News & Analysis as of

Securities Regulation Investment Management Retail Investors

Proskauer - The Capital Commitment

SEC Regulation in a Non-Regulatory Environment

With Paul Atkins as the new SEC Chair, the agency’s priorities have shifted away from many of the aggressive policies of former Chair Gensler. The first four months of the Republican controlled SEC saw a dramatic shift in the...more

Katten Muchin Rosenman LLP

SEC Expands the Ability of Registered Closed-End Funds to Invest in Private Funds

Since 2002, the staff of the US Securities and Exchange Commission (SEC) consistently issued comments during the registration statement review process to closed-end funds (CEFs) registered under the Investment Company Act of...more

Ropes & Gray LLP

SEC Drops 15% Limit in Private Funds for Retail Closed-End Funds

Ropes & Gray LLP on

Statements earlier this week by SEC Chairman Paul S. Atkins and by Division of Investment Management Director Natasha J. Greiner indicate that the SEC staff will no longer require retail closed-end funds to limit their...more

Proskauer Rose LLP

SEC Chairman Paul Atkins to Urge SEC to Rethink Private Fund 15% Threshold

Proskauer Rose LLP on

On May 19, 2025, the Securities and Exchange Commission’s (the “SEC”) Chairman Paul Atkins delivered prepared remarks before the SEC Speaks Conference hosted by the Practicing Law Institute (PLI). In his remarks, Atkins...more

Mayer Brown Free Writings + Perspectives

Growth of Permanent Capital Vehicles Expected to Accelerate

In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has increased significantly.  According to a report from the Loan Syndications and Trading Association (LSTA) detailing...more

Morgan Lewis

Current Developments in SEC Enforcement for Private Funds and a Look Ahead 2024–2025

Morgan Lewis on

In 2024, private funds continued to be a major focus for the US Securities and Exchange Commission (SEC), with an active docket of enforcement cases and rulemaking efforts. Although we expect 2025 to include a continued...more

Stikeman Elliott LLP

CSA Propose Binding Dispute Resolution Framework for Retail Client Complaints

Stikeman Elliott LLP on

The Canadian Securities Administrators (“CSA”) have proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) and changes to its companion policy...more

Carlton Fields

The SEC's First Regulation Best Interest Action and the Challenges of Regulating By Enforcement

Carlton Fields on

In June 2022, the U.S. Securities and Exchange Commission (SEC) filed its first complaint alleging violations of both the care and compliance obligations of Regulation Best Interest, or Reg BI. In SEC v. Western International...more

Seward & Kissel LLP

SEC Files First Reg BI Action Against Broker-Dealer

Seward & Kissel LLP on

On June 15, 2022, the Securities and Exchange Commission (“SEC”) filed a complaint against California-based broker-dealer Western International Securities, Inc. (“Western”) alleging violations of Regulation Best Interest...more

Morgan Lewis

SEC Examination Staff Outlines Observations of Registered Fund Compliance Risks

Morgan Lewis on

The Division of Examinations staff of the US Securities and Exchange Commission (SEC) published a risk alert on October 26, 2021, titled “Observations from Examinations in the Registered Investment Company Initiatives,” which...more

Allen Matkins

SEC: Investment Adviser May Not Say That It May Do What It Already Did

Allen Matkins on

Doug Cornelius at Compliance Building took note of an Securities and Exchange Commission order issued last Friday instituting proceedings against an investment adviser, Diastole Wealth Management, Inc., for inadequate...more

Rumberger | Kirk

Implementing Reg-BI and Preparing for Examinations: The Compliance Obligation

Rumberger | Kirk on

With SEC Regulation Best Interest (“Reg-BI”) effective as of June 30, 2020, SEC examiners will now focus on whether firms have made a good faith effort to implement policies and procedures (“P&Ps”) that are necessary for...more

Troutman Pepper Locke

Investment Management Update - November 2020

Troutman Pepper Locke on

Covering legal developments and regulatory news for funds, their advisers and industry participants through October of 2020. ...more

