On May 5, 2023, the U.S. Securities & Exchange Commission filed its first enforcement complaint under Rule 22e-4 of the Investment Company Act of 1940, 17 C.F.R. § 270.22e-4 (the Liquidity Rule). The complaint was brought...more
5/11/2023
/ Enforcement Actions ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Liquidity ,
Liquidity Risk Management Rule ,
Open-Ended Fund Companies (OFCs) ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Violations
CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA -
On February 7, the CFPB issued an advisory opinion, accompanied by a statement from CFPB Director Rohit Chopra, clarifying that...more
2/13/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Digital Platforms ,
Fee Waivers ,
Financial Services Industry ,
HMDA ,
Investment Funds ,
Mobile Apps ,
Online Platforms ,
Referral Fees ,
Reporting Requirements ,
RESPA ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On October 26, 2022, the US Securities and Exchange Commission (SEC) voted to adopt rule and form amendments (the “final rules”) related to (1) shareholder reports of mutual funds and exchange-traded funds (ETFs) registered...more
After years of relative silence related to variable annuity exchanges on the regulatory front, the U.S. Securities and Exchange Commission announced last week settled charges against RiverSource Distributors, Inc...more
On February 9, 2022, the U.S. Securities and Exchange Commission (“SEC”) proposed a package of new rules and amendments to enhance cybersecurity preparedness and improve cyber resilience of investment advisers and investment...more
2/11/2022
/ Comment Period ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cyber Threats ,
Cybersecurity ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Company Act of 1940 ,
New Rules ,
Policies and Procedures ,
Proposed Rules ,
Public Comment ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On December 3, 2020, the U.S. Securities and Exchange Commission (the “SEC”) voted to adopt new Rule 2a-5 (the “Fair Value Rule”) under the Investment Company Act of 1940 (the “1940 Act”), which addresses the valuation...more
2/18/2021
/ Business Development Companies ,
Fair Valuation ,
Fair Value Standard ,
Good Faith ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
New Rules ,
Recordkeeping Requirements ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On October 7, 2020, the Securities and Exchange Commission (the "SEC") adopted Rule 12d1-4 under (the "Rule") the Investment Company Act of 1940 (the "1940 Act") and related amendments designed to put in place a comprehensive...more
10/21/2020
/ Business Development Companies ,
Closed-End Funds ,
ETFs ,
ETMFs ,
Exemptive Relief ,
Form N-CEN ,
Fund of Funds ,
Insurance Contracts ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Investment Trust Companies ,
Liquidity ,
Open-Ended Fund Companies (OFCs) ,
Registered Funds ,
Regulatory Requirements ,
Risk Management ,
Rule 12d1-4 ,
Securities and Exchange Commission (SEC) ,
Voting Securities
On April 21, 2020, the U.S. Securities and Exchange Commission (the “SEC”) voted to propose new Rule 2a-5 (the “Proposed Rule”) under the Investment Company Act of 1940 (the “1940 Act”) that, if adopted, would establish a...more
4/30/2020
/ Board of Directors ,
Business Development Companies ,
Comment Period ,
Fair Value Standard ,
Good Faith ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Management ,
Proposed Rules ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
Valuation
On October 13, 2016, the U.S. Securities and Exchange Commission (SEC) adopted new rules and forms and amended current rules and forms under the Investment Company Act of 1940 (1940 Act) to significantly expand the...more
On Nov. 9, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released a risk alert reporting observations from its examination of investment advisers and investment companies that outsource their Chief...more