On February 7, 2025, the SEC issued a one-year exemption from compliance with new Rule 13f‑2 under the Securities Exchange Act of 1934 and related reporting on new Form SHO. The SEC adopted Rule 13f-2 and the Form SHO...more
On January 16, 2025, the staff of the Disclosure Review and Accounting Office of the SEC’s Division of Investment Management issued an Accounting and Disclosure Information (ADI) publication to highlight issues the SEC staff...more
On January 16, 2025, the SEC announced the settlement of administrative proceedings brought against a hedge fund manager that used algorithmic investment models to provide investment advice to its private fund and separately...more
On November 25, 2019, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) re-proposed a new exemptive rule under the Investment Company Act of 1940, as amended (the “1940 Act”)—Rule 18f-4 (the...more
12/23/2019
/ Broker-Dealer ,
Business Development Companies ,
Derivatives ,
ETFs ,
Exemptive Orders ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Fund Vehicles ,
Investment Funds ,
Investment Management ,
Proposed Rules ,
Public Comment ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
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
12/20/2019
/ Anti-Fraud Provisions ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
MiFID II ,
New Guidance ,
Proxy Advisory Firms ,
Proxy Solicitations ,
Proxy Voting Guidelines ,
Rule 206(4)-5 ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals
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
On November 7, 2019, Dalia Blass, Director of the SEC’s Division of Investment Management, delivered the keynote address at the annual ALI CLE Conference on Life Insurance Company Products. Her remarks primarily focused on...more
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
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
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
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
9/4/2019
/ Asset Management ,
Bench Trial ,
Dismissal With Prejudice ,
Excessive Fees ,
Gartenberg Factors ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Judgment on the Merits ,
Motion for Summary Judgment ,
Section 36(b) ,
Sub-advisers
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)
I. Overview of the Summary Prospectus Proposal -
In a long-awaited development, the Securities and Exchange Commission (SEC or Commission), on October 30, 2018, issued a proposal consisting of new rules and registration...more
I. Executive Summary -
Overview -
The Securities and Exchange Commission (the “Commission”) proposed Rule 6c-11 (the “Proposed Rule”) under the Investment Company Act of 1940, as amended (the “1940 Act”),1 if adopted,...more
9/14/2018
/ Comment Period ,
Disclosure Requirements ,
ETFs ,
Exemptive Orders ,
Investment Company Act of 1940 ,
Investment Management ,
Investors ,
Policies and Procedures ,
Proposed Rules ,
Public Comment ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Websites
New Rules, Proposed Rules, Guidance and Alerts -
PROPOSED RULES -
SEC Proposes New Rule to Permit Certain ETFs to Operate Without an Exemptive Order -
On June 28, 2018, the SEC issued a proposed new rule under the...more
8/6/2018
/ Administrative Proceedings ,
Amended Rules ,
Asset Management ,
Comment Period ,
Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Actions ,
ETFs ,
Excessive Fees ,
Exemptive Orders ,
Gartenberg Factors ,
Internet ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Investors ,
Liquidation ,
New Rules ,
Open-Ended Fund Companies (OFCs) ,
Processing Fees ,
Proposed Rules ,
Public Comment ,
Registered Investment Companies (RICs) ,
Rule 22e-4 ,
Section 36(b) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Summary Judgment ,
XBRL Filing Requirements
SEC Proposes Amendments to Auditor Independence Rules to Address Certain Lending Relationships -
Summary -
On May 2, 2018, the SEC issued proposed amendments to its auditor independence rules concerning the...more
5/23/2018
/ Auditor Independence ,
Auditors ,
Investment Management ,
Loan Agreements ,
Loans ,
New Rules ,
No-Action Relief ,
Open-Ended Fund Companies (OFCs) ,
Proposed Amendments ,
Proposed Rules ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Voting Securities
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
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
New Rules, Proposed Rules, Guidance and Alerts -
SEC STAFF GUIDANCE AND ALERTS -
SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more
11/21/2017
/ Asset Management ,
Broker-Dealer ,
Business Continuity Plans ,
CFTC ,
Department of Labor (DOL) ,
Derivatives ,
Disclosure Requirements ,
ETFs ,
EU ,
Fiduciary Rule ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Hyperlink ,
Incorporation by Reference ,
Independent Directors ,
Inducements ,
Insurance Regulations ,
Investment ,
Investment Adviser ,
Investment Management ,
Investors ,
Liquidity ,
MiFID II ,
New Guidance ,
New Rules ,
No-Action Letters ,
No-Action Relief ,
Proposed Rules ,
Public Comment ,
Regulatory Requirements ,
Research Funding ,
Risk Management ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Transactions ,
Shareholders ,
Stress Tests ,
U.S. Treasury
New Rules, Propsed Rules, Guidance and Alerts -
SEC STAFF GUIDANCE AND ALERTS -
SEC Staff Extends No-Action Relief on Auditor Independence and the “Loan Provision” -
On September 22, 2017, the staff of the SEC’s...more
10/24/2017
/ Auditor Independence ,
Broker-Dealer ,
Cyber Threats ,
Cybersecurity ,
EDGAR ,
Enforcement Actions ,
ETFs ,
Fidelity Investments ,
Guidance Update ,
Hackers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Management ,
Listing Standards ,
Mutual Funds ,
Nasdaq ,
New Rules ,
No-Action Letters ,
No-Action Relief ,
OCIE ,
Penalties ,
Proposed Rules ,
Public Statements ,
Registered Funds ,
Regulation S-X ,
Securities and Exchange Commission (SEC)
Market and Product Developments -
Securities Industry Implements T+2 Settlement Cycle -
On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more
9/20/2017
/ Administrative Appointments ,
Appeals ,
Breach of Contract ,
Breach of Duty ,
Broker-Dealer ,
Class Action ,
Dismissals ,
Fiduciary Duty ,
Investment Management ,
Reaffirmation ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Settlement Cycles ,
Securities Transactions ,
SLUSA ,
State Securities Claims ,
Subject Matter Jurisdiction ,
Vacated
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