On October 7, 2020, the Securities and Exchange Commission voted to adopt Rule 12d1-4 under the Investment Company Act of 1940 and related amendments to the regulatory framework governing funds that invest in other funds...more
As financial markets react to daily, dramatic news headlines concerning the coronavirus pandemic, an oil market price war, extraordinary government responses and the economic and financial fallout, funds and their liquidity...more
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations on November 7, 2019 issued a Risk Alert in which the OCIE staff (Staff) discussed “the most often cited deficiencies and weaknesses”...more
Pursuant to new Rule 139b (Rule) under the Securities Act of 1933, the publication of a “research report” on “covered investment funds” by an unaffiliated broker-dealer will not be deemed an “offer for sale or offer to sell”...more
1/29/2019
/ Broker-Dealer ,
Commodities Traders ,
Covered Funds ,
Fair Access to Investment Research Act of 2017 (FAIR Act) ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Company Act of 1940 ,
Investment Funds ,
Issuer Exemption ,
Offering Statements ,
Publicly-Traded Companies ,
Registered Investment Advisors ,
Research Reports ,
Rule 139 ,
Safe Harbors ,
Sales of Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
The Staff of the SEC’s Division of Investment Management has issued a no-action letter permitting a fund’s board to rely on written representations from the fund’s CCO in lieu of quarterly determinations that the fund’s...more
The U.S. Department of the Treasury (Treasury) recently released a report examining the regulatory framework for the asset management and insurance industries (Report). The Report is the third in a series of four reports that...more
12/5/2017
/ Asset Management ,
CFTC ,
Department of Labor (DOL) ,
Derivatives ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Exchange-Traded Products ,
Federal Reserve ,
Fiduciary Rule ,
Financial Stability Board ,
FSOC ,
Insurance Industry ,
Investment Advisers Act of 1940 ,
Liquidity Risk Management Rule ,
Proposed Legislation ,
Proposed Regulation ,
Regulatory Burden ,
Retirement Plan ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
Stress Tests ,
Systemic Risk Buffer ,
U.S. Treasury ,
Volcker Rule
The Staff of the U.S. Securities and Exchange Commission (SEC) on March 8, 2017 issued a no-action letter (Staff Letter) in response to a request from Dechert LLP for assurance under Section 12(d)(1) of the Investment Company...more
4/18/2017
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Broker-Dealer ,
Foreign Currency ,
Global Market ,
Hedging ,
International Tax Issues ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
No-Action Letters ,
Non-US Feeder Funds ,
Registered Investment Companies (RICs) ,
Section 12(d)(1) ,
Securities and Exchange Commission (SEC) ,
UCITS ,
Underwriting
The U.S. Securities and Exchange Commission (SEC or Commission) has unanimously adopted new rules and rule amendments to require registered open-end investment companies (including exchange traded funds and exchange-traded...more
Earlier today, the U.S. Securities and Exchange Commission (SEC) unanimously adopted a new rule and amendments to certain rules and forms that will require registered open-end investment companies, including mutual funds and...more
10/14/2016
/ Amended Regulation ,
Disclosure Requirements ,
Form N-PORT ,
Investment Companies ,
Investment Management ,
Liquidity Risk Management Rule ,
New Regulations ,
Registered Investment Companies (RICs) ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Swing Pricing
The Securities and Exchange Commission (Commission) on December 11, 2015 proposed new Rule 18f-4 (Proposed Rule) under the Investment Company Act of 1940 (1940 Act) and amendments to certain proposed forms. The proposal...more
At an open meeting of the U.S. Securities and Exchange Commission (SEC) today, the SEC by a three-to-one vote approved the proposal (Proposal) of new Rule 18f-4 under the Investment Company Act of 1940 (1940 Act) and...more
The U.S. Securities and Exchange Commission (SEC or Commission) on September 22, 2015 proposed a rule that would require all registered open-end funds and open-end exchange-traded funds (ETFs), other than money market funds...more
Recently, the U.S. Securities and Exchange Commission unanimously approved proposals that would require open-end funds, including mutual funds and exchange-traded funds, to comply with new liquidity management rules. The...more