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A&O Shearman

ESMA publishes final report on 2023–2024 CSA on integration of sustainability risks and disclosures

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published its final report on the 2023-2024 common supervisory action (CSA) carried out with national competent authorities (NCAs)on the integration of sustainability...more

Woodruff Sawyer

Expanding Retail Investor Access to Private Funds: A Spider-Man Problem

Woodruff Sawyer on

Private funds could be facing a Spider-Man problem. Let me explain. Because he was bitten by a radioactive spider, Spider-Man has superpowers. He can jump really high. He can shoot webs from his hands. When his...more

Akin Gump Strauss Hauer & Feld LLP

SEC Withdraws Several Gensler-Era Rule Proposals Impacting Investment Managers

On June 12, 2025, the Securities and Exchange Commission formally withdrew several rule proposals made while Gary Gensler was Chairman that would have applied to investment managers, including, among others, proposals...more

A&O Shearman

IOSCO final report and guidance for liquidity risk management for CIS

A&O Shearman on

The International Organization of Securities Commissions (IOSCO) has published its final report containing revised recommendations for liquidity risk management for collective investment schemes (CIS), accompanied by...more

Seward & Kissel LLP

Exchange-Traded Fund Fails to Clear SEC Staff Comment Process Prior to Launch

Seward & Kissel LLP on

Who may be interested: Exchange-Traded Funds, Registered Funds and their Investment Advisers - Quick Take: The Staff of the Securities and Exchange Commission (SEC) Division of Investment Management publicly issued a...more

Akin Gump Strauss Hauer & Feld LLP

SEC Staff Says it’s OK to Just Be Gross

On March 19, 2025, the staff of the U.S. Securities and Exchange Commission’s Division of Investment Management (the “Staff”) amended its FAQ page on marketing compliance and reversed its stand on a contentious issue with...more

SEC Compliance Consultants, Inc. (SEC³)

Predictions for 2025: What Private Fund Advisers Can Expect from SEC Examinations

There has been a lot of conjecture that the SEC may become friendlier to registrants because of the new administration. Given the SEC’s mandate to protect the investing public, however, we do not expect SEC examiners to...more

Latham & Watkins LLP

FCA Publishes Findings on Private Market Valuation Practices

Latham & Watkins LLP on

A review of fund and portfolio managers found a number of good practices, but also revealed the need for improvement in areas such as conflict management. On 5 March 2025, the FCA published the findings from its review...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA’s Approach to Non-Bank Leverage and Implications for Market Participants

On 25 February 2025, Sarah Pritchard, executive director of consumers, competition, and international at the UK Financial Conduct Authority (FCA), delivered a speech at the Investment Association Roundtable where she outlined...more

Hogan Lovells

SFC cautions deficiencies and misconduct in asset management practices

Hogan Lovells on

On 9 October 2024, the Securities and Futures Commission (the “SFC”) issued a circular (the “Circular”) highlighting deficiencies and substandard conduct observed during its supervision of licensed corporations engaged in...more

King & Spalding

Anpassung von Vergütungssystemen und deren Veröffentlichung aufgrund der OffenlegungsVO

King & Spalding on

Nach Art. 5 der OffenlegungsVO muss die AIF-KVG, ein „Finanzmarktteilnehmer“ im Sinne der Verordnung, im Rahmen ihrer „Vergütungspolitik“ (remuneration policy) angeben, „inwiefern diese mit der Einbeziehung von...more

Goodwin

Financial Services Weekly News: Financial Regulators Respond To Coronavirus Outbreak

Goodwin on

In This Issue. The ongoing global outbreak of the coronavirus (COVID-19) continues to grow in scale and scope, creating public health and humanitarian challenges worldwide. Global economies are also being impacted. Federal...more

Faegre Drinker Biddle & Reath LLP

SEC Provides Guidance For Mutual Fund Risk Disclosures

On September 9, 2019, the Staff (“Staff”) of the Securities and Exchange Commission (“SEC”) Division of Investment Management provided guidance (the “Guidance”) on how to improve principal fund risk disclosures to be more...more

Proskauer Rose LLP

Liquidity Management Rule – Delays and Revisions

Proskauer Rose LLP on

On October 13, 2016, the Securities and Exchange Commission (the "SEC") adopted Rule 22e-4 (the "Liquidity Rule") under the Investment Company Act of 1940, as amended, to require each registered open-end management investment...more

Vedder Price

Investment Services Regulatory Update - November 2017

Vedder Price on

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

K&L Gates LLP

U.S. SEC Proposes Liquidity Risk Management Programs, Optional “Swing Pricing,” and Liquidity Reporting for Mutual Funds and...

K&L Gates LLP on

On September 22, 2015, the Securities and Exchange Commission (“SEC”) proposed a new rule and amendments to rules and reporting forms under the Investment Company Act of 1940 (the “1940 Act”), designed to standardize...more

Carlton Fields

SEC Proposes Major Disclosure Changes for Funds and Advisers

Carlton Fields on

The SEC recently published two rule proposals to address concerns over the Commission’s ability to gauge and monitor any risks that the asset management industry poses to the financial system and investors. This includes the...more

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