News & Analysis as of

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

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 -
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

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

BCLP

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

BCLP on

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

Goodwin

Key Questions for the Upcoming Private Funds Rules Fifth Circuit Decision

Goodwin on

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

Goodwin

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

Goodwin on

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

Goodwin

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

Goodwin on

On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

Burr & Forman

Regulation Best Interest is Good Enough: The Second Circuit Upholds Regulation BI in XY Planning Network

Burr & Forman on

In XY Planning Network, LLC, et al. v. SEC, et al., the United States Court of Appeals for the Second Circuit rejected a challenge to Regulation Best Interest brought by an organization of investment advisers, an individual...more

Manatt, Phelps & Phillips, LLP

Tuning Out Harmony: The Second Circuit Upholds Regulation Best Interest

Last year, a group of state attorneys general (AGs) filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s Regulation BI (Best Interest), enacted in June 2019. Regulation Best Interest...more

Carlton Fields

Multiple Plaintiffs Take Shot at SEC Regulation Best Interest

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The Securities and Exchange Commission’s Regulation Best Interest faces a bumpy road in the wake of recent lawsuits challenging the appropriateness and effectiveness of the rule....more

Kilpatrick

States Sue SEC in Ongoing Fight Over Reg BI

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The political melee surrounding Regulation Best Interest (“Reg BI”) escalated with the filing of a lawsuit against the SEC by several state attorneys general (the “State Plaintiffs”)....more

Faegre Drinker Biddle & Reath LLP

Seven States and D.C. Aggressively Challenge Reg BI

On September 9, 2019, the states of New York, California, Connecticut, Delaware, Maine, New Mexico and Oregon, and the District of Columbia (collectively, the States) filed a complaint for declaratory and injunctive relief...more

Womble Bond Dickinson

Recent Developments Toward A Fiduciary Standard For Brokers

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Much has happened since we last reported on the Department of Labor’s Fiduciary Rule. The compliance deadline was extended 18 months to July 1, 2019. A federal appellate court vacated the Fiduciary Rule in its entirety. The...more

Dorsey & Whitney LLP

SEC Proposes Broker-Dealer and Investment Adviser Standard of Conduct Rules and Interpretations to Enhance Retail Investor...

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On April 18, 2018, the SEC proposed a package of rulemakings and interpretations aimed at increasing transparency in the relationships of clients with their broker-dealers and investment adviser and address investor confusion...more

Skadden, Arps, Slate, Meagher & Flom LLP

Standards of Conduct for Investment Advisers, Broker-Dealers Under SEC Review

In the six months since Securities and Exchange Commission (SEC) Chairman Jay Clayton requested public comments on standards of conduct for investment advisers and broker-dealers, industry participants, investors and other...more

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