Funds ,
Investment Management ,
Liquidity ,
Loans ,
OCIE ,
Proposed Amendments ,
Regulation S-X ,
Reporting Modernization Rules ,
Revenue Sharing ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Standing ,
Third-Party
In remarks to the Economic Club of New York on July 12, 2017, SEC Chairman Jay Clayton outlined eight guiding principles for his chairmanship and identified certain areas in which such principles could be put into practice. ...more