REGULATORY UPDATES -
Recent SEC Leadership Changes -
On January 10, 2023, the Securities and Exchange Commission (the “SEC”) announced the appointment of Cristina Martin Firvida as director of the Office of the Investor...more
4/17/2023
/ AARP ,
Cybersecurity ,
Dodd-Frank ,
Enforcement Actions ,
IFRS ,
Investors ,
Popular ,
Proposed Rules ,
Registered Investment Advisors ,
Regulation S-P ,
Retail Investors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Self-Regulatory Organizations ,
Special Purpose Acquisition Companies (SPACs)
REGULATORY UPDATES -
SEC Announces Leadership Changes -
Anthony (“Tony”) C. Thompson was appointed to a second term as a board member of the Public Company Accounting Oversight Board (“PCAOB”), which will run until...more
10/18/2022
/ Board of Directors ,
Diversity ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investors ,
PCAOB ,
Proposed Amendments ,
Proxy Voting ,
Rule 14a-8 ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals
REGULATORY UPDATES -
William Birdthistle Named Director of Division of Investment Management -
On December 21, 2021, the Securities and Exchange Commission (“SEC”) announced the appointment of William A. Birdthistle as...more
1/19/2022
/ Electronic Filing ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
ETFs ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
PCAOB ,
Popular ,
Proxy Voting ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
REGULATORY UPDATES -
SEC Leadership Changes -
On April 17, 2021, Gary Gensler was sworn into office as the Chair of the Securities and Exchange Commission (the “SEC”). Gensler served as chair of the U.S. Commodity Futures...more
7/16/2021
/ Broker-Dealer ,
Corporate Governance ,
Diversity ,
Dodd-Frank ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Popular ,
Proxy Voting ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
Swap Data Repositories ,
Universal Proxy Cards
REGULATORY UPDATES -
SEC Proposes Conditional Exemption for Finders Assisting Small Businesses with Capital Raising -
On October 7, 2020, the Securities Exchange Commission (the “SEC”) proposed a conditional exemption...more
1/27/2021
/ Auditor Independence ,
Auditors ,
Broker-Dealer ,
CFTC ,
Derivatives ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Investment Adviser ,
Popular ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps
REGULATORY UPDATES -
FINRA Issues Regulation Best Interest Checklist for Brokers -
On October 8, 2019, the Financial Industry Regulatory Authority (“FINRA”) announced it will provide new resources to assist member firms...more
1/17/2020
/ Business Development Companies ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Institutional Shareholder Services (ISS) ,
Investment Adviser ,
Investment Company Act of 1940 ,
OCIE ,
Proposed Amendments ,
Regulation Best Interest ,
Securities and Exchange Commission (SEC) ,
Shareholders
REGULATORY UPDATES -
Allison Herren Lee Sworn in as Commissioner -
On July 8, 2019, Allison Herren Lee was sworn into office as a Securities and Exchange Commission (“SEC") Commissioner. Lee was nominated to the SEC by...more
11/6/2019
/ Division of Investment Management ,
Enforcement Actions ,
ETFs ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
OCIE ,
Proxy Voting Guidelines ,
Regulation Best Interest ,
Securities and Exchange Commission (SEC) ,
Testing-the-Waters Communications
REGULATORY UPDATES -
Allison Herren Lee Sworn in as Commissioner -
On July 8, 2019, Allison Herren Lee was sworn into office as a Securities and Exchange Commission (“SEC") Commissioner. Lee was nominated to the SEC by...more
REGULATORY UPDATES -
Investors Continue to Press Regulators for Disclosure of Environmental, Social, and Governance (“ESG”) Risks...more
7/19/2019
/ Broker-Dealer ,
Cybersecurity ,
Department of Labor (DOL) ,
Division of Investment Management ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
ETFs ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Investors ,
Mutual Funds ,
OCIE ,
Popular ,
Regulation S-P ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
REGULATORY UPDATES -
Financial Industry Regulatory Authority (“FINRA”) Releases Its 2019 Priorities -
On January 22, 2019, FINRA released its Annual Risk Monitoring and Examination Priorities Letter, which highlighted the...more
