The Financial Stability Oversight Council unanimously approved an analytic framework for financial stability risk identification, assessment and response and interpretive guidance on nonbank financial company determinations...more
The Securities and Exchange Commission recently adopted significant changes to Rule 35d-1 under the Investment Company Act of 1940 (Names Rule), as well as certain forms and disclosure requirements on September 20, 2023...more
12/6/2023
/ Derivatives ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Form N-PORT ,
Investment ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Portfolios ,
Notice Requirements ,
NSMIA ,
Proposed Amendments ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
On September 20, 2023, the U.S. Securities and Exchange Commission, by a vote of four to one, adopted amendments to the current rule regarding registered fund names, as well as certain forms and disclosure requirements. The...more
9/22/2023
/ Deceptive Intent ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Company Act of 1940 ,
Investor Protection ,
Misleading Statements ,
New Amendments ,
Notice Requirements ,
Recordkeeping Requirements ,
Registered Funds ,
Securities and Exchange Commission (SEC)
The Financial Stability Oversight Council on April 21, 2023, released for public comment a proposed analytic framework for financial stability risk identification, assessment and response (Proposed Framework) and proposed...more
Over the last six months, artificial intelligence (AI) has captured the public imagination in a way it never has before. A new generation of AI-powered language models make use of a deep learning architecture known as a...more
4/27/2023
/ Artificial Intelligence ,
Banking Sector ,
Broker-Dealer ,
CFTC ,
Cybersecurity ,
Due Diligence ,
ECOA ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Adviser ,
Lending ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Software
The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) on January 3, 2023...more
1/27/2023
/ Anti-Money Laundering ,
Cryptoassets ,
Cryptocurrency ,
Cyber Attacks ,
Decentralized Finance (DeFi) ,
Enforcement ,
FDIC ,
Federal Reserve ,
Financial Regulatory Agencies ,
Fraud ,
Investment Contract ,
Market Volatility ,
OCC ,
Risk Management
The Consumer Financial Protection Bureau (“CFPB”) on November 30, 2022, filed an amicus brief in the United States Court of Appeals for the Fourth Circuit, arguing that the United States District Court for the District of...more
The Board of Governors of the Federal Reserve System (Federal Reserve) approved final guidelines (Guidelines) on August 15, 2022, to be used by Federal Reserve Banks (Reserve Banks) to evaluate requests to use accounts and...more
9/13/2022
/ Anti-Money Laundering ,
Cryptoassets ,
Cryptocurrency ,
Due Diligence ,
Federal Reserve ,
Financial Institutions ,
Fraud ,
Money Laundering ,
New Guidance ,
Regulatory Oversight ,
Reporting Requirements ,
Risk Management ,
Stablecoins
The Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (Board of Governors) issued a joint letter (Joint Letter) on July 28, 2022, to Voyager Digital, LLC and its related entities...more
8/5/2022
/ Consumer Financial Products ,
Cryptocurrency ,
Deposit Insurance ,
Depository Institutions ,
Enforcement Actions ,
False Statements ,
FDI Act ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Misleading Statements ,
Misrepresentation
Overview -
The U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment on May 25, 2022, amendments to the rule governing naming conventions of funds1 subject to the U.S. Investment...more
On May 25, 2022, the U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment amendments to a current rule governing fund naming conventions – which would cover certain funds that...more
6/1/2022
/ Climate Change ,
Comment Period ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment ,
Public Comment ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The U.S. Court of Appeals for the Tenth Circuit has affirmed the lower court’s trial ruling in the Section 36(b) lawsuit, Obeslo v. Great-West Capital Management, LLC et al.1 The ruling comes at the tail end of a wave of...more
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading...more
7/21/2020
/ Amended Regulation ,
CFTC ,
Covered Funds ,
Credit Funds ,
Exclusions ,
FDIC ,
Federal Reserve ,
Financial Regulatory Agencies ,
Foreign Excluded Funds ,
Investment Schemes ,
OCC ,
Ownership Interest ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Venture Capital ,
Volcker Rule ,
Wealth Management
On March 23, 2020, the Securities and Exchange Commission issued an order providing relief to registered open-end funds and insurance company separate accounts (separate accounts) registered as unit investment trusts. The...more
