On October 26, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new Rule 206(4)-11 (the “Vendor Oversight Rule” or the “Rule”) to prohibit investment advisers registered under the Investment Advisers Act of...more
The compliance date for the SEC’s new investment adviser Marketing Rule is November 4, 2022, allowing just over a month for an investment adviser to finalize its implementation process to comply with the Rule, which applies...more
On April 26, 2022, the SEC’s Division of Examinations (“EXAMS”) issued a risk alert flagging certain notable deficiencies that it has observed related to advisers’ potential misuse of material non-public information (MNPI) in...more
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments under the Investment Advisers Act of 1940 (the “Advisers Act”) to augment the regulation of private fund advisers....more
2/15/2022
/ Advisors Act ,
Audits ,
CFTC ,
GAAP ,
Investment Adviser ,
Investment Portfolios ,
PCAOB ,
Private Funds ,
Quarterly Report ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
On January 27, 2022, the SEC’s Division of Examinations (“EXAMS”) released a risk alert (the “Risk Alert”) outlining its observations regarding compliance issues uncovered by its staff in examinations of registered investment...more
2/10/2022
/ Due Diligence ,
Fiduciary Duty ,
Hedge Funds ,
Investment Adviser ,
Limited Partnership Agreements ,
Misleading Statements ,
Omissions ,
Private Equity ,
Private Funds ,
Regulatory Oversight ,
Risk Alert ,
Securities and Exchange Commission (SEC)
On January 26, 2022, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Form PF, the confidential reporting form the SEC uses to collect data about certain SEC-registered investment advisers to hedge...more
On April 9, 2021, the SEC’s Division of Examinations (“EXAMS”) published a Risk Alert summarizing its observations from recent examinations of investment advisers, registered investment companies, and private funds engaged in...more
4/16/2021
/ Advertising ,
Asset Management ,
Compliance ,
Corporate Finance ,
Corporate Governance ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Portfolios ,
Investors ,
Marketing ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On October 28, 2020, the SEC adopted a new regulatory framework for derivatives use by registered investment companies. New Rule 18f-4 applies to mutual funds other than money market funds, exchange-traded funds (ETFs),...more
On November 13, 2020, the SEC announced that it had settled actions against several investment advisory firms and firms dually-registered as broker-dealers and investment advisers. These actions relate to unsuitable sales of...more
On October 28, 2020, the U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, together with the directors of three SEC divisions, issued a joint statement relating to complex financial products. The statement...more
On October 7, 2020, the Securities and Exchange Commission (SEC) adopted a new fund of funds rule. New Rule 12d1-4 is designed to streamline and enhance the existing regulatory framework under which registered funds of funds...more
On August 26, 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments to the definitions of “accredited investor” in Rule 501(a) under Regulation D and “qualified institutional buyer” in Rule 144A under the...more
On June 23, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert identifying common deficiencies and compliance issues it has observed in examinations of registered investment...more
On May 27, 2020, the staff of the SEC’s Division of Investment Management (the “Division”) issued a new statement (the “Staff Statement”) addressing the intersection between state control share acquisition statutes and the...more
On April 21, 2020, the U.S. Securities and Exchange Commission (“SEC”) proposed new Rule 2a-5 (the “Proposed Rule”) under the Investment Company Act of 1940 (the “Investment Company Act”) to address valuation practices of...more
Last year, the Securities and Exchange Commission (“SEC”) adopted measures intended to enhance the protection of retail investors who engage financial professionals to assist them with investments. Regulation Best Interest...more
On March 30, 2020, the Securities and Exchange Commission (SEC) issued a no-action letter stating that the staff of the SEC’s Division of Trading and Markets would not recommend enforcement actions against broker-dealers that...more
On March 25, 2020, the SEC issued exemptive orders replacing prior orders granting temporary relief from certain provisions of the Investment Advisers Act of 1940 (the “Advisers Act”) and the Investment Company Act of 1940...more
On March 23, 2020, in response to business disruptions caused by the spread of the coronavirus (“COVID-19”), the Securities and Exchange Commission (“SEC”) issued an exemptive order (the “Order”) under the Investment Company...more
On March 23, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced that it will conduct its examinations of SEC registrants through correspondence, unless it is absolutely necessary to be on-site....more
On March 20, 2020, in response to business disruptions caused by the spread of the coronavirus (“COVID-19”), the Securities and Exchange Commission (“SEC”) issued an exemptive order under the Securities and Exchange Act of...more
Like all of us, the SEC and its staff are moving rapidly to address changes to normal procedures required in the face of COVID-19. In response to questions recently raised by the Investment Advisers Association (IAA) on...more
On March 13, 2020, in light of business disruptions resulting from the spread of the coronavirus (COVID-19) and current actions by registrants to protect the health of their employees, clients and the public, the SEC...more
Before closing the books on 2019, registered investment advisers and funds should take a look back at the activity undertaken by the SEC and its staff in the past year and carefully consider steps to be taken to implement new...more
On November 4, 2019, the Securities and Exchange Commission (SEC) proposed amendments to both the advertising rule and the cash solicitation rule under the Investment Advisers Act of 1940 (the “Advisers Act”). Neither rule —...more