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King & Spalding

Fewer Cases So Far, with a Focus on Retail Investor Fraud – A Look at the First Six Months of SEC Enforcement Under the New...

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The enforcement results for the first six months of the new administration show that while the Securities and Exchange Commission (“SEC”) has instituted substantially fewer new enforcement actions as compared to the same...more

Rumberger | Kirk

FINRA Reminds Financial Firms How AI Use Poses Significant Risks

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These days, artificial intelligence is everywhere we look, and the financial services industry is no different. As AI use increases, regulatory bodies are updating their rules and guidelines detailing how companies should and...more

Latham & Watkins LLP

Hong Kong Regulators Update Guidance for Intermediaries’ Virtual Asset-related Activities

Latham & Watkins LLP on

Revamped SFC and HKMA guidance applies to intermediaries that distribute products or provide dealing, advisory, and asset management services related to virtual assets. On 20 October 2023, the Hong Kong Monetary...more

WilmerHale

Broker-Dealers and Advisers Beware: The SEC’s “PDA” Proposal Could Upend Firms’ Interactions With Customers, Clients and Investors

WilmerHale on

On July 26, 2023, the Securities and Exchange Commission (SEC or Commission) narrowly approved (3-2) a proposed rulemaking under the Securities Exchange Act of 1934 (Exchange Act) and the Investment Advisers Act of 1940...more

Goodwin

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

Goodwin on

On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

Bradley Arant Boult Cummings LLP

SEC Division of Examinations Announces 2023 Examination Priorities

The SEC’s Division of Examinations last week announced its 2023 “examination priorities.” The division’s annual announcement of priorities provides valuable insight into the categories of registrants most likely to be the...more

Goodwin

BD and IA Conflicts of Interest: SEC Staff Says Don’t Set It (Them) and Forget It (Them)

Goodwin on

​​​​​​​SEC staff recently served up a juicy staff bulletin covering the standards of conduct for broker-dealer and investment adviser conflicts of interest. The staff bulletin includes 13 Q&As categorized into five different...more

Goodwin

Private Equity Comment: Sustainable Finance Disclosure Regulation, ELTIFs, And ESG Issues Relating To ERISA

Goodwin on

This edition of Private Equity Comment looks at the Sustainable Finance Disclosure Regulation, which fund managers will need to comply with beginning 10 March, 2021, an ongoing consultation on European Long Term Investment...more

Miles & Stockbridge P.C.

Wealth Begets Wealth: The Limited Expansion of the Accredited Investor Definition

Miles & Stockbridge P.C. on

With the increased focus on the lack of access to capital in certain communities, and the generational impacts of such deficit, the SEC’s expanded definition of accredited investor takes a step in the right direction, but...more

Goodwin

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more

K&L Gates LLP

Distribution of Mutual Fund Shares and Fund Advertising: 2019 Washington D.C. Investment Management Conference

K&L Gates LLP on

MUTUAL FUND DISTRIBUTION – TODAY’S AGENDA - - Multiple Distribution Channels - Methods of Compensating for Distribution and/or Services - Sales Loads - Rule 12b-1 Fees/Service Fees - Revenue Sharing - Sub-transfer...more

Vedder Price

SEC Proposes Modernizing Adviser Advertising and Cash Solicitation Rules

Vedder Price on

On November 4, 2019, the U.S. Securities and Exchange Commission (SEC) proposed significant amendments to the rules under the Investment Advisers Act of 1940 (Advisers Act) governing investment adviser advertisements and...more

King & Spalding

Regulation Best Interest: Updates and Developments

King & Spalding on

It’s been nearly five months since the Securities and Exchange Commission (“SEC”) approved Regulation Best Interest: The Broker-Dealer Standard of Conduct (“Reg BI”). As discussed in our June 27, 2019 Client Alert, Reg BI...more

Faegre Drinker Biddle & Reath LLP

Seven States and D.C. Aggressively Challenge Reg BI

On September 9, 2019, the states of New York, California, Connecticut, Delaware, Maine, New Mexico and Oregon, and the District of Columbia (collectively, the States) filed a complaint for declaratory and injunctive relief...more

WilmerHale

The Countdown Is On! Building a Reg BI Compliance Program as Deadlines Loom

WilmerHale on

On June 5, 2019, the SEC adopted a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with broker-dealers and investment advisers. The focal point of this...more

Womble Bond Dickinson

Recent Developments Toward A Fiduciary Standard For Brokers

Womble Bond Dickinson on

Much has happened since we last reported on the Department of Labor’s Fiduciary Rule. The compliance deadline was extended 18 months to July 1, 2019. A federal appellate court vacated the Fiduciary Rule in its entirety. The...more

Nelson Mullins Riley & Scarborough LLP

SEC Addresses Standards of Care for Investment Advisers and Broker-Dealers in Proposed Rules

The Securities and Exchange Commission (“SEC”) has released a set of proposed rules governing relationships between investment professionals and their clients. The proposed rules—a hefty 1,000 pages with 1,800 footnotes— seek...more

McGuireWoods LLP

SEC Unveils Proposed Standards of Care for Brokers and Investment Advisers

McGuireWoods LLP on

The SEC has proposed rulemaking and regulations targeted at the relationship between investors and their investment professionals. We previously reported on the U.S. Court of Appeals for the Fifth Circuit vacating the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Standards of Conduct for Investment Advisers, Broker-Dealers Under SEC Review

In the six months since Securities and Exchange Commission (SEC) Chairman Jay Clayton requested public comments on standards of conduct for investment advisers and broker-dealers, industry participants, investors and other...more

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