On May 15, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments (the “Amendments”) to Regulation S-P under the Securities Exchange Act of 1934 (the “Exchange Act”), which governs the treatment of...more
On April 3, 2024, the US Securities and Exchange Commission (“SEC”) brought its first enforcement action against a “stand-alone” SEC registered investment adviser (“RIA”) for violations of, among others, Section 204 of and...more
The US Securities and Exchange Commission (“SEC”) recently settled charges against five registered investment advisers for violations of Rule 206(4)-1 (“Marketing Rule”) under the Investment Advisers Act of 1940, as amended...more
On March 18, 2024 the US Securities and Exchange Commission (“SEC” or the “Commission”) announced that it had settled charges in separate actions against two investment advisers, Delphia (USA) Inc. (“Delphia”) and Global...more
4/15/2024
/ Algorithms ,
Artificial Intelligence ,
Enforcement Actions ,
Investment Adviser ,
Investment Management ,
Investors ,
Machine Learning ,
Predictive Analytics ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement
On February 6, 2024, the Securities and Exchange Commission (SEC) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (Exchange Act), which significantly expand the definitions of “dealer” and “government...more
On October 26, 2023, the Division of Investment Management of the US Securities and Exchange Commission (the “Division” and the “SEC” or “Commission,” respectively) updated the “Frequently Asked Questions on Form ADV and...more
On February 13, 2024, the Financial Crimes Enforcement Network (“FinCEN”) proposed anti-money laundering (“AML”) compliance obligations for certain investment advisers (the “Proposal”)....more
2/16/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investment Adviser ,
Money Laundering ,
Popular ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC)
On February 9, 2024, the Securities and Exchange Commission (SEC) announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for...more
2/13/2024
/ Broker-Dealer ,
Civil Monetary Penalty ,
Electronic Communications ,
Enforcement Actions ,
Financial Services Industry ,
Investment Adviser ,
Investment Management ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Regulatory Violations ,
Securities and Exchange Commission (SEC)
On January 24, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amendments to existing rules and forms (the “Final Rules”) addressing (i) the treatment under the securities laws of special...more
On October 16, 2023, the Division of Examinations of the U.S. Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2024. While the Division typically...more
10/24/2023
/ Cryptoassets ,
Environmental Social & Governance (ESG) ,
ETFs ,
Financial Markets ,
Financial Services Industry ,
Investment Adviser ,
Market Participants ,
Registered Investment Advisors ,
Regulation Best Interest ,
Regulatory Agenda ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Executive Summary -
The Securities and Exchange Commission (the “SEC”) has issued proposed Rule 192 pursuant to Section 27B of the Securities Act of 1933. Section 27B requires the SEC to issue rules for the purpose of...more
This article discusses the amendments adopted by the Securities and Exchange Commission (SEC) in 2020 that modernize the offering related provisions of the Securities Act of 1933, as amended (Securities Act), and the...more
6/29/2022
/ BDC ,
Business Development Companies ,
Close-Ended Funds ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Investment ,
Investment Funds ,
Offerings ,
Regulatory Agenda ,
Rulemaking Process ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Shelf Registration ,
Small Business Credit Availability Act (SBCAA) ,
WKSIs
On March 30, 2022, the Division of Examinations of the US Securities and Exchange Commission (the “Division” and “SEC,” respectively) announced its examination priorities for 2022. This year’s priorities specifically focus...more
4/15/2022
/ Cooperative Compliance Regime ,
Cryptoassets ,
Emerging Technologies ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Companies ,
Private Funds ,
Regulation Best Interest ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In its 2022 Examination Priorities, issued on March 30, 2022, the Division of Examinations (“Division”) of the United States Securities and Exchange Commission (“SEC” or “Commission”) uses the term “greenwashing” for the...more
On March 30, 2022, the Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules and forms (the “Proposed Rules”) addressing the treatment of special purpose acquisition companies...more
4/4/2022
/ Capital Markets ,
Capital Raising ,
Initial Public Offering (IPO) ,
Investment ,
Market Participants ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Special Purpose Acquisition Companies (SPACs)
On February 9, 2022, the US Securities and Exchange Commission (the “SEC”) voted to propose a suite of new rules and amendments (the “Proposal”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). If...more
2/28/2022
/ Investment Adviser ,
Investment Advisers Act of 1940 ,
Investor Protection ,
Investors ,
Private Funds ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions
The use of social media raises securities law and compliance challenges for issuers, broker-dealers, and investment advisers. This Compliance Guide summarizes briefly some key principles.
...more
On April 9, 2021, the Division of Examinations of the US Securities and Exchange Commission (“Division” or “staff”) issued a risk alert to highlight the staff’s observations from its recent examinations of investment...more
4/14/2021
/ Business Plans ,
Business Strategies ,
Capital Investments ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Management ,
Proxy Voting Guidelines ,
Publicly-Traded Companies ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Sustainability
On March 3, 2021, the Division of Examinations of the US Securities and Exchange Commission (the “Examinations Division” and “SEC,” respectively) announced its 2021 examination priorities, which, as in previous years, provide...more
On February 26, 2021, the Division of Examinations (“Division”) of the US Securities and Exchange Commission (“SEC”) published a risk alert regarding its continued focus on digital assets (“Risk Alert”). The term “digital...more
Fintech companies can face a variety of regulatory challenges under the federal securities laws, including one that often receives minimal attention, namely a company’s status as an “investment company” under the US...more
On October 7, 2020, the US Securities and Exchange Commission (“SEC”) adopted a new rule under the Investment Company Act of 1940 (the “Investment Company Act”) with respect to fund of fund arrangements.1 New Rule 12d1-4...more
On July 22, 2020, the US Securities and Exchange Commission (SEC) published supplementary guidance in the form of a policy statement (Policy Statement) regarding the proxy voting responsibilities of investment advisers under...more
On April 8, 2020, the Securities and Exchange Commission (SEC) voted to adopt final rule amendments that modernize the offering related provisions of the Securities Act of 1933, as amended (the Securities Act), and the...more
The US Securities and Exchange Commission (“SEC”) recently announced that it will not take final action before April 24, 2020, regarding the following five proposed actions, which have comment periods expiring in March, to...more