Jay G. Baris

Jay G. Baris

Morrison & Foerster LLP

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Possible Worlds Versus Probable Worlds - the Metaphysics of Systemic Risk: FSOC Revisits Asset Managers

On April 18, 2016, the Financial Stability Oversight Council (FSOC) again warned that asset managers present systemic risk to financial stability in five key areas: ..liquidity and redemptions; ..leverage;...more

4/27/2016 - Asset Management Dodd-Frank FSOC Mutual Funds SEC

Investment Management Legal + Regulatory Update - April 2016

Regulation - Department of Labor Issues Fiduciary Regulations Under ERISA - The Department of Labor (DOL) issued its long-anticipated final regulation (the “Regulation”) defining who is a fiduciary as a result of...more

4/21/2016 - Broker-Dealer CFTC Crowdfunding Derivatives DOL ERISA FINRA SEC

ML Strategies Alert Governor Baker Signs Controversial Solar Legislation Lifting Solar Energy Caps

On Monday, Massachusetts Governor Charlie Baker signed a solar energy bill into law that increases the statewide limits on the amount of solar capacity that will qualify for net metering, but also lowers the value of net...more

4/14/2016 - Energy Sector Governor Baker Net Metering New Legislation Solar Energy

SEC Sanctions Alt Fund Asset Manager for Fee Overcharges and Misleading Investors

On January 19, 2016, the SEC settled proceedings against a Denver-based asset manager for material misstatements made in the offer and sale of units of a publicly-registered managed futures fund. The SEC found that the...more

1/29/2016 - Alternative Investment Funds Management Fees Material Misstatements Registered Investment Advisors Sanctions SEC Settlement

OCIE Publishes Exam Priorities for 2016

The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its examination priorities for 2016 this week. Much like last year’s letter, this year’s letter is organized around...more

1/16/2016 - Alternative Fee Arrangements Analytics Broker-Dealer ETFs Examination Priorities Investment Adviser Investor Protection OCIE Pay-To-Play Retail Investors SEC

SEC Staff Guidance on Fund Distribution and Sub-Accounting Fees: Emphasis on Process and Fully Informed Directors

In regulatory guidance published on January 6, 2016, the SEC’s Division of Investment Management tackled the knotty issue of how mutual funds, their investment advisers and independent fund directors should evaluate...more

1/8/2016 - Board of Directors Fees Investment Funds SEC

FINRA’s 2016 Priorities Letter: Objective and Subjective Issues

2016 has arrived and, with the new year, FINRA has published its agenda of key examination priorities. This year’s 13-page Regulatory and Examination Priorities Letter sets forth both long-standing and new items for firms to...more

1/7/2016 - FINRA Internal Controls Liquidity Risk Management Supervision

Derivatives Rule Proposal: More Work for Overburdened Fund Directors

The Securities and Exchange Commission’s proposals to modernize its regulation of fund use of derivatives and leverage again increase the scope and complexity of the responsibilities of investment company fund directors. If...more

12/16/2015 - Board of Directors Derivatives Investment Companies Mutual Funds Risk Management SEC

SEC Proposes Limits on Fund Use of Derivatives and Leverage

The Securities and Exchange Commission (the “Commission”) today voted, by a three-to-one margin, to propose rules that would limit the amount of leverage that mutual funds may obtain through derivatives. The proposals also...more

12/15/2015 - Business Development Companies Derivatives Investment Company Act of 1940 Mutual Funds SEC

SEC to Consider Fund Derivatives Rules

The SEC announced that on December 11, 2015 that it will consider whether to propose a new rule and amendments to certain proposed forms related to the use of derivatives by registered investment companies and business...more

12/7/2015 - Business Development Companies Derivatives Investment Companies Leverage Ratio SEC

SEC Sanctions Adviser, Executives and CCO for Custody Rule Violation – Again

On November 19, 2015, the SEC sanctioned a registered investment adviser, its two owners, and a former chief compliance officer for violating the Advisers Act “custody rule” after previously settling similar charges and...more

11/23/2015 - Chief Compliance Officers Custody Rule Pooled Investment Vehicles Registered Investment Advisors SEC

SEC Agenda for 2016: Tighten Rules on Leverage for Funds; Stress Testing and Third-Party Compliance Reviews for Advisers

In testimony before the House Committee on Financial Services on November 18, 2015, SEC Chair Mary Jo White described what the SEC has in store for the investment management industry....more

