It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more
1/22/2024
/ Asset Management ,
Beneficial Owner ,
Capital Markets ,
Compliance ,
Digital Assets ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Liquidity ,
Money Market Funds ,
Private Funds ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Swing Pricing ,
Whistleblowers
I. INTRODUCTION - On October 7, 2020, the Securities and Exchange Commission (SEC) adopted new rule 12d1-4 (Rule 12d1-4) and related amendments under the Investment Company Act of 1940 (as amended, the 1940 Act) in an effort...more
I. EXECUTIVE SUMMARY - On 7 October 2020, the Securities and Exchange Commission (the SEC) adopted new rule 12d1-4 (Rule 12d1-4) and related amendments under the Investment Company Act of 1940 (the 1940 Act) that it believes...more
In a potentially significant reversal of a prior Securities and Exchange Commission (SEC) staff position that could enhance the ability of closed-end funds to defend against activist shareholders, the Division of Investment...more
On April 8, 2020, the Securities and Exchange Commission (the “SEC”) adopted final rule and form amendments (the “Final Rules”) that modify the registration, offering, and communications processes currently used by registered...more
On March 26, 2020, the staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) took a substantial step in recognition of the significant securities market disruptions related to COVID-19 and granted...more
On March 23, 2020, the Securities and Exchange Commission released an order (the “Order”) relaxing interfund lending rules for open-end funds impacted by recent market events associated with the pandemic outbreak of COVID-19....more
SEC Proposes Reforms for Registration Process of Closed-End Funds and Business Development Companies -
On March 20, 2019, the Securities and Exchange Commission (“SEC”) proposed several rules (the “Proposed Rules”) that...more
I. Executive Summary -
On December 19, 2018, the Securities and Exchange Commission (the “SEC”) proposed new rule 12d1-4 (the “Proposed Rule”) under the Investment Company Act of 1940, as amended (the “1940 Act”) in order...more
An investment professional who provides advice to an investor who has a 401(k), an annuity, and a brokerage account is subject to regulation by no less than five regulators: the Securities and Exchange Commission...more
As we wait to see if the Department of Labor (DOL) will appeal the 5th Circuit’s mid-March ruling that vacated the DOL’s fiduciary rule, the Securities and Exchange Commission (SEC) is also making news on the fiduciary front....more
The Department of Labor’s (“DOL”) fiduciary rule (“DOL Fiduciary Rule”) became applicable June 9, 2017, after an intense multiyear regulatory saga involving multiple governmental actors and virtually every mutual fund company...more
On March 8, 2017, the staff of the Securities and Exchange Commission (“SEC”) granted no-action relief that potentially will permit global investment management firms to offer U.S. registered open-end management investment...more
Summary of Recent SEC Staff Actions -
As the April 10, 2017, compliance date for the United Stated Department of Labor’s (“DOL”) new fiduciary rule (the “Fiduciary Rule”) approaches, many mutual fund sponsors have received...more