More than five years after the Fifth Circuit Court of Appeals decision to vacate the Department of Labor’s (DOL) 2016 fiduciary rule, the DOL has proposed a new rule that, once again, attempts to re-define when financial...more
On April 26, 2022, the Division of Examinations (the “Division”) of the Securities and Exchange Commission issued a Risk Alert listing notable examples of deficiencies that its staff has identified regarding investment...more
Proposed Amendments to Form 13F Would Increase the Reporting Threshold from $100 Million to $3.5 Billion, Among Other Changes
On July 10, 2020, the U.S. Securities and Exchange Commission (SEC) issued a proposed rule (the...more
On June 23, 2020, the U.S. Securities and Exchange Commission (the SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert (the “Risk Alert”) highlighting several problem areas that it has identified...more
In an Order dated March 25, 2020, the Securities and Exchange Commission offered an exemption to investment advisers that are confronting COVID-19-related disruptions with respect to certain filing obligations.
The Order...more
In an Order dated March 25, 2020, the Securities and Exchange Commission extended the exemptions offered to investment companies, business development companies (BDCs) and investment advisers grappling with challenges to the...more
3/27/2020
/ Annual Reports ,
Business Development Companies ,
Coronavirus/COVID-19 ,
Exemptions ,
Filing Requirements ,
Investment Adviser ,
Investment Companies ,
Investment Funds ,
Investment Management ,
Registered Investment Companies (RICs) ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Voting Requirements
As the world responds to COVID-19, we have identified a number of compliance and legal considerations for asset managers. We summarize a select list of these in our note below....more
3/20/2020
/ Asset Management ,
Broker-Dealer ,
Chief Compliance Officers ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
Compliance ,
Coronavirus/COVID-19 ,
Cyber Threats ,
Financial Industry Regulatory Authority (FINRA) ,
Force Majeure Clause ,
Futures ,
Information Security ,
Investment Adviser ,
Investment Companies ,
Liquidity ,
NFA ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Telecommuting ,
Valuation
On November 4, 2019, the U.S. Securities and Exchange Commission (SEC) proposed amendments to rules governing investment adviser advertisements and payment to solicitors under the Investment Advisers Act. The comment period...more
11/18/2019
/ Broker-Dealer ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
General Solicitation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
No-Action Letters ,
OCIE ,
Proposed Amendments ,
Proposed Rules ,
Reasonable Care ,
Securities and Exchange Commission (SEC)
Two facts may come as a surprise about the U.S. Securities and Exchange Commission’s existing investment adviser advertising rule: that it literally fits on one page, and that it has not been updated since 1961. These facts...more
11/18/2019
/ Advertising ,
Broker-Dealer ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
General Solicitation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
Proposed Amendments ,
Proposed Rules ,
Securities and Exchange Commission (SEC)
On June 5, 2019, the Securities and Exchange Commission (the “SEC”) released a long-anticipated interpretation of investment adviser fiduciary duty under Section 206 of the US Investment Advisers Act of 1940 (“the Advisers...more
6/28/2019
/ Best Interest Standard ,
Broker-Dealer ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) has issued its examination priorities for 2019. In it, OCIE points out that its examination program covers some 13,200...more
1/15/2019
/ Anti-Money Laundering ,
Broker-Dealer ,
Cryptoassets ,
Cybersecurity ,
ETFs ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
MSRB ,
Mutual Funds ,
OCIE ,
Popular ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
In a new Risk Alert, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) highlighted common compliance issues involving Rule 206(4)-3 under the U.S. Investment Advisers Act of 1940, as amended, otherwise...more
In May 2015, we reported on proposals by the Securities and Exchange Commission to expand public disclosures by registered investment advisers (“RIAs”) of various aspects of their separately managed accounts (“SMA”)...more
A rule proposed by the US Securities and Exchange Commission under the Investment Advisers Act of 1940 would require SEC-registered investment advisers to adopt and implement written business continuity and transition plans...more
Every five years, the U.S. Securities and Exchange Commission is required to adjust for inflation the agency’s dollar-based qualification tests for when an SEC-registered investment adviser can receive compensation based on...more
On August 25, 2015, the U.S. Financial Crimes Enforcement Network (“FinCEN”), the bureau of the Department of the Treasury with principal responsibility for implementing anti-money laundering rules and regulations, issued a...more
In the wake of the financial crisis, the US Securities and Exchange Commission adopted detailed data reporting rules for private funds on both Form ADV (2010) and Form PF (2011). In its continuing push to gather more asset...more