In 2016, the SEC voted to create a comprehensive, consolidated audit trail (“CAT”) designed to allow regulators to efficiently and accurately track activity throughout the U.S. markets in National Market System (“NMS”)...more
Last Friday, the staff of the SEC Division of Investment Management (the “Staff”) released an FAQ on disclosures of conflicts related to investment adviser compensation (the “FAQ”). The FAQ specifically focused on...more
The political melee surrounding Regulation Best Interest (“Reg BI”) escalated yesterday with the filing of a lawsuit against the SEC by several state attorneys general (the “State Plaintiffs”). In their complaint, the State...more
Last week, the SEC issued guidance with respect to the proxy voting responsibilities of investment advisers (the “Proxy Guidance”). The Proxy Guidance follows on the heels of the SEC’s interpretation of the fiduciary duties...more
Last December, the SEC unanimously approved a two-year pilot program (the “Transaction Fee Pilot”) intended to assess alternatives to the predominant pricing model used by national securities exchanges (the “Maker-Taker...more
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert today (the “Alert”) identifying various compliance problems that were uncovered among SEC-registered investment advisers (“RIAs”) in...more
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert yesterday (the “Alert”) identifying various compliance problems that were uncovered among SEC-registered investment advisers (“RIAs”)...more
To mark the one-year anniversary of the passage of The Senior Safe Act (the “Act”), the Securities and Exchange Commission (“SEC”), the North American Securities Administrators Association (“NASAA”), and the Financial...more
On June 18th, the SEC issued a concept release (the “Concept Release”) seeking public comment on ways to simplify, harmonize, and improve the rules related to private securities offerings. The Concept Release contains several...more
On Tuesday, the U.S. House of Representatives passed the “National Senior Investor Initiative Act of 2019” (H.R. 1876) (the “Act”), which directs the U.S. Securities and Exchange Commission (“SEC”) to establish a taskforce...more
On Monday, April 15, the New Jersey Bureau of Securities (“NJBS”) released its long-awaited proposed fiduciary rule (the “Proposed Rule”) for broker-dealers (“BDs”) and investment advisers (“IAs”).1 Key points from the Rule...more
As just about everyone who operates in the mutual fund, closed-end fund or exchange-traded fund (ETF) industries knows, the Investment Company Act of 1940, as amended (the “1940 Act”), requires certain key registered...more
The SEC published guidance with respect to cryptocurrencies, digital tokens, and similar investments (each a “digital asset”) that is designed to help issuers and others determine whether the applicable digital asset is a...more
Last April, the SEC released proposed rules related to the standard of care that broker-dealers (“BDs”) owe their customers and issued proposed guidance related to the standard of care that investment advisers (“IAs”) owe...more
After limiting its operations during the partial federal government shutdown, the SEC is working to resume normal operations this morning. ...more
As we prepare for a new year of regulatory initiates and actions, we believe it is important to take inventory of the most significant regulatory events from the past year. True to its word, the SEC focused on reducing...more
1/3/2019
/ Broker-Dealer ,
Cryptocurrency ,
Cybersecurity ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Investors ,
Liquidity ,
OCIE ,
Opportunity Zones ,
Proposed Regulation ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
Last February, the Division of Enforcement of the SEC (the “Division”) launched the Share Class Selection Disclosure Initiative (the “Initiative”). The Initiative enabled registered investment advisers (“RIAs”) to self-report...more
On September 20th, the SEC released a proposed rule amending Rule 17a-5 of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Under Rule 17a-5(d)(1)(i)(C) of the Exchange Act, broker-dealers registered with the...more
On September 20th, the SEC released a proposed rule amending Rule 17a-5 of the Securities Exchange Act of 1934, as amended (“Exchange Act”).[1] Under Rule 17a-5(d)(1)(i)(C) of the Exchange Act, broker-dealers registered with...more