11/19/2015 - Compliance Derivatives Investment Management Mary Jo White Registered Investment Advisors SEC

ICI Survey: Mutual Fund Independent Directors Are Getting Older and Wiser

Mutual fund directors are getting older and wiser as they oversee a growing amount of assets and number of funds, according to a governance study published by the Investment Company Institute on October 27, 2015....more

11/18/2015 - Audit Committee Board of Directors Corporate Governance Mutual Funds Surveys

Investment Management Legal + Regulatory Update - November 2015

Regulation - OCIE Cautions Advisers on Outsourcing Compliance Activities: In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more

11/18/2015 - AIFMD Anti-Money Laundering CFTC Compliance Cybersecurity Enforcement Actions FINRA Investment Management Investor Protection OCIE Outsourcing SEC Swap Dealers Swing Pricing Volcker Rule

SEC Sanctions Adviser for Misstatements in Advertisements, Client Presentations and Regulatory Filings

The SEC found that a registered investment adviser that operates as a “manager of managers” misstated a sub-adviser’s investment performance in communications with its clients, potential clients and the SEC. According to the...more

11/18/2015 - Compliance Material Misstatements Registered Investment Advisors Sanctions SEC Third-Party Service Provider

OCIE Cautions Advisers About Outsourcing Compliance Activities

In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced compliance programs are generally effective, but some of these arrangements leave room...more

11/11/2015 - Chief Compliance Officers Compliance OCIE Outsourcing Risk Alert SEC

SEC Sanctions Broker-Dealer and Affiliated Asset Manager for Breaching Information Barriers for Exchange-Traded Products

On October 8, 2015, the Securities and Exchange Commission charged an investment adviser and a broker dealer for failing to maintain and enforce polices to prevent misuse of material non-public information. Without admitting...more

10/22/2015 - Broker-Dealer Disgorgement Enforcement Actions ETNs Information Sharing Insider Trading Investment Adviser Material Nonpublic Information Neither Admit Nor Deny Settlements Penalties Sanctions SEC

SEC Report: Private Fund Assets Grew by 25 Percent over Past Two Years; Private Fund Leverage Revealed

The SEC’s “Private Funds Statistics” report, published October 16, 2016, reveals that the number of private funds and private fund assets has grown significantly over the past two years. The data show that private funds, as a...more

10/21/2015 - Beneficial Owner Derivatives Division of Investment Management Form ADV Form PF Hedge Funds High Frequency Trading Liquidity Private Equity Funds Private Funds Real Estate Investments Registered Investment Advisors SEC Securitization Market Statistical Analysis

SEC Proposes Rules to Require Funds to Adopt Liquidity Risk Management Programs; Allow “Swing Pricing”

At an open meeting on September 22, 2015, the SEC proposed new rules and amendments to existing rules to require open-end investment companies to adopt comprehensive liquidity risk management programs. The rules would also...more

9/23/2015 - Amended Regulation Comment Period Disclosure Requirements Investment Companies Investment Portfolios Liquidity Risk Management Rule Mutual Funds NAV Pricing Proposed Regulation Reporting Requirements Risk Assessment SEC Shareholders

SEC Expected to Propose Liquidity Risk Management Programs for Funds

The Securities and Exchange Commission announced that it will consider proposals for liquidity risk management programs and related disclosures for open-end management investment companies. The Commission will consider the...more

9/17/2015 - Amended Regulation Banking Sector Derivatives Disclosure Requirements ETFs Financial Institutions Forms FSOC Investment Companies Liquidity Risk Management Rule Mutual Funds New Regulations Public Meetings Risk Management SEC Stress Tests Sunshine Act

FINRA Sets Effective Dates for Research Report Conflicts Rules

FINRA rules addressing conflicts of interest relating to the publication of equity research reports become effective on September 25, 2015, or December 24, 2015. Corresponding rules for debt research reports become effective...more

8/31/2015 - Broker-Dealer Conflicts of Interest Debt Securities Disclosure Requirements Equity Securities FINRA Fiscal Reports Investment Banks Investors Sarbanes-Oxley

Investment Management Legal + Regulatory Update - July 2015

The 2016 compliance dates for new rules included in the SEC’s money market fund reforms are fast approaching. Among other things, the reforms include changes to stress-testing requirements, disclosure requirements, net asset...more

7/29/2015 - Disclosure Requirements Liquidity Money Market Funds NAV Regulatory Agenda SEC Stress Tests

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