The SEC has proposed new rules designed to regulate potential conflicts of interest associated with broker-dealers’ and investment advisers’ use of certain AI-related technologies in their interactions with investors.
The...more
9/7/2023
/ Artificial Intelligence ,
Broker-Dealer ,
Conflicts of Interest ,
Consumer Protection Act ,
Disclosure Requirements ,
Dodd-Frank ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Policies and Procedures ,
Predictive Analytics ,
Proposed Rules ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
After a decade of regulatory inaction on the matter, the SEC recently re-proposed regulations implementing the Dodd-Frank Act’s prohibition on material conflicts of interest in securitization transactions.
The proposed...more
The Securities and Exchange Commission, in a November 18, 2021 release (Release), proposed Rule 10c 1 under the Securities Exchange Act of 1934 (Proposed Rule). If adopted, the Proposed Rule would require certain persons...more
The Securities and Exchange Commission voted 3-2 on October 7, 2020 to publish for comment a proposed conditional exemption (Proposed Exemption), which would allow a natural person to act as a “finder” to connect accredited...more
The U.S. Department of Labor (the “DOL”) on June 29, 2020 issued a release (the “Release”) proposing an important new initiative for retirement accounts (“Plans”) that are subject to the Employee Retirement Income Security...more
7/20/2020
/ 1975 Rule ,
Banks ,
Broker-Dealer ,
Brokers ,
Comment Period ,
Covered Transactions ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Five-Part Test ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
New Guidance ,
Prohibited Transactions ,
Proposed Rules ,
Public Comment ,
Regulation Best Interest ,
Retirement Plan ,
Rollover Equity
Massachusetts’ Secretary of the Commonwealth, William F. Galvin, caused the Securities Division to issue, on November 29, 2019, a revised proposed uniform standard of conduct for broker-dealers, investment advisers, and their...more
1/3/2020
/ Blue Sky Laws ,
Broker-Dealer ,
Conflicts of Interest ,
Duty of Loyalty ,
Federal v State Law Application ,
Fiduciary Duty ,
Investment Adviser ,
Preemption ,
Proposed Rules ,
Public Hearing ,
Registered Investment Advisors ,
Regulation Best Interest ,
Standard of Conduct ,
State Securities Regulators
The U.S. Securities and Exchange Commission on November 25, 2019 approved for publication a three-part rule proposal related to the use of derivatives and certain other transactions by registered investment companies (i.e.,...more
11/27/2019
/ Business Development Companies ,
Closed-End Funds ,
Derivatives ,
ETFs ,
Form N-CEN ,
Form N-PORT ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Leveraged Finance ,
Money Market Funds ,
Open-Ended Fund Companies (OFCs) ,
Proposed Amendments ,
Proposed Rules ,
Registered Investment Companies (RICs) ,
Repurchase Agreements ,
Rule 18f-4 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transition Relief
The Financial Industry Regulatory Authority, Inc. filed proposed amendments to FINRA Rule 5110 (Proposed Rule Change) with the Securities and Exchange Commission on April 11, 2019.1 Rule 5110 (Rule) imposes certain...more
5/24/2019
/ Corporate Finance ,
Derivatives ,
Exemptions ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Lock-Up Requirements ,
Non-Convertible Debt Securities ,
Prohibited Transactions ,
Proposed Rules ,
Public Offerings ,
Right of First Refusal ,
Securities ,
Securities and Exchange Commission (SEC) ,
Underwriting ,
Venture Capital
Through a March 12, 2019 letter (Letter), Paul Cellupica, Deputy Director and Chief Counsel of the SEC’s Division of Investment Management, on behalf of the Division’s staff invited industry engagement and sought information...more
3/23/2019
/ Blockchain ,
Comment Period ,
Custody Rule ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Guidance Update ,
Investment Adviser ,
Investment Company Act of 1940 ,
Non-DVP ,
Proposed Rules ,
Public Comment ,
Securities and Exchange Commission (SEC)
The U.S. Securities and Exchange Commission on April 18, 2018 published a package of proposed rules and interpretations intended to improve the retail investor experience and to provide greater clarity regarding customers’...more
7/11/2018
/ Best Interest Standard ,
Broker-Dealer ,
Comment Period ,
Conflicts of Interest ,
Disclosure Requirements ,
Due Diligence ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Investment Adviser ,
Investment Products ,
Proposed Rules ,
Regulatory Oversight ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Care
The U.S. Securities and Exchange Commission (SEC) voted unanimously on March 14, 2018 to propose Rule 610T under Regulation NMS (Proposed Rule), which would create a transaction fee pilot program for NMS stocks (i.e.,...more