4/19/2019
/ Arbitration ,
Blockchain ,
Broker-Dealer ,
Cryptocurrency ,
EDGAR ,
Emerging Growth Companies ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
No-Action Letters ,
Popular ,
Securities and Exchange Commission (SEC) ,
SIFMA
Fund and Investment Management January 2019 (No. 1) REGULATORY UPDATES Policy Initiatives Set Forth by the U.S. Securities and Exchange Commission’s (“SEC”) Investment Management Division On September 28, 2018, Division of...more
1/18/2019
/ Broker-Dealer ,
CCO ,
Cybersecurity ,
Data Breach ,
DTCC ,
Email ,
Enforcement Actions ,
ETFs ,
Investment Companies ,
Investment Management ,
Investors ,
NASAA ,
OCIE ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
REGULATORY UPDATES -
The U.S. Securities and Exchange Commission (“SEC”) Rule Permitting Electronic Delivery of Materials as Default Method Faces Backlash -
On August 8, 2018, the Coalition for Paper Options (“CPO”),...more
REGULATORY UPDATES -
U.S. Securities and Exchange Commission (“SEC”) Proposes Rule Change to Address Auditor Independence -
On May 3, 2018, the SEC proposed to amend its auditor independence rule, Rule 2-01 of...more
7/30/2018
/ Administrative Law Judge (ALJ) ,
Anti-Money Laundering ,
Auditor Independence ,
Auditors ,
Department of Labor (DOL) ,
Enforcement Actions ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Amendments ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Shareholders ,
Trump Administration
REGULATORY UPDATES -
U.S. Securities and Exchange Commission (“SEC”) Offers Responses to Frequently Asked Questions on New Liquidity Rule -
On January 10, 2018, the Division of Investment Management issued responses to a...more
Funds and Investment Management -
REGULATORY UPDATES -
Novel Exchange Traded Fund (“ETF”) to be Powered by IBM’s Watson -
On October 17, 2017, San Francisco-based “EquBot” announced that it is launching an ETF...more
Investment Firm VanEck Launches Bitcoin Exchange Traded Fund (“ETF”) One Week after Calling Bitcoin a “Fad” -
On August 10, 2017, Joe Foster, portfolio manager and strategist for the money management firm VanEck, expressed...more
10/17/2017
/ Bitcoin ,
Cyber Threats ,
Digital Currency ,
EDGAR ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
OCIE ,
Popular ,
Securities and Exchange Commission (SEC)
REGULATORY UPDATE -
Ten Investment Advisory Firms Subject to Steep Penalties after Violating Pay-to-Play Rules -
In January 2017, 10 investment advisory firms agreed to settle with the U.S. Securities and Exchange...more
FINRA Bar Results from Assertion of Fifth Amendment Right against Self-Incrimination in Criminal Action -
On October 5, 2016, the Financial Industry Regulatory Authority (“FINRA”) barred an indicted investment adviser,...more
1/12/2017
/ Broker-Dealer ,
Chief Compliance Officers ,
Department of Labor (DOL) ,
Enforcement Actions ,
ETFs ,
Fiduciary Rule ,
Fifth Amendment ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Company Act of 1940 ,
Liquidity Risk Management Rule ,
Market Abuse ,
OCC ,
OCIE ,
Popular ,
Securities and Exchange Commission (SEC) ,
Whistleblowers
On June 2, 2016, the SEC announced that it hired Christopher R. Hetner, a cybersecurity expert, as the Senior Adviser to the Chair for Cybersecurity Policy. The hire is indicative of the SEC’s focus on cybersecurity measures...more
10/18/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Cybersecurity ,
Diversity ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
IRS ,
OCIE ,
Popular ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
Cyberattacks are attempts by hackers to damage, destroy and/or steal data from a computer network or system. From 2013 to 2015, more than 153.6 million people had information stolen in cyberattacks involving companies such as...more
8/16/2016
/ Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Directors ,
Enforcement Actions ,
Hackers ,
Investment Adviser ,
Investors ,
Mutual Funds ,
OCIE ,
Risk Assessment ,
Securities and Exchange Commission (SEC)
Securities and Exchange Commission (“SEC”) Hosts National Compliance Outreach Seminar for Investment Companies and Investment Advisers
In April 2016, the Office of Compliance Inspections and Examinations (“OCIE”), the...more