On March 25, 2020, the Securities and Exchange Commission issued two orders updating and extending relief previously provided to registered funds and investment advisers whose operations may be affected by the COVID-19...more
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (Federal Banking Agencies) on December 27, 2019 provided temporary relief from...more
2/10/2020
/ Bank Holding Company ,
Banks ,
Board of Directors ,
Compliance ,
Credit Extension ,
FDIC ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
Fund Management Companies ,
Insider Information ,
Investment Adviser ,
Investment Funds ,
Loans ,
OCC ,
Portfolio Companies ,
Regulation O ,
Relief Measures ,
Voting Shares
The U.S. Court of Appeals for the Second Circuit, in disagreeing with the Courts of Appeals for the Third and Ninth Circuits, ruled on August 5, 2019 in Oxford University Bank v. Lansuppe Feeder, Inc. that a private right of...more
9/10/2019
/ Appeals ,
Breach of Contract ,
Equitable Relief ,
Failure to Report ,
Investment Company Act of 1940 ,
Investment Funds ,
Investors ,
Junior Lenders ,
Liquidation ,
Mutual Funds ,
Noteholders ,
Private Right of Action ,
Rescission ,
Section 47(b) ,
Senior Investors ,
Split of Authority ,
Summary Judgment ,
Trusts
The staff of the Division of Investment Management of the Securities and Exchange Commission (Staff) issued a no-action letter on July 9, 2019 regarding multi-manager exemptive relief for registered open-ended investment...more
The U.S. Securities and Exchange Commission on June 18, 2019 adopted amendments to Rule 2-01(c)(1)(ii)(A) under Regulation S-X – the so-called “Loan Provision” (Final Rule). The Final Rule will become effective on October 3,...more
7/19/2019
/ Amended Rules ,
Auditor Independence ,
Auditors ,
Beneficial Owner ,
Investment Companies ,
Loan Provision ,
Loans ,
Registered Investment Companies (RICs) ,
Regulation S-K ,
Securities and Exchange Commission (SEC) ,
Significant Influence Test
The Staff of the SEC’s Division of Investment Management (Staff) has issued a no-action letter permitting a registered fund’s board of directors (board) in certain circumstances to meet telephonically, by video conference or...more
3/2/2019
/ Board of Directors ,
Client Meetings ,
Division of Investment Management ,
Fund Managers ,
Investment Company Act of 1940 ,
Investment Funds ,
No-Action Relief ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Telephone Voting ,
Videoconference ,
Voting Requirements
The U.S. Securities and Exchange Commission (SEC) voted unanimously on May 2, 2018 to propose amendments to Rule 2-01(c)(1)(ii)(A) under Regulation S-X – the so-called “Loan Provision” (Proposal). Generally, the Loan...more
5/17/2018
/ Affiliates ,
Auditors ,
Audits ,
Beneficial Owner ,
Compliance ,
FASB ,
Lenders ,
Loans ,
No-Action Letters ,
Proposed Rules ,
Registered Investment Companies (RICs) ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Significant Influence Test
The U.S. Securities and Exchange Commission’s Division of Investment Management (SEC Staff) on September 22, 2017 extended indefinitely the effectiveness of no-action relief granted a year earlier with respect to the...more
10/6/2017
/ Auditor Independence ,
Auditors ,
Investment Management ,
Loan Agreements ,
Loans ,
No-Action Relief ,
Open-Ended Fund Companies (OFCs) ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Regulation S-X ,
Securities and Exchange Commission (SEC)
The Chairman of the Financial Services Committee of the U.S. House of Representatives, Jeb Hensarling (R-TX), on April 19, 2017 released an updated discussion draft of the Financial CHOICE1 Act (Bill), and the Committee held...more
5/1/2017
/ Breach of Duty ,
Burden of Proof ,
Clear and Convincing Evidence ,
Excessive Fees ,
Federal Pleading Requirements ,
Fiduciary Duty ,
Financial Services Industry ,
Gartenberg Factors ,
Investment Adviser ,
Motion to Dismiss ,
Mutual Funds ,
Preponderance of the Evidence ,
Private Right of Action ,
Proposed Legislation ,
Section 36(b) ,
Shareholder Rights ,
Standard of Review
In response to a request for interpretative guidance, the U.S. Securities and Exchange Commission staff (staff) advised on January 11, 2017 that Section 22(d) of the Investment Company Act of 1940 does not prevent a broker...more
2/2/2017
/ Broker-Dealer ,
Brokers ,
Clean Shares ,
Department of Labor (DOL) ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Interpretive Opinions ,
Investment Company Act of 1940 ,
Mutual Funds ,
Safe Harbors ,
Securities and Exchange Commission (SEC)
The U.S. Securities and Exchange Commission’s Division of Investment Management (the “SEC Staff”) last night issued a no-action letter (the “Relief”) to Fidelity Management and Research Company that provides guidance to...more