On October 28, 2020, the SEC adopted a new regulatory framework for derivatives use by registered investment companies. New Rule 18f-4 applies to mutual funds other than money market funds, exchange-traded funds (ETFs),...more
On October 28, 2020, the U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, together with the directors of three SEC divisions, issued a joint statement relating to complex financial products. The statement...more
Before closing the books on 2019, registered investment advisers and funds should take a look back at the activity undertaken by the SEC and its staff in the past year and carefully consider steps to be taken to implement new...more
The SEC’s Office of Compliance Inspections and Examinations (OCIE) published its 2019 examination priorities on December 20, 2018. Although OCIE’s published priorities “provide a preview of key areas where OCIE intends to...more
At an open meeting held June 28, 2018, the SEC voted unanimously to propose a new rule codifying exemptions to certain rules under the Investment Company Act. These exemptions have enabled the exchange-traded fund (ETF)...more
On January 18, 2018, the Securities and Exchange Commission’s (SEC) Division of Investment Management broke its relative silence regarding the recent growth of cryptocurrencies and cryptocurrency-related products. While...more
The staff of the SEC’s Division of Investment Management released this week a series of frequently asked questions (FAQs) regarding new Rule 22e-4 (the “Liquidity Rule”). The Liquidity Rule requires non-money market mutual...more
Regulation -
Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? -
First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more
8/16/2016
/ Advisors Act ,
Auditors ,
BDC ,
Broker-Dealer ,
Business Continuity Plans ,
Business Development Companies ,
CFTC ,
Commodity Futures Contracts ,
Commodity Pool ,
Customer Due Diligence (CDD) ,
ETFs ,
FinCEN ,
FSOC ,
OCIE ,
Private Equity ,
Qualified Client ,
Risk Management ,
Securities and Exchange Commission (SEC)
Business development companies, which provide a growing and important alternative source of capital to smaller companies, face challenges raising money due to a quirk in the federal securities laws that limits how much mutual...more
Business development companies (BDCs), which provide a growing and important alternative source of capital to smaller companies, face challenges raising money due to a quirk in the federal securities laws that limits how much...more
Citing significant growth in the size and scope of exchange-traded products (ETPs), on June 12, 2015, the SEC focused its attention on ETPs, including exchange-traded funds (ETFs), non-1940 Act pooled investment vehicles, and...more
FINRA recently sanctioned a broker-dealer (the “Firm”) for failure to deliver prospectuses in connection with its sale of ETFs. FINRA also found that the Firm failed to implement a supervisory system reasonably designed to...more
In This Issue:
- Regulation
..SEC Chair’s Agenda Provides Glimpse of New Rules to Come
..The Results Are In: Investors Favor Additional Regulatory Protection
..SEC Declines to Approve Non-Transparent...more
Can two affiliated ETFs merge in reliance on Rule 17a-8 under the Investment Company Act despite representations they made to obtain exemptive relief from the Commission? That’s the question addressed in a recent Guidance...more
A federal district court in Tennessee dismissed a case brought by two union pension funds claiming that securities lending fees paid by an ETF to its adviser’s affiliate violated the adviser’s fiduciary duty under Section...more
The U.S. Court of Appeals for the Second Circuit upheld the dismissal by a lower court of investors’ claims that certain ETF prospectuses failed to adequately disclose the risk of significant losses over an extended period of...more
In This Issue:
Regulatory Updates -
SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more
5/17/2013
/ Broker-Dealer ,
Custody Rule ,
ETFs ,
Federal Reserve ,
Final Rules ,
Investment Management ,
Nonbank Firms ,
Pensions ,
Public Disclosure ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Startups