On March 6, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted on a 3-2 vote its long-awaited, comprehensive rules for enhancing and standardizing climate-related disclosures by public companies in periodic...more
3/8/2024
/ Climate Change ,
Compliance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Final Rules ,
Greenhouse Gas Emissions ,
Proposed Rules ,
Regulation S-K ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Severe Weather
The SEC’s Division of Examinations (EXAMS) published its report on 2024 Examination Priorities on October 16, 2023.
The 2024 Examination Priorities continue to reflect an examination program that is vigorous and broad...more
12/18/2023
/ Anti-Money Laundering ,
Broker-Dealer ,
Compensation ,
Compliance ,
Conflicts of Interest ,
Cryptoassets ,
Cybersecurity ,
Disclosure Requirements ,
Due Diligence ,
Financial Industry Regulatory Authority (FINRA) ,
Investment ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Private Funds ,
REIT ,
Securities and Exchange Commission (SEC)
The SEC has proposed new rules designed to regulate potential conflicts of interest associated with broker-dealers’ and investment advisers’ use of certain AI-related technologies in their interactions with investors.
The...more
9/7/2023
/ Artificial Intelligence ,
Broker-Dealer ,
Conflicts of Interest ,
Consumer Protection Act ,
Disclosure Requirements ,
Dodd-Frank ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Policies and Procedures ,
Predictive Analytics ,
Proposed Rules ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
The Securities and Exchange Commission (“SEC”) released an annual summary, on November 15, 2022, of actions brought by the Division of Enforcement (“Division”) over fiscal year 2022 (“Enforcement Summary”), providing an...more
12/13/2022
/ Civil Monetary Penalty ,
Climate Change ,
Cryptoassets ,
Cybersecurity ,
Disclosure Requirements ,
Disgorgement ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Fraud ,
Penalties ,
Private Funds ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Whistleblowers
The Securities and Exchange Commission on November 2, 2022 proposed significant revisions to its rules governing open-end investment company liquidity risk management and swing pricing. The proposal would also update related...more
11/4/2022
/ Disclosure Requirements ,
Form N-CEN ,
Form N-PORT ,
GAAP ,
Illiquid Assets ,
Investment ,
Investment Adviser ,
Liquidity ,
Liquidity Risk Management Rule ,
Money Market Funds ,
Policies and Procedures ,
Proposed Rules ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Swing Pricing
The Securities and Exchange Commission recently brought two enforcement actions that highlight the SEC’s focus on the investment adviser fiduciary duties, particularly as applied to recommendations that clients open or remain...more
Overview -
The Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment on May 25, 2022, a long-anticipated framework requiring certain registered funds and certain investment advisers to...more
6/30/2022
/ Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Services Industry ,
Investment ,
Investment Adviser ,
Investment Funds ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On May 25, 2022, the U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment amendments to a current rule governing fund naming conventions – which would cover certain funds that...more
6/1/2022
/ Climate Change ,
Comment Period ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment ,
Public Comment ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On May 25, 2022, the U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment a long-anticipated framework requiring certain funds and certain U.S. investment advisers to disclose their...more
6/1/2022
/ Climate Change ,
Comment Period ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment ,
Public Comment ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On March 21, 2022, the U.S. Securities and Exchange Commission (the “SEC”) released its new and longanticipated proposed rules for the enhancement and standardization of climate-related disclosures. The proposed rule...more
3/30/2022
/ Annual Reports ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Statements ,
Greenhouse Gas Emissions ,
Proposed Regulation ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On December 22, 2020, the U.S. Securities and Exchange Commission adopted rule and form amendments to modernize the regulatory framework governing investment adviser advertising and payments to solicitors....more
Asset managers across geographies and asset classes are increasingly incorporating environmental, social and governance (“ESG”) considerations at all levels of the investment management business. Increased focus on ESG has...more
The staff of the SEC’s Office of Compliance Inspections and Examinations (Staff) issued a Risk Alert on July 23, 2019, in which the Staff shared observations from its “Supervision Initiative” that “assess[ed] the oversight...more
The U.S. Securities and Exchange Commission, on June 5, 2019, voted 3-1 in favor of adopting a package of rules, amendments and interpretations (Final Rules) intended to improve the retail investor experience and to provide...more
6/12/2019
/ Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Compliance Dates ,
Conflicts of Interest ,
Disclosure Requirements ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The Securities and Exchange Commission announced on March 11, 2019 that it had settled charges against 79 investment advisers in connection with its Share Class Selection Disclosure Initiative (SCSD Initