Disclosure Requirements, Fiduciary Duty, Financial Institutions

SEC Charges Investment Advisers for Compliance Failures Relating to Cash Sweep Programs

Seward & Kissel LLP on 2/27/2025

Quick Take: Indicative of a recent SEC focus on bank deposit sweep programs (BDSPs) offered to advisory clients through broker-dealers, the SEC recently settled charges against three dually registered investment advisers and...more

UK Supreme Court to Review Ruling on Motor Finance Commissions: Implications for Auto Sector

Morgan Lewis on 2/13/2025

The UK Supreme Court’s ruling on undisclosed commissions earned by brokers will significantly impact the automotive sector and lenders. Although banks have been the focus of debate, the decision by His Majesty’s Treasury to...more

Proposed SEC Rules Aim at Putting Private Funds More in Public View

DarrowEverett LLP on 6/15/2023

Whether everyday Americans saving for retirement, college tuition, or their forever homes know it or not, there’s a chance that their money is tied, directly or indirectly, to private funds. Moreover, those Americans probably...more

Can Directors/Officers be Liable for Depositing Corporate Funds in and Borrowing from a Bank Taken Over by the FDIC?

Foley & Lardner LLP on 3/15/2023

Last week, state regulators forced Silicon Valley Bank (SVB) into receivership, and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. SVB’s failure marks the largest receivership since Washington...more

SEC Adopts Broad Exempt Offering Reforms

Goodwin on 11/5/2020

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

Officers’ Duty to Obey Board of Directors’ Instructions Overrides Duty to Provide Information

Pillsbury Winthrop Shaw Pittman LLP on 9/21/2018

Citing duty to obey the board’s lawful instructions, the Seventh Circuit rejects breach of fiduciary duty claims under Indiana law against bankrupt bank holding company’s former officers. Corporate officers of a distressed...more

Investment Management Update

Ballard Spahr LLP on 10/27/2016

Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

The Financial Choice Act: Implications for the U.S. Securities Legal Framework

Morrison & Foerster LLP on 9/16/2016

On September 13, 2016, the House Financial Services Committee of the United States House of Representatives (the “FSC”) formally released H.R. 5983, the “Financial CHOICE Act” (the “CHOICE Act”). While the CHOICE Act has...more

Might You Be Stumbling Into Being Subject to the U.S. Department of Labor’s Conflict of Interest Regulatory World?

Winstead PC on 5/17/2016

The U. S. Department of Labor’s Conflict of Interest regulatory package (the “COI Rules”) reaches far more than traditional trustees named in retirement plan documents. Many financial advisors, tax advisors, investment...more

Investment Management Update - October 2015

Ballard Spahr LLP on 10/15/2015

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

Chancery Court Provides Lessons on Conflicts of Interest in a Sales Process – Holds Only Financial Advisor Open to Liability

Cadwalader, Wickersham & Taft LLP on 10/14/2015

In an October 1st decision (In re Zale Corporation), the Delaware Chancery Court dismissed claims that Zale Corporation’s directors breached their fiduciary duties in connection with Zale’s agreement to merge with Signet. ...more

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