News & Analysis as of

Investment Management Financial Services Industry Investment Advisers Act of 1940

Mayer Brown

WhatsApp for Registered Investment Advisers? A New SEC Enforcement Action, That’s What

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On April 3, 2024, the US Securities and Exchange Commission (“SEC”) brought its first enforcement action against a “stand-alone” SEC registered investment adviser (“RIA”) for violations of, among others, Section 204 of and...more

Latham & Watkins LLP

FINRA Proposes to Relax Communications Rule for Institutional Investors and Qualified Purchasers

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The proposed amendment seeks to modify the existing framework of FINRA Rule 2210 to accommodate the use of certain projections and targeted returns. On November 13, 2023, the Financial Industry Regulatory Authority...more

Nelson Mullins Riley & Scarborough LLP

SEC Adopts Its New Private Funds Adviser Rules - Final Rules Create New Requirements for Private Fund Advisers

The U.S. Securities and Exchange Commission (the “SEC”) adopted and published its Final Rule Release IA-6383 under the Investment Advisers Act of 1940 (the “Advisers Act”) on August 23, 2023. These rules (the “Final Rules”)...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

SEC Division of Investment Management Staff Releases Updated FAQ Regarding Marketing Rule Compliance

On January 11, 2023, the staff of the SEC’s Division of Investment Management (the “Division Staff”) updated its list of frequently asked questions (“FAQs”) related to amended Rule 206(4)-1 (the “Marketing Rule”) under the...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: December 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more

Stinson LLP

SEC Staff Posts Conflicts of Interest Guidance for Broker-Dealers and Investment Advisers

Stinson LLP on

On August 3, 2022, the Securities and Exchange Commission (SEC) staff published a Q&A-Styled Bulletin focused on conflicts of interest under the Investment Advisers Act of 1940 (Advisers Act) and Regulation Best Interest (Reg...more

Dechert LLP

Request for Comment on Certain Information Providers Acting as Investment Advisers

Dechert LLP on

The Securities and Exchange Commission on June 15, 2022 requested comments related to information providers (such as index providers, model portfolio providers and pricing services) whose activities the SEC believes may bring...more

Proskauer Rose LLP

Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2: June 2022

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Background - A. Adoption in 1962 - The SEC has regulated custodial practices of investment advisers since 1962, when it first adopted rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940...more

Kramer Levin Naftalis & Frankel LLP

SEC Adopts New Marketing Rule

The Securities and Exchange Commission (SEC) announced on Dec. 22, 2020, that it has finalized amendments to the current advertising rule (Rule 206(4)-1) and cash solicitation rule (Rule 206(4)-3) under the Investment...more

Polsinelli

I’m Your Huckleberry - SEC Staff Statement on WY Division of Banking’s Letter on Custody of Digital Assets

Polsinelli on

Earlier this month the staff of the U.S. Securities and Exchange Commission (SEC) published a statement in response to a letter issued by the Wyoming Division of Banking on the custody of digital assets.  The SEC staff...more

Tucker Arensberg, P.C.

SEC Approves its Regulation Best Interest and Other Proposals

On June 5, 2019, the Securities and Exchange Commission voted to adopt its proposed regulations on the conduct of broker-dealers and investment advisers, including Regulation Best Interest, Form CRS, and two interpretations...more

Akin Gump Strauss Hauer & Feld LLP

Custody Concerns for Investment Advisers as Loan Agents

On December 20, 2018, the staff of the Division of Investment Management (the “Staff”) of the Securities and Exchange Commission (SEC) issued conditional no-action relief to Madison Capital Funding LLC (“Madison”), clarifying...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

FHFA Issues Final Rule on Fannie Mae and Freddie Mac Duty to Serve Underserved Markets - On December 13, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule implementing the Duty to Serve provisions...more

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