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Dodd-Frank Wall Street Reform and Consumer Protection Act › Investment Adviser

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Troutman Pepper

Prioritize Document Review for SEC Whistleblower Rule Compliance

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If you have not recently reviewed your company’s documents to ensure they comply with Securities and Exchange Commission (SEC) whistleblower protection rules, you should put it at the top of your to-do list. On September 9,...more

Ballard Spahr LLP

Are Whistleblower Protection Violations the New SEC Sweep?

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The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages...more

Warner Norcross + Judd

Private Fund Adviser Rule Vacated

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On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the “court”) vacated the private fund adviser rule (the “rule”) adopted by the Securities and Exchange Commission (SEC) in September 2023. Notably, during the...more

Holland & Knight LLP

Private Fund Advisers, Breathe Easier: Fifth Circuit Vacates Private Fund Rules

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The New Orleans-based U.S. Court of Appeals for the Fifth Circuit (Court), on June 5, 2024, vacated the new private fund rules (Private Fund Rules) adopted by the SEC in August 2023, resulting in a significant victory for...more

Cole Schotz

Fifth Circuit Strikes Down SEC Rule Regulating Private Investment Funds

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On June 5, 2024, a three judge panel of the U.S. Fifth Circuit Court of Appeals unanimously struck down the Securities and Exchange Commission’s (“SEC”) final rule, which created onerous restrictions for managers of private...more

Williams Mullen

SEC Private Fund Rule Struck Down by US Appeals Court

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A U.S. appeals court struck down a newly adopted Securities and Exchange Commission (“SEC”) rule implementing a series of new disclosure requirements and restrictions on private fund advisors....more

Womble Bond Dickinson

Federal Court Scraps SEC Private Fund Advisers Rule

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In a victory for the private funds industry, the United States Court of Appeals for the Fifth Circuit vacated the SEC’s recently adopted Private Fund Adviser Rule on June 5, 2024. In other words, the controversial rule, which...more

Foley & Lardner LLP

Fifth Circuit Rules SEC Exceeded Its Authority in Adopting Private Fund Advisers Rule

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On June 5, 2024, a three-judge panel in the U.S. Fifth Circuit Court of Appeals ruled that the Securities and Exchange Commission exceeded its statutory authority in adopting the so-called “Private Fund Advisers Rule” (or the...more

Orrick, Herrington & Sutcliffe LLP

SEC provides companies the opportunity to review their diversity policies

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On June 5, the SEC began its biennial collection of Diversity Self-Assessment Submissions from regulated entities. Regulated entities included, among others, brokers and dealers, investment advisers, and transfer agents....more

Bennett Jones LLP

U.S. Private Fund Adviser Rules Struck Down

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After much anticipation from the private funds market, earlier this week on June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the Court) reached a decision in respect of the litigation challenging the Private...more

Polsinelli

Private Funds Rules Vacated

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On June 5, 2024, the United States Court of Appeals for the Fifth Circuit (the “Court”) vacated the entire set of new Investment Advisers Act of 1940 (the “Advisers Act”) rules applicable to private fund advisers (the...more

BCLP

Fifth Circuit Court of Appeals Vacates the SEC’s Private Fund Adviser Rules

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On June 5, 2024, a three-judge panel of the Fifth Circuit Court of Appeals (the “Court”) vacated the Private Fund Adviser Rules (“PFAR”) that the Securities and Exchange Commission (the “SEC”) had adopted by a divided vote in...more

Seyfarth Shaw LLP

SEC's Private Fund Advisers Rule Struck Down by Fifth Circuit

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The Fifth Circuit Court of Appeals (Fifth Circuit) today issued its ruling striking down the “Private Fund Advisers Rule” (the “PFA”). The proposed PFA was introduced on February 9, 2022 (“Proposed Rule”). The Securities and...more

Proskauer Rose LLP

Fifth Circuit Strikes Down Private Fund Adviser Rules

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In a significant decision released Wednesday morning, a unanimous three-judge panel for the U.S. Court of Appeals for the Fifth Circuit vacated what have come to be known as the Private Fund Adviser Rules, a set of rules and...more

Foley Hoag LLP

Fifth Circuit Vacates New Private Funds Rules

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In a 3-0 decision issued today, June 5, 2024, the Fifth Circuit Court of Appeals (the “Court”) vacated the new private funds rule adopted by the Securities and Exchange Commission (the “SEC”) on August 23, 2023 (the “Rule”)....more

Alston & Bird

Fifth Circuit Overturns SEC Private Funds Rules

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Our Investment Funds Team reviews the implications of the Fifth Circuit’s decision to vacate the Securities and Exchange Commission’s Private Funds Rules....more

Seward & Kissel LLP

Fifth Circuit Vacates the Private Fund Advisers Rules in their Entirety

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On June 5th, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) vacated the Securities and Exchange Commission’s (the “SEC”) final rule regarding the regulation of private fund advisers (the “Final...more

Goodwin

Key Questions for the Upcoming Private Funds Rules Fifth Circuit Decision

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As a reminder, the Securities and Exchange Commission (SEC) and the National Association of Private Fund Managers (NAPFM) and the other Petitioners in the Private Funds Rules Litigation1 requested that the three-judge panel...more

Seward & Kissel LLP

SEC Releases Staff Report on Definition of Accredited Investor

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Who may be interested: Investment Advisers; Closed-End Funds; BDCs - Quick Take: The SEC recently released a staff report reviewing the accredited investor definition. Section 413 of Dodd-Frank requires that the SEC...more

Goodwin

Reviewing the Industry Groups’ Opening Brief Challenging the Private Funds Rules

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On November 1, 2023, the industry groups (the Petitioners) challenging the new Private Fund Adviser Rules filed in the US Court of Appeals for the Fifth Circuit their opening brief (the Brief) setting forth their legal...more

Dechert LLP

SEC Finalizes Amendments Governing Beneficial Ownership Reporting

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Revised deadlines for initial Schedule 13D and Schedule 13G filings: Schedule 13D: within five business days (rather than 10 calendar days) after crossing the 5% beneficial ownership threshold or losing eligibility to file...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - October 2023

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The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Freiberger Haber LLP

Enforcement News: SEC Charges Investment Advisor With Violating Whistleblower Protection Rule

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We have often written about the SEC’s whistleblower program and, in particular, the success of the program with respect to detecting and preventing violations of the federal securities laws. The success of the program...more

Seward & Kissel LLP

Employment Law Alert: Recent SEC Fines for Failure to Provide Whistleblower Protections

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Rule 21F-17 of the Securities Exchange Act of 1934 (“Rule 21F-17”), adopted under Dodd-Frank, prohibits employers from “tak[ing] any action to impede an individual from communication directly with [SEC staff] about a possible...more

Vedder Price

SEC Adopts New Private Fund Adviser Rules

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A divided SEC adopted numerous reforms for private fund managers on August 23, 2023. These reforms represent the largest regulatory change for private fund managers since Dodd-Frank. The SEC’s stated purpose is to bring...more

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