New Rules, Proposed Rules, Guidance and Alerts -
NEW RULES -
SEC Adopts Interim Final Rule Amending Timing Requirements for Filing Reports on Form N-PORT -
On February 27, 2019, the SEC adopted an interim final rule...more
4/3/2019
/ Custody Rule ,
Enforcement Actions ,
Excessive Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Form N-PORT ,
Gun-Jumping ,
Interim Final Rules (IFR) ,
Investment Company Act of 1940 ,
Mutual Funds ,
No-Action Letters ,
OCIE ,
Proposed Rules ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Testing-the-Waters Communications
The staff of the Securities and Exchange Commission (SEC) has informally provided Vedder Price with key interpretive guidance clarifying the transition period disclosure requirements for issuers of variable insurance products...more
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 –
OCIE Announces Risk-Based Sweep Exam of Funds, ETFs and Advisers -
On November 8, 2018, the SEC’s Office of Compliance Inspections and...more
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
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 –
SEC STAFF GUIDANCE AND ALERTS –
OCIE Publishes Risk Alert on Compliance Issues Relating to Best Execution –
On July 11, 2018, the Office of Compliance Inspections and...more
8/21/2018
/ Best Execution ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
Dismissals ,
Duty of Care ,
Enforcement Actions ,
Excessive Fees ,
Exemptions ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Investors ,
JOBS Act ,
New Guidance ,
New Rules ,
OCIE ,
Pending Legislation ,
Policies and Procedures ,
Private Right of Action ,
Proposed Rules ,
Risk Alert ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
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 -
PROPOSED RULES -
SEC Proposes Changes to Fund Liquidity Disclosure Requirements -
On March 14, 2018, the SEC issued proposed amendments to the disclosure requirements...more
4/13/2018
/ Board of Directors ,
CFTC ,
Civil Monetary Penalty ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
ETFs ,
Excessive Fees ,
Form N-CEN ,
Form N-PORT ,
Investment ,
Investment Company Act of 1940 ,
Liquidity ,
Liquidity Risk Management Rule ,
Proposed Rules ,
Risk Management ,
Rule 22e-4 ,
Securities and Exchange Commission (SEC)
New Rules, Proposed Rules, Guidance and Alerts -
PROPOSED RULES -
SEC Proposes Changes to Fund Liquidity Disclosure Requirements -
On March 14, 2018, the SEC issued proposed amendments to the disclosure requirements...more
3/21/2018
/ 12b-1 plan ,
Disclosure Requirements ,
Form N-PORT ,
Investment Company Act of 1940 ,
Liquidity Risk Management Rule ,
Proposed Amendments ,
Proposed Rules ,
Reporting Requirements ,
Rule 22e-4 ,
Section 36(b) ,
Securities and Exchange Commission (SEC)
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 -
NEW RULES -
SEC Delays Form N-PORT EDGAR Filing Requirement by Nine Months -
On December 8, 2017, the SEC adopted a temporary rule (the Temporary Rule) delaying by...more
12/21/2017
/ Administrative Law Judge (ALJ) ,
Department of Justice (DOJ) ,
Filing Requirements ,
Form N-PORT ,
Investment Adviser ,
Investment Companies ,
Liquidity Risk Management Rule ,
New Guidance ,
New Rules ,
Proposed Rules ,
Public Statements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
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
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