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Goodwin

SEC Outlook: Potential Updates Under Nominated Chairman Atkins

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The SEC currently has several notable rule proposals that have received public comment but have not yet been finalized. The potential direction of these proposals is likely to be influenced by the leadership of the new SEC...more

White & Case LLP

FinCEN and SEC Move Closer to New AML Requirements for Investment Advisers & ERAs

White & Case LLP on

On May 13, 2024, FinCEN and the SEC jointly proposed a new rule that would require SEC-registered investment advisers and exempt reporting advisers to maintain written customer identification programs (CIPs). The new rule...more

DarrowEverett LLP

Meme Stock Mania Sets Stage for Proposed Game-Changing SEC Rule

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On Wednesday, December 14, the U.S. Securities and Exchange Commission (the “SEC”) affirmatively voted to advance some major changes to U.S. stock-market rules, perhaps the biggest changes to such rules in nearly 20 years....more

Goodwin

Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial...

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Regulatory Developments - Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks - On December 2, the Federal Reserve announced that it...more

Wilson Sonsini Goodrich & Rosati

Information…or Advice? SEC Regulation of “Information Providers” May Expand to Include Providers of Innovative Investment...

In its recent Request for Comment on Certain Information Providers Acting as Investment Advisers (the Request for Comment), the U.S. Securities and Exchange Commission (SEC) asks whether innovative investment indices, model...more

Goodwin

FDIC Requests Comments to Draft Principles for Climate-Related Financial Risk Management

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) requested comments to draft principles for climate-related financial risk management; the U.S. Securities and Exchange Commission (SEC) published its 2022 exam...more

Baker Donelson

SEC Proposal: New Cybersecurity Risk Management Rules for Investment Advisers and Funds

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In a show of continued emphasis on cybersecurity enforcement from U.S. government agencies in the wake of the Biden Administration's Executive Order on Improving the Nation's Cybersecurity (Exec. Order No. 14028, May 12,...more

Herbert Smith Freehills Kramer

SEC Proposes Cybersecurity Risk Management Requirements for Investment Advisers and Registered Funds

On Feb. 9, 2022, the Securities and Exchange Commission (SEC or Commission) proposed a suite of new rules and amendments concerning cybersecurity risk management for registered investment advisers (advisers) and registered...more

Goodwin

CFPB Withdraws Proposal to Delay Debt Collection Final Rules

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In This Issue. The Consumer Financial Protection Bureau (CFPB) withdrew its proposal to delay the Debt Collection Final Rules; the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance...more

Goodwin

Tenth Circuit Upholds District Court’s Ruling Finding No Breach of Fiduciary Duties in Section 36(b) Case

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In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more

Goodwin

Divided SEC Votes To Propose “Finder” Exemption From Broker Registration

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On October 7, 2020, the U.S. Securities and Exchange Commission (“SEC”) voted 3-2 to propose a conditional exemption (“Exemption”) to permit natural persons to engage in limited securities activities as “finders” on behalf of...more

Goodwin

Financial Services Weekly Roundup: OCC Finalizes New CRA Rule; Regulators Continue To Provide COVID-19-related Relief

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In This Issue. The Office of the Comptroller of the Currency (OCC) finalized a rule to strengthen and modernize regulations under the Community Reinvestment Act; the Securities and Exchange Commission (SEC) voted to adopt...more

Vedder Price

SEC Re-Proposes New Rule Governing Funds’ Use of Derivatives

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On November 25, 2019, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) re-proposed a new exemptive rule under the Investment Company Act of 1940, as amended (the “1940 Act”)—Rule 18f-4 (the...more

Sullivan & Worcester

SEC Proposes Amendments to Advertising and Client Solicitation Rules under the Investment Advisers Act

Sullivan & Worcester on

The U.S. Securities and Exchange Commission (the “SEC”) proposed on November 4, 2019 significant amendments to its current rules under the Investment Advisers Act of 1940 (the “Advisers Act”) relating to investment adviser...more

Faegre Drinker Biddle & Reath LLP

Recent State Fiduciary Duty Developments

We have updated our State Fiduciary and Best Interest Developments chart to reflect regulatory changes in New Jersey. The New Jersey Bureau of Securities has proposed a rule that will establish a fiduciary standard for...more

Carlton Fields

New Jersey Fiduciary Rule Pre-Proposal

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On October 15, the New Jersey Bureau of Securities (Bureau) requested public comments on the concept of amending the New Jersey Blue Sky regulations “to require that broker-dealers, agents, investment advisers, and adviser...more

Allen Matkins

Is Artificial Intelligence The Future Of Rulemaking?

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Earlier this year, the Securities and Exchange Commission proposed a new rule establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a...more

Sheppard Mullin Richter & Hampton LLP

Regulation Best Interest: The SEC Responds to the DOL’s Fiduciary Rule

On April 18, 2018, the Securities and Exchange Commission published its proposed Regulation Best Interest. Regulation Best Interest would require broker-dealers and affiliated persons to act in the best interest of a retail...more

Womble Bond Dickinson

Recent Developments Toward A Fiduciary Standard For Brokers

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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

A&O Shearman

US Securities and Exchange Commission Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers’ Fiduciary...

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The U.S. Securities and Exchange Commission published three proposed rules with request for public comment that would seek to enhance and clarify the standards of care applicable to broker-dealers and investment advisers when...more

Herbert Smith Freehills Kramer

SEC Proposes Enhanced Investment Adviser and Broker-Dealer Standards of Conduct

On April 18, the Securities and Exchange Commission (SEC) proposed a trio of rules and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers (IAs) and...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

Vedder Price

Investment Services Regulatory Update - November 2017

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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

Orrick - Finance 20/20

Public Comments Solicited From Retail Investors and Other Interested Parties on Standards of Conduct for Investment Advisers and...

On June 1, 2017, Securities and Exchange Commission (“SEC“) Chairman Jay Clayton issued a statement (the “Statement“) soliciting public comments from retail investors and other interested parties on standards of conduct for...more

WilmerHale

FinCEN Proposes AML Requirements for Registered Investment Advisers

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The Financial Crimes Enforcement Network (FinCEN) has proposed long-expected regulations that would extend anti-money laundering (AML) requirements to federally registered investment advisers (RIA). The August 25, 2015...more

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