Many registered investment advisers (“RIAs”) have obtained loans guaranteed by the U.S. Small Business Administration (SBA) under the Paycheck Protection Program (“PPP”). Applicants for PPP loans were required to make certain...more
The SEC recently adopted a final rule (the “ETF Rule”) designed to modernize the registration of exchange-traded funds (“ETFs”). Since 1992, an ETF coming to market has required an exemptive relief order from the SEC to...more
On the day that the SEC issued Regulation Best Interest (“Reg BI”), the long-awaited rule proscribing the standard of care that broker-dealers owe their clients, the SEC also issued an interpretation of the standard of care...more
On April 17, 2019, the Treasury Department issued a second round of proposed regulations (the “Proposed Regulations”) addressing investments in Opportunity Zones under the Tax Cuts and Jobs Act of 2017. The first round of...more
4/26/2019
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning ,
U.S. Treasury
On Monday, April 15, the New Jersey Bureau of Securities (“NJBS”) released its long-awaited proposed fiduciary rule (the “Proposed Rule”) for broker-dealers (“BDs”) and investment advisers (“IAs”).1 Key points from the Rule...more
As just about everyone who operates in the mutual fund, closed-end fund or exchange-traded fund (ETF) industries knows, the Investment Company Act of 1940, as amended (the “1940 Act”), requires certain key registered...more
New Jersey released its long-awaited proposed fiduciary rule (the “Fiduciary Rule”) for broker-dealers and investment advisers. The 60-day comment period for the Fiduciary Rule began today, and will end on June 14, 2019....more
Last week FINRA issued guidance (Regulatory Notice 19-10) with respect to communications with customers about registered representatives (“RRs”) who have left a broker-dealer (the “Notice”).
With increased frequency, RRs...more
The SEC published guidance with respect to cryptocurrencies, digital tokens, and similar investments (each a “digital asset”) that is designed to help issuers and others determine whether the applicable digital asset is a...more
As we prepare for a new year of regulatory initiates and actions, we believe it is important to take inventory of the most significant regulatory events from the past year. True to its word, the SEC focused on reducing...more
1/3/2019
/ Broker-Dealer ,
Cryptocurrency ,
Cybersecurity ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Investors ,
Liquidity ,
OCIE ,
Opportunity Zones ,
Proposed Regulation ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
Last month, the Treasury Department released proposed regulations (the “Regulations”). The Regulations included a number of important clarifications and guidance for investors seeking to take advantage of the opportunities...more
11/13/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
IRS ,
Low Income Housing ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Planning
This white paper is designed to summarize the federal Opportunity Zone program to industry professionals and potential market participants. We summarize for readers the program’s tax incentive structure, how investment...more
11/12/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
IRS ,
Low Income Housing ,
Low-Income Issues ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning ,
U.S. Treasury
On May 22, Department of Labor (DOL) Secretary Alexander Acosta announced that, despite President Trump’s memorandum ordering further analysis of the fiduciary investment advice rule (Fiduciary Rule), there was no legal...more
In January, we authored a post discussing an SEC no-action letter, dated January 11, 2017, to Capital Group (the “Capital Group Letter”), the parent company of American Funds. In the Capital Group Letter, the SEC agreed that...more
The Department of Labor finalized the so-called “Fiduciary Rule” in April 2016 and announced it would go into effect in April 2017. Since the finalization of the Fiduciary Rule, the annuities, brokerage, and advisory...more
On January 31, the staff of the Securities and Exchange Commission (“SEC”) issued a no-action letter (“No-Action Letter”) permitting an “M&A Broker”, under certain circumstances, to facilitate mergers, acquisitions, business...more