In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more
7/30/2024
/ AIFM ,
Amended Rules ,
Broker-Dealer ,
False Claims Act (FCA) ,
Investment Adviser ,
Investment Management ,
Listing Rules ,
MiFID II ,
No-Action Letters ,
Proposed Rules ,
Research Funding ,
Securities and Exchange Commission (SEC) ,
UK
On 10 April 2024, the Financial Conduct Authority (FCA) published a Consultation Paper on payment optionality for investment research (CP24/7). CP24/7 followed the UK Investment Research Review, in which recommendations were...more
4/29/2024
/ AIFM ,
Broker-Dealer ,
Brokers ,
Consultation ,
Financial Conduct Authority (FCA) ,
Investment ,
Investors ,
Market Research ,
Proposed Rules ,
Research Funding ,
Securities and Exchange Commission (SEC) ,
UK
This amendment builds on FINRA’s recent willingness to relax the prohibition on the use of projections and targeted returns in the marketing materials broker-dealers deliver to institutional investors and qualified...more
2/29/2024
/ Affiliates ,
Broker-Dealer ,
Comment Period ,
Financial Industry Regulatory Authority (FINRA) ,
Institutional Investors ,
Internal Rate of Return (IRR) ,
Investment Company Act of 1940 ,
Investment Funds ,
Offering Statements ,
Past Performance ,
Policies and Procedures ,
Private Offerings ,
Private Placements ,
Proposed Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC)
The SEC continues its overhaul of cybersecurity, cyber incident reporting, and privacy controls and requirements for industry registrants, their services providers, and corporate America generally.
On March 15, 2023, the SEC...more
4/14/2023
/ Broker-Dealer ,
Compliance ,
Covered Entities ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Disposal Protocols ,
Financial Industry Regulatory Authority (FINRA) ,
Incident Response Plans ,
Mutual Funds ,
Personal Information ,
Policies and Procedures ,
Proposed Rules ,
Registered Investment Advisors ,
Regulation S-P ,
Safeguards Rule ,
Securities and Exchange Commission (SEC) ,
Sensitive Personal Information
As we have previously discussed, the SEC’s Fall 2022 “Reg Flex” Agenda charts the agency’s planned rulemaking through Q1 2023. Among this ambitious and wide-reaching agenda are two important final rulemakings concerning the...more
2/14/2023
/ Brokers ,
CFTC ,
Dodd-Frank ,
Major Swap Participants ,
Proposed Rules ,
SBS Entities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Security-Based Swaps ,
Swap Dealers ,
Swaps
On December 14, 2022, the SEC proposed four separate equity market structure rulemakings, each of which, if adopted, will have significant effects on the markets and various industry participants. While designed to address...more
12/16/2022
/ 10b5-1 Plans ,
Best Execution ,
Comment Period ,
Equity Markets ,
Market Participants ,
Proposed Rules ,
Regulation NMS ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation
BrokerCheck is the database through which FINRA publishes licensing, registration, and disciplinary history of brokerage industry firms and their personnel. BrokerCheck does not currently specify whether a particular firm is...more
On June 22, 2022, the U.S. Securities and Exchange Commission (“SEC” or “the Commission”) released its Spring 2022 "Reg Flex" agenda. The regulatory agenda, set by Chairman Gary Gensler, provides a glimpse into how the agency...more
The SEC recently proposed rules that would greatly expand the Exchange Act definition of “dealer” and essentially kill the existing dealer/trader distinction long-recognized by the SEC. The likely outcome is that most...more
As a significant step in its ongoing initiatives on the disclosure, management and oversight of cybersecurity risks and incidents, on March 9, 2022 the U.S. Securities and Exchange Commission (SEC) proposed new rules that...more
The U.S. Securities and Exchange Commission is implementing a campaign to overhaul the agency’s expectations around cybersecurity and cyber incident reporting for the financial services industry and corporate America...more
2/15/2022
/ Broker-Dealer ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Collection ,
Disclosure Requirements ,
Financial Services Industry ,
Investment Adviser ,
Investment Companies ,
Popular ,
Proposed Rules ,
Publicly-Traded Companies ,
Regulation S-P ,
Regulation SCI ,
Securities and Exchange Commission (SEC) ,
Third-Party Service Provider
On January 26, 2022, the SEC proposed rule changes that would greatly expand the scope of Regulation ATS, the regulatory regime that governs alternative trading systems (“ATSs”). The proposal focuses on four main...more
On January 26, 2022, the SEC proposed rule changes that would greatly expand the scope of Regulation ATS, the regulatory regime that governs alternative trading systems (“ATSs”). Applicability to the fixed income markets was...more
On November 18, 2021, the U.S. Securities and Exchange Commission proposed new Rule 10c-1, which, if adopted, would create a new reporting and disclosure framework for the securities lending market. Rule 10c-1 would require...more