Given this week’s headlines, many emerging companies may be asking themselves: “Why am I holding so much cash?”
The Investment Company Act of 1940 (the 1940 Act) may be to blame.
“But I don’t have any intention of...more
In response to recent client questions regarding the various considerations and options for holding short-term funds, we have prepared a reference chart comparing certain key characteristics of demand deposits with government...more
In the three days since federal authorities announced sweeping measures to protect depositors of Silicon Valley Bank (SVB) and Signature Bank and help prevent additional bank failures (as discussed in our update of March 12,...more
3/17/2023
/ Banking Sector ,
Banks ,
Bridge Banks ,
Department of Justice (DOJ) ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Crisis ,
Financial Institutions ,
Investigations ,
Investment Banks ,
Receivership ,
Securities and Exchange Commission (SEC) ,
Silicon Valley ,
Venture Capital
In light of the recent novel coronavirus (COVID-19) outbreak and the challenges it presents for boards of directors to safely travel, the Securities and Exchange Commission (SEC) issued an order on March 13, 2020, (the order)...more
The U.S. Securities and Exchange Commission (SEC) held an open meeting on August 21, 2019, (the Open Meeting) and approved two items: (1) guidance regarding the proxy voting responsibilities of investment advisers under the...more
9/3/2019
/ Corporate Governance ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
New Guidance ,
Proxy Advisors ,
Proxy Advisory Firms ,
Proxy Voting Guidelines ,
Regulatory Oversight ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
The SEC’s Division of Investment Management has relaxed certain in-person voting requirements for fund boards, subject to certain conditions, in a no-action letter to the Independent Directors Council (the IDC) issued on...more
3/11/2019
/ Board of Directors ,
Client Meetings ,
Division of Investment Management ,
Fund Managers ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
No-Action Relief ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Telephone Voting ,
Videoconference ,
Voting Requirements
On July 25, 2017, the Securities and Exchange Commission (“SEC”) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking...more
7/27/2017
/ Alternative Trading System (ATS) ,
Blockchain ,
Digital Currency ,
Financial Institutions ,
Financial Markets ,
Initial Coin Offering (ICOs) ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Investor Advisory Committee ,
Popular ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Unregistered Securities ,
Virtual Currency
The SEC’s Division of Investment Management issued a no-action letter on January 11, 2017 explicitly permitting brokers to set their own commission rates for sales of so-called “clean shares” of mutual funds. Previously, as...more
1/24/2017
/ Brokers ,
Department of Labor (DOL) ,
Division of Investment Management ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
Investment Company Act of 1940 ,
Mutual Funds ,
No-Action Letters ,
Offerings ,
Sales Commissions ,
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (SEC) announced two administrative settlements in June with a fund administrator that provided accounting and fund administration services to several private funds based on its alleged...more
The SEC’s recent aggressive enforcement posture against chief compliance officers has raised many concerns, including whether the SEC’s actions are actually chilling robust compliance efforts. To protect themselves against...more