Ballard Spahr LLP

SEC Proposes to Improve the Retail Investor Experience Through Modernized Fund Shareholder Reports and Disclosures

Ballard Spahr LLP on

The Securities and Exchange Commission (the SEC) proposed comprehensive modifications to the disclosure framework for mutual funds and exchange-traded funds (ETFs and, collectively with mutual funds, funds). The purpose of...more

Troutman Pepper Locke

SEC: Improve the Retail Investor Experience through Better Fund Shareholder Reports and Disclosures

Troutman Pepper Locke on

In a substantial August 5, 2020, release (the Proposal), the U.S. Securities and Exchange Commission (SEC) proposed changes to the existing disclosure framework applicable to mutual funds and exchange-traded funds (open-end...more

Burr & Forman

Regulation Best Interest is Good Enough: The Second Circuit Upholds Regulation BI in XY Planning Network

Burr & Forman on

In XY Planning Network, LLC, et al. v. SEC, et al., the United States Court of Appeals for the Second Circuit rejected a challenge to Regulation Best Interest brought by an organization of investment advisers, an individual...more

Stinson LLP

New Form CRS to be Required from Investment Advisers and Broker-Dealers Next Week

Stinson LLP on

Designed to protect retail investors from conflicts of interest, the SEC's new Regulation Best Interest, known as Reg BI, and related rules take effect on June 30, 2020. Every SEC-registered investment adviser and...more

Epstein Becker & Green

SEC and FINRA Provide Guidance on Regulation Best Interest

Epstein Becker & Green on

Recently, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert to provide broker-dealers with guidance on examinations regarding regulation Best...more

Polsinelli

SEC Announces Examination Priorities for Regulation Best Interest and Form CRS

Polsinelli on

On June 5, 2019, the Securities and Exchange Commission (“SEC”) adopted Regulation Best Interest (“Regulation Best Interest” or “Reg BI”), which establishes a new standard of conduct under the Securities Exchange Act of 1934...more

Carlton Fields

Reg BI Compliance Countdown: T-Minus Six Months

Carlton Fields on

As the June 30, 2020, compliance date approaches, broker-dealers are taking steps to implement Regulation Best Interest (Reg BI), which establishes a new standard of conduct when making recommendations to retail customers of...more

Groom Law Group, Chartered

New Regulation Best Interest FAQs Address Topics Familiar to DOL Fiduciary Rule Veterans

On January 10, 2020, the staff of the Securities and Exchange Commission (“SEC”) updated its frequently asked questions on Regulation Best Interest (the “FAQs”). ...more

Rumberger | Kirk

Minimizing Liability Under the SEC’s Reg-BI

Rumberger | Kirk on

Litigation Risks Posed by the SEC’s Regulation Best Interest - Pete Tepley and Meredith Lees highlight litigation risks posed by the SEC’s Regulation Best Interest (Reg-BI), litigation risks that may arise from Reg-BI’s...more

Herbert Smith Freehills Kramer

SEC Accredited Investor Proposal Could Yield New Product Opportunities for Private Fund Managers

On Dec. 18, 2019, the Securities and Exchange Commission (SEC or Commission) proposed amendments to broaden the definition of “Accredited Investor” under Regulation D to cover a broader group of investors, including adding...more

Vedder Price

SEC Staff Issues Form CRS FAQs

Vedder Price on

On November 26, 2019, the staff of the SEC’s Division of Investment Management and Division of Trading and Markets issued guidance in the form of frequently asked questions (FAQs) relating to the requirements of Form CRS,...more

Faegre Drinker Biddle & Reath LLP

Reg BI Information Overload: The Countdown to June 2020 Continues with Planned Reg BI Stress Tests, Checklists and FAQS Courtesy...

As the countdown to the June 30, 2020, date for compliance with Reg BI inches forward, FINRA and the SEC are providing a potpourri of support and information to help firms ensure compliance. FINRA EFFORTS: FINRA’s...more

34 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide