News & Analysis as of

Investment Adviser Brokers Securities and Exchange Commission (SEC)

Alston & Bird

SEC Orders Investment Adviser to Pay for Inadequate Disclosure of Fees from Clearing Broker

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Our Investment Funds Group examines why the Securities and Exchange Commission penalized a registered investment adviser for inadequate disclosure of fees it received....more

Dorsey & Whitney LLP

SEC Adopts New Short Position and Short Activity Reporting Requirements

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The Securities and Exchange Commission (the “SEC”) adopted a new short position and short activity disclosure requirement under Rule 13f-2 of the Securities Exchange Act of 1934 (the “Exchange Act”). Under Rule 13f-2, an...more

Vinson & Elkins LLP

Shorter Schedule 13D and Schedule 13G Filing Deadlines and New Guidance: SEC Adopts Final Rules Amending Beneficial Ownership...

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On October 10, 2023, the Securities and Exchange Commission (“SEC”) adopted amendments to the rules governing beneficial ownership1 reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (the...more

Oberheiden P.C.

SEC Continues to Target Brokers and Investment Advisors with Cherry Picking Investigations

Oberheiden P.C. on

The U.S. Securities and Exchange Commission (SEC) has conducted several publicized investigations focused on broker and investment adviser or advisor cherry-picking in recent years. Most recently, the SEC announced on August...more

Lowenstein Sandler LLP

SEC Adopts Amendments to Form PF for Registered Investment Advisers to Private Funds

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On May 3, 2023, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Form PF, the confidential form by which certain SEC-registered investment advisers report information pertaining to the private funds...more

Morgan Lewis - All Things FinReg

Congress Codifies SEC Staff's M&A Broker No-Action Letter ... With a Tweak

As many are aware, Congress passed its own version of the US Securities and Exchange Commission (SEC) staff’s mergers and acquisitions (M&A) broker no-action letter in December 2022, creating a new exemption from broker...more

A&O Shearman

Ninth Circuit Holds That Complaint Sufficiently Alleged Company Was “Statutory Seller” Under Section 12(a)(2) Based On Social...

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On December 21, 2022, the United States Court of Appeals for the Ninth Circuit affirmed in part and denied in part the dismissal of a purported class action suit against a real estate property management company (the...more

A&O Shearman

Revised Global Principles on Outsourcing for Regulated Participants in the Securities Markets

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The International Organization of Securities Commissions has published an updated Principles on Outsourcing for regulated market participants in the securities markets.  The updated Principles are based on IOSCO’s 2005...more

McGlinchey Stafford

SEC’s 2021 Examination Priorities Focus On Fintechs And Sustainability

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In March, the Securities and Exchange Commission (SEC)’s Division of Examinations announced its 2021 examination priorities. The SEC has committed to focusing its investigations on, among other issues, “attendant risks...more

Goodwin

FDIC Finalizes Brokered Deposits and ILC Rules Ahead of the Holidays

Goodwin on

In this Issue. The Federal Deposit Insurance Corporation (FDIC) was busy this week, finalizing rules that modernize brokered deposits regulations, establish new standards for parent companies of industrial loan companies and...more

Morgan Lewis

SEC Staff Targets COVID-19 Compliance Issues for Brokers and Investment Advisers (CHECKLIST INCLUDED)

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The US Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert on August 12 highlighting compliance considerations created by the coronavirus (COVID-19)...more

Akin Gump Strauss Hauer & Feld LLP

CFTC and NFA Year End Regulatory Updates

• Effective January 1, 2020, clarifying amendments to rules regarding communications with the public and use of promotional material will go into effect. • Effective February 1, 2020, CTA will be subject to new limitations...more

Pillsbury Winthrop Shaw Pittman LLP

Securities Law Guidance for Qualified Opportunity Funds (QOFs)

On July 15, 2019, the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) staff issued a statement summarizing federal and state securities law considerations...more

Allen Matkins

SEC: QOF Interests Are Typically Securities

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Yesterday, the staffs of the North American Securities Administrators Association (NASAA) and the Securities and Exchange Commission (SEC) issued a statement describing the "opportunity zone" program created by the Tax Cuts...more

Latham & Watkins LLP

FINRA Launches New Self-Reporting Initiative for 529 Savings Plan Violations

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The new initiative promises standard settlements for qualifying self-reported violations. On January 28, 2019, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 19-04 announcing its 529 Plan...more

Morrison & Foerster LLP

Investment Management Legal + Regulatory Update – February 2017

REGULATION - DOL Issues Additional Guidance on Fiduciary Rule - On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more

Ballard Spahr LLP

Investment Management Update

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SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural...more

Jackson Walker

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

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The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

Fox Rothschild LLP

Do you really want to hire that broker with a checkered past

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That is the question that the SEC has essentially posed for registered investment advisers in a National Exam Program Risk Alert. In doing so, the SEC has stated that it will be “examining compliance oversight and controls of...more

Polsinelli

ERISA Fiduciary Rules: Court Challenges and Considerations for Employers

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Employers and their financial advisors should consider enacting a multi-step plan amid anticipation that the proposed ERISA Fiduciary Rules turn effective. Last month, several business groups filed a complaint in the...more

McGuireWoods LLP

SEC Expands Cybersecurity Compliance Requirements For 2016

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On January 11, 2016, the Securities and Exchange Commission announced the 2016 examination priorities list. For the third year in a row, cybersecurity is a top concern, especially with regard to internal security program...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2015 #2

SEC-Sanctioned Trader Began Alleged Spoofing After Complaining About Spoofing by Others to NYSE - Eric Oscher and Briargate Trading, LLC, a company 50 percent owned by Mr. Oscher, agreed to pay an aggregate fine of US...more

Dechert LLP

Effect of Recent New York City Amendments May Limit Brokers and Advisers in Conducting Credit and Background Checks on Potential...

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The New York City Council recently passed two amendments to the New York City Human Rights Law that are likely to substantially affect the manner in which firms in New York City may evaluate the qualifications and background...more

Brooks Pierce

SEC Says No More Mr. Nice Guy on Investment Adviser Cybersecurity

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Over the last couple years, the SEC’s cybersecurity bark has been worse than its bite. Its Office of Compliance, Inspections, and Examinations issued examination priorities in 2014. Commissioner Aguilar warned public...more

Adler Pollock & Sheehan P.C.

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

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