Compliance Reminders for 2022 -
Registered investment advisers to private funds clients are required to make filings with the Securities and Exchange Commission (SEC) each year and deliver certain information to their...more
On July 26, 2021, 21 investment advisers entered into settlements with the Securities and Exchange Commission to resolve charges that they failed to timely file and deliver their relationship summaries on Form CRS. Penalties...more
On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a comprehensive interpretation (the “Interpretation”) of the fiduciary duties that investment advisers owe to their clients under the Investment Advisers...more
6/13/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Duty of Care ,
Duty of Loyalty ,
Enforcement Actions ,
Fiduciary Duty ,
Financial Services Industry ,
Informed Consent ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Retail Investors ,
Securities and Exchange Commission (SEC)
• On December 14, the SEC’s OCIE issued a Risk Alert summarizing the findings of its limited-scope examination initiative relating to electronic messaging.
• Noting a “pervasive use” of electronic messaging by adviser...more
12/18/2018
/ Best Practices ,
Books & Records ,
Bring Your Own Device (BYOD) ,
Cybersecurity ,
Electronic Communications ,
Email Policies ,
Employee Training ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
OCIE ,
Policies and Procedures ,
Recordkeeping Requirements ,
Risk Alert ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
Text Messages
In this episode, Akin Gump investment management partners Kelli Moll and Stephen Vine report on the firm’s recent New York Private Investment Funds Conference, the topics covered from the dais and the hot topics going into...more
11/14/2018
/ #MeToo ,
Artificial Intelligence ,
Capital Markets ,
Cybersecurity ,
Foreign Investment ,
Fund Managers ,
Fund Sponsors ,
Hedge Funds ,
Interest Rates ,
Investment Funds ,
Investment Management ,
Investors ,
Legislative Agendas ,
Private Equity Funds ,
Professional Conferences
If you read one thing. . .
- On January 1, 2016, the Common Reporting Standard (CRS) enters into effect in key investment fund jurisdictions, including the Cayman Islands, Bermuda and the British Virgin Islands.
...more
If you read one thing...
- Proposed Regulation AT sets out minimum pre-trade safeguards and internal policy requirements on all “AT Persons,” which would generally include persons using algorithmic systems for generating...more
Registered investment advisers (RIAs) are required to review their policies and procedures on at least an annual basis. As an aid to the required review and to assist with timely completion of required compliance tasks, below...more
10/20/2015
/ Affiliates ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Secrecy Act ,
Chief Compliance Officers ,
Compliance ,
Conflicts of Interest ,
CPO ,
Cybersecurity ,
Department of Justice (DOJ) ,
Export Controls ,
FATCA ,
FinCEN ,
Foreign Affiliates ,
Foreign Investment ,
General Solicitation ,
Investment Adviser ,
Investment Funds ,
Patriot Act ,
Policies and Procedures ,
Private Funds ,
Proxy Voting Guidelines ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Social Media Policy ,
Whistleblowers
On September 22, 2015, the Commodity Futures Trading Commission (CFTC) proposed certain changes in a supplemental notice of proposed rulemaking (the “Supplemental Notice”) to the position limit aggregation rules and...more
Just one week after the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations issued a new risk alert on cybersecurity, the SEC brought an enforcement action against an investment adviser...more
The European Securities and Markets Authority (ESMA) issued a consultation paper on 23 July 2015 in respect of the proposed guidelines on remuneration (UCITS Remuneration Guidelines) regarding the remuneration principles...more
The Securities and Exchange Commission (SEC) proposed a new round of changes to its check-the-box registration form for investment advisers, Part 1A of Form ADV (“ADV 1A”), and proposed some minor changes to its recordkeeping...more
The Bureau of Economic Analysis of the U.S. Department of Commerce requires all U.S. persons that own or control more than 10 percent of the voting securities (a “Direct Investment”) of a “foreign” business enterprise to...more
On April 28, the Securities and Exchange Commission (SEC) Division of Investment Management (the “Division”) published a Guidance Update setting forth cybersecurity concerns and advice for the registered investment ...more
In a landmark insider trading decision issued on December 10, 2014, the U.S. Court of Appeals for the 2nd Circuit made important pronouncements favorable to the defense on two recurring and important legal issues: (1) what is...more
The staff of the Commodity Futures Trading Commission (CFTC) yesterday changed its position and no longer requires a no-action request for delegation of commodity pool operator (CPO) functions from persons that might...more
Introduction -
Registered investment advisers are required to review their policies and procedures on at least an annual basis. As aid to the required review, below is a summary of material developments during the past...more
10/6/2014
/ Affiliates ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Broken Windows ,
Chief Compliance Officers ,
CPO ,
Cybersecurity ,
Export Controls ,
FATCA ,
Foreign Affiliates ,
Foreign Investment ,
General Solicitation ,
Investment Adviser ,
Policies and Procedures ,
Private Funds ,
Proxy Voting Guidelines ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Social Media Policy
The staff of the Commodity Futures Trading Commission (CFTC) published a no-action letter on September 9, 2014 (available here) that permits certain commodity pool operators (CPOs) to conduct general solicitation in private...more
9/12/2014
/ CFTC ,
CPO ,
Disclosure Requirements ,
Exemptions ,
General Solicitation ,
JOBS Act ,
No-Action Letters ,
Private Offerings ,
Reporting Requirements ,
Rule ,
Rule 144A ,
Rule 506(c) ,
Securities and Exchange Commission (SEC)
The U.S. Department of the Treasury requires U.S. resident issuers (including U.S. resident investment funds) and investment advisers managing foreign investment funds to report foreign residents’ holdings of U.S. securities,...more
On March 12, 2014, the Commodity Futures Trading Commission (CFTC) staff issued the long-awaited guidance letter relating to the delegation of commodity pool operator (CPO) functions from persons that might otherwise be...more
This alert will be of interest to U.K.-authorised investment management firms preparing to submit applications for variation of permission (VOP) to the Financial Conduct Authority (FCA) in connection with the implementation...more
On November 5, 2013, the Commodity Futures Trading Commission (CFTC) re-proposed speculative position limits relating to certain U.S. exchange-listed physical commodity futures contracts as well as to swaps that reference the...more
This alert will be of particular relevance to U.K. alternative asset managers, preparing to submit variation of permission applications to the U.K. Financial Conduct Authority in relation to the Alternative Investment Fund...more
The staff of the Securities and Exchange Commission’s Division of Corporation Finance published “Compliance and Disclosure Interpretations” (CDIs) on Wednesday, December 4, 2013, that provide important clarification regarding...more
Summary -
The UK’s Financial Conduct Authority (“FCA”) has published draft guidance on the application of rules on remuneration (the “AIFMD Remuneration Rules”) to FCA-authorized firms, once they become authorized as...more