The SEC recently adopted new rules (the “Private Fund Rules”) that will require additional reporting requirements and impose restrictions on certain activities of investment advisers to private funds (“Private Funds”). While...more
On February 9, 2022, the Securities and Exchange Commission (the “SEC”) released proposed rules (the “Proposed Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”) that, if adopted as proposed, would...more
On October 26, 2021, the SEC’s Division of Examinations (the “Division”) released a risk alert (the “Risk Alert”) detailing observations from a series of examinations by the Division’s staff (“Staff”) that focused on certain...more
The Investment Advisers Act of 1940, as amended (the “Advisers Act”), generally prohibits SEC‑registered investment advisers (“RIAs”) from entering into an advisory contract that charges a performance fee to a client who is...more
In recent weeks, we have observed significant new developments in securities regulation related to two enforcement actions by the U.S. Securities and Exchange Commission (the “Commission”) and an unexpected (and, to our...more
On April 9, 2021, the SEC’s Division of Examinations (f.k.a. OCIE) (the “Division”) released a risk alert (the “Alert”) highlighting observations from exams of registered investment advisers (“RIAs”), registered investment...more
Putting Teeth on Reg BI (to take a bite out of complex products sales), Protecting Seniors (from romance scams, affinity frauds, and rogue POAs), Scrutinizing Bank-Based Reps, DBAs, and Remote Supervision, and the beginning...more
The Investment Company Institute (“ICI”) recently published a sample form of fund of funds investment agreement (the “Form Agreement”) to assist registered investment companies and business development companies (“Registered...more
Each year, the SEC’s Division of Examinations (f.k.a. OCIE) (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their...more
4/12/2021
/ Anti-Money Laundering ,
Broker-Dealer ,
Environmental Social & Governance (ESG) ,
ETFs ,
Fiduciary Duty ,
FinCEN ,
FinTech ,
Form CRS ,
Investment Adviser ,
OCIE ,
Registered Investment Advisors ,
Regulation Best Interest ,
REIT ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
The SEC’s new marketing rule for investment advisers (the “New Marketing Rule”) was published in the Federal Register today, making the effective date of the New Marketing Rule May 4, 2021....more
In November 2020, the staff of the SEC’s Division of Examinations (f.k.a. OCIE) (the “Examinations Division” and its staff, “Examinations Staff”) issued two risk alerts (the “Alerts”) that, in our view, offer particularly...more
Throughout the year, every year, the SEC’s Divisions of Examinations (f.k.a. OCIE) (the “Examinations Division”) and Enforcement (the “Enforcement Division”) each respectively release guidance, observations, and priorities...more
While the financial industry was busy enjoying family vacations and a relaxing break for the July 4th holiday, the SEC stayed busy releasing new guidance for industry participants. For example, OCIE recently released a risk...more
On April 15, 2020, the Investor Protection Bureau of the New York Department of Law (a division of the attorney general’s office) (the “Bureau”) published proposed amendments to regulations governing state-registered...more
Last Friday, the staff of the SEC Division of Investment Management (the “Staff”) released an FAQ on disclosures of conflicts related to investment adviser compensation (the “FAQ”). The FAQ specifically focused on...more
The political melee surrounding Regulation Best Interest (“Reg BI”) escalated yesterday with the filing of a lawsuit against the SEC by several state attorneys general (the “State Plaintiffs”). In their complaint, the State...more
Last week, the SEC issued guidance with respect to the proxy voting responsibilities of investment advisers (the “Proxy Guidance”). The Proxy Guidance follows on the heels of the SEC’s interpretation of the fiduciary duties...more
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert yesterday (the “Alert”) identifying various compliance problems that were uncovered among SEC-registered investment advisers (“RIAs”)...more
Regulations regarding privacy, cybersecurity and the use of technology seem to be in constant flux. Compliance consultants and vendors do their best to stay on top of them, but ultimately neither are regulated by the SEC,...more
5/30/2019
/ Broker-Dealer ,
Cloud Storage ,
Cybersecurity ,
Data Protection ,
Data Security ,
Data Storage Providers ,
Investment Adviser ,
OCIE ,
Policies and Procedures ,
Popular ,
Vendors
On Monday, April 15, the New Jersey Bureau of Securities (“NJBS”) released its long-awaited proposed fiduciary rule (the “Proposed Rule”) for broker-dealers (“BDs”) and investment advisers (“IAs”).1 Key points from the Rule...more
As just about everyone who operates in the mutual fund, closed-end fund or exchange-traded fund (ETF) industries knows, the Investment Company Act of 1940, as amended (the “1940 Act”), requires certain key registered...more
New Jersey released its long-awaited proposed fiduciary rule (the “Fiduciary Rule”) for broker-dealers and investment advisers. The 60-day comment period for the Fiduciary Rule began today, and will end on June 14, 2019....more
Last week FINRA issued guidance (Regulatory Notice 19-10) with respect to communications with customers about registered representatives (“RRs”) who have left a broker-dealer (the “Notice”).
With increased frequency, RRs...more
Last April, the SEC released proposed rules related to the standard of care that broker-dealers (“BDs”) owe their customers and issued proposed guidance related to the standard of care that investment advisers (“IAs”) owe...more
The handling of shareholder funds by transfer agents (“TAs”) has long been an examination priority of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”). Recently, OCIE issued a Risk Alert (the “Alert”)...more