News & Analysis as of

Investment Management Investment Adviser Financial Institutions

Carlton Fields

Recent SEC AML Enforcement Actions and Likely Continued AML Emphasis Under New Administration

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Registered investment advisers have until January 1, 2026, to comply with the anti-money laundering (AML) compliance provisions of the Bank Secrecy Act (BSA). However, the SEC has recently charged two investment advisers with...more

Walkers

Moving to the Channel Islands: A guide for asset managers

Walkers on

Jersey and Guernsey have long been recognised as leading international investment hubs, offering asset managers a compelling mix of professional and lifestyle advantages....more

Seward & Kissel LLP

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

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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

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: Bringing Private Credit to the Wealth Channel with Nomura Capital Management’s Robert Stark

In our first episode of 2025, we’re excited to speak with Robert Stark, CEO of Nomura Capital Management. During our discussion, we discuss the competitive DCA ranges and challenges of building a private credit platform...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update October – November 2024

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The following summarizes recent legal developments of note affecting the mutual fund/investment management industry. On October 21, 2024, the SEC Division of Examinations (“EXAMS”) published its annual Examination Priorities...more

Katten Muchin Rosenman LLP

Key LP Investments Trends in 2024 and Beyond

C.S. Lewis once wrote, "Onwards and upwards! To Narnia and the North," and this seems to have been echoed by the private equity market in 2024 thus far. Except this time, it appears the destination is not Narnia but rather...more

A&O Shearman

UK allows bundled payments for third-party research and trading commissions

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From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more

Skadden, Arps, Slate, Meagher & Flom LLP

Texas Courts Delay Implementation of DOL’s Investment Advice Fiduciary Rule

Two federal courts in Texas have separately ordered stays delaying the effective date of the Department of Labor’s (DOL) final “investment advice fiduciary rule” under Section 3(21) of the Employee Retirement Income Security...more

K&L Gates LLP

Global Survey of ESG Regulations for Asset Managers - ESG and the Sustainable Economy Handbook

K&L Gates LLP on

INTRODUCTION - Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (36): Confusion about Annual Retrospective Reviews

The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTE 2020-02 and 84-24. The exemptions provide...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (33): The DOL’s Final PTE 84-24

On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more

K&L Gates LLP

QPAM Exemption Amendment—Key Takeaways and Action Steps for Advisors and Other Stakeholders

K&L Gates LLP on

Executive Summary - Many investment advisers and other financial institutions rely on the Department of Labor’s QPAM Exemption when providing services to, and transacting with, employer-sponsored retirement plans, individual...more

K&L Gates LLP

Global Survey of ESG Regulations for Asset Managers

K&L Gates LLP on

Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental,...more

Troutman Pepper Locke

DOL Proposed Rule: New Definition of "Investment Advice Fiduciary"

Troutman Pepper Locke on

On October 31, the Department of Labor (DOL) released a proposed rule (the Proposed Rule) aiming to redefine and expand who qualifies as an “investment advice fiduciary” under the Employee Retirement Income Security Act of...more

A&O Shearman

UK Ancillary Activities Test On Track For Simplification From 2025

A&O Shearman on

The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 was made on May 17, 2023. The Order, which enters into force on January 1, 2025, paves the way for the Financial Conduct...more

A&O Shearman

UK Wholesale Markets Review

A&O Shearman on

The U.K.’s policy approach to regulating secondary markets and investment firms, now that the U.K. has left the EU, has been confirmed by the government. Last year, HM Treasury conducted its Wholesale Markets Review proposing...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #84: Compliance with PTE 2020-02: Special Issues: Monitoring

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. The DOL’s expanded definition of fiduciary advice was described in the preamble to PTE 2020-02...more

A&O Shearman

EU Grants Further Time-Limited Equivalence for UK CCPs

A&O Shearman on

An EU Commission Implementing Decision extending the equivalence of U.K. CCPs to June 2025 has been published in the Official Journal of the European Union. The equivalence decision applies to U.K. CCPs already established...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #77: Compliance with PTE 2020-02: Mitigation of Incentive Effects of Payout Grids...

This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more

Faegre Drinker Biddle & Reath LLP

Interest Standard of Care for Advisors #66: Compliance with PTE 2020-02: Factors to Evaluate for a Rollover Recommendation (Part...

The DOL “Fiduciary Rule,” FAQ 15: Factors to Evaluate for a Rollover Recommendation (Part 2) - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #63: Compliance with PTE 2020-02: Acknowledgement of Fiduciary Status

The DOL “Fiduciary Rule,” FAQ 13: Written Acknowledgement of Fiduciary Status - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #61: Interim Compliance with PTE 2020-02: The Impartial Conduct Standards

The DOL “Fiduciary Rule,” FAQ 11: The Impartial Conduct Standards - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #47

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 12): The Requirement that Investment Advisers and Broker-Dealers to Receive No More Than Reasonable Compensation - On February 16, 2021, the DOL’s prohibited...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Brexit Deal Leaves Some Mighty Big Holes

Takeaways - Goods trade was provided for, at the cost of much new paperwork. - Crucial rules for banking and other services were left unresolved. The Christmas Eve agreement between the United Kingdom and the...more

Proskauer - Blockchain and the Law

SEC Responds to Wyoming’s Opinion on Custody of Digital Assets and Qualified Custodian Status

The U.S. Securities and Exchange Commission (“SEC”) issued a statement in response to the Wyoming Division of Banking’s No-Action Letter on Custody of Digital Assets and Qualified Custodian Status....more

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