John O'Brien

John O'Brien

Morgan Lewis

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“Pay to Play” Developments

Based on recent announcements from the SEC and its Staff, changes may be forthcoming for advisers’ use of third-party solicitors for government entity clients....more

7/29/2015

SEC Seeks Public Input on Exchange-Traded Product Trading Issues

Growth in the ETP industry has led the SEC to seek public comment on a variety of topics related to the listing and trading of ETP shares. On June 12, the US Securities and Exchange Commission (SEC) issued a release (the...more

7/2/2015 - Arbitrage Broker-Dealer Exchange-Traded Products Exemptive Relief Investment Adviser Investors Listing Standards Market Pricing No-Action Relief Public Comment SEC Securities Exchange Act

Update on Proposed Listing Standards for Active ETFs

The SEC is considering an amended proposal by NYSE Arca to adopt generic listing standards for actively managed ETFs. On June 5, the US Securities and Exchange Commission (SEC) issued an order (the Order) instituting...more

6/15/2015 - ETFs Listing Rules NYSE SEC Securities Exchange Act

SEC Proposes Rules Affecting Funds and Advisers

Proposals would impose new disclosure requirements designed to enhance the SEC’s ability to monitor the industry. On May 20, the US Securities and Exchange Commission (SEC) unanimously approved proposals intended to...more

5/26/2015 - Comment Period Investment Adviser Investment Funds Mary Jo White Proposed Regulation Recordkeeping Requirements Reporting Requirements SEC

SEC Considers Active ETF Listing Standards, Approves Paired Class ETP

Although the proposed listing standards could significantly reduce regulatory barriers, commissioner dissent in exchange-traded product order underscores regulatory concerns about novel products....more

3/20/2015 - ETFs Listing Standards Regulatory Reform SEC

SEC to Approve “Exchange-Traded Managed Funds”

The new product will have characteristics of both mutual funds and exchange-traded funds. On November 6, the U.S. Securities and Exchange Commission (SEC) issued a notice indicating that it intends to grant exemptive...more

11/13/2014 - Amended Regulation ETMFs Exemptive Relief Nasdaq SEC

The New Era of Money Market Fund Regulation

On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) voted 3–2 to significantly amend the regulatory framework of money market mutual funds (MMFs), particularly Rule 2a-7 under the Investment Company Act of...more

10/2/2014 - Disclosure Requirements Floating NAV Liquidity Fees Money Market Funds Redemption Gates Regulatory Agenda Regulatory Standards Reporting Requirements SEC Stress Tests

SEC Approves General Solicitation in Private Offerings and Proposes Further Regulation D Amendments

On July 10, 2013, the U.S. Securities and Exchange Commission (SEC) issued a series of three releases — referred to in this White Paper as the General Solicitation Release, the Bad Actors Release, and the Proposing...more

7/25/2013 - Advertising Bad Actors Dodd-Frank General Solicitation JOBS Act Marketing Private Placements Regulation D Rule 144A SEC

SEC Warns About Exemptive Order Compliance

Division of Investment Management's guidance reminds firms to comply with conditions and representations in exemptive orders and notes that consequences for noncompliance may be "severe."...more

5/20/2013 - Compliance ETFs Exemptive Orders OCIE OIG SEC

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

Settlement with mutual fund directors and service providers serves as a reminder of responsibilities for disclosures relating to the approval of investment advisory contracts and provides insight into SEC enforcement...more

5/10/2013 - Advisory Contracts Disclosure Requirements Investment Adviser Investment Company Act of 1940 Mutual Funds SEC Settlement

FINRA Formalizes Position on Pre-Inception Index Performance Data

Interpretive letter outlines the conditions for the use of exchange-traded product marketing materials containing pre-inception index performance, including disclosure requirements, performance presentation standards, and a...more

4/26/2013 - Compliance Disclosure Requirements Exchange-Traded Products FINRA Institutional Investment

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