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Ropes & Gray LLP

SEC Speaks 2025: Key Takeaways from Division of Enforcement Panels

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The SEC’s Division of Enforcement intends to remain a “cop on the beat,” and will refocus on traditional core enforcement areas, such as insider trading, accounting and disclosure fraud, market manipulation, and breaches of...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

Carlton Fields

2 Across: Changing Financial Product Recommendations

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Artificial intelligence (AI) can and is already changing how firms and registered representatives recommend financial products to customers. AI has the potential to enhance recommendations that registered representatives...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

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

Eversheds Sutherland (US) LLP

UK's FCA consults on payment optionality for investment research

The FCA consultation paper CP24/7 “Payment Optionality for Investment Research” considers the reintroduction of the bundling of research payments with broker’s execution fees....more

A&O Shearman

UK Conduct Regulator Proposes Payment Optionality for Investment Research

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The U.K. Financial Conduct Authority has opened a consultation setting out proposals for allowing firms to use joint (bundled) payments for third-party research and execution services, subject to certain requirements being...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (27): Changes to PTE 2020-02 (2): Affecting Financial Institutions

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (26): Changes to PTE 2020-02 (1): Affecting the Advisor

In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Guidepost Solutions LLC

Investment Advisers and Generative AI

Start Planning Now to Reduce Your Increased Money Laundering, Sanctions, and Conflicts of Interest Risks The introduction and use of generative artificial intelligence (GenAI) and predictive data analytics (PDAs) by...more

Katten Muchin Rosenman LLP

UK High Court Hands Down Decision in Sova Capital

Key Points - - This application was brought in the wake of sanctions imposed by the United Kingdom, United States and European Union in response to the Russian invasion of Ukraine and involved a complex assessment of...more

Perkins Coie

Market Turmoil Caused by “Run on the Banks” Leads to Trading Halts

Perkins Coie on

On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading...more

A&O Shearman

Ninth Circuit Holds That Complaint Sufficiently Alleged Company Was “Statutory Seller” Under Section 12(a)(2) Based On Social...

A&O Shearman on

On December 21, 2022, the United States Court of Appeals for the Ninth Circuit affirmed in part and denied in part the dismissal of a purported class action suit against a real estate property management company (the...more

A&O Shearman

UK Conduct Authority Warns Buy Now Pay Later Firms on Compliance with Financial Promotion Requirements

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The U.K. Financial Conduct Authority has issued a warning to Buy Now Pay Later firms about financial promotions that potentially breach the FCA's rules. The Financial Services and Markets Act 2000 prohibits the communication...more

A&O Shearman

UK Regulator Proposes Extending Long-Term Asset Fund to Certain Retail Investors

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Following the introduction of a regulatory framework for a new type of authorized open-ended fund called the long-term asset fund, the U.K. Financial Conduct Authority has opened a consultation on extending the LTAF to more...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #98: How PTE 2020-02 Impacts Advice to IRAs

The DOL’s expanded definition of fiduciary advice to retirement plans, participants, and IRAs was described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations to...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #87: Specific Reasons for Rollover Recommendations That Won’t Work (Part 1)

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #85: Compliance with PTE 2020-02: Special Issues: Monitoring (2)

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

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

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #73: Compliance with PTE 2020-02: IRA “Rollovers” Are Covered by the Rule, But What is...

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

Bradley Arant Boult Cummings LLP

Year-End Regulatory Relief for Investment Advisors: DOL Further Delays Enforcement of PTE 2020-02

The Department of Labor (DOL) has issued Field Assistance Bulletin No. 2021-02 to further delay enforcement of Prohibited Transaction Exemption 2020-02 (PTE 2020-02), which sets forth several requirements that financial...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #70: Compliance with PTE 2020-02: Factors to Evaluate for an IRA-to-IRA Rollover...

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - 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

The DOL Provides Practical Guidance on the Application of PTE 2020-02

As described in our recent blog posts, the Department of Labor (“DOL”) recently issued guidance in the form of FAQs to address questions concerning the practical application of PTE 2020-02, Improving Investment Advice for...more

Faegre Drinker Biddle & Reath LLP

The DOL Issues FAQs on Prohibited Transaction Exemption 2020-02 Related to Fiduciary Investment Advice

On December 18, 2020, the Department of Labor (“DOL”) adopted PTE 2020-02 Improving Investment Advice for Workers & Retirees (“PTE 2020-02”), a new prohibited transaction exemption related to fiduciary investment advice...more

McDermott Will & Schulte

Two Ocean Trust Paves the Way for Secure Cryptocurrency Investing

THE SITUATION: In recent years, cryptocurrency has presented an exciting opportunity to invest in a new asset class—at the cost of accepting certain risks. Unlike traditional financial assets, cryptocurrency has lacked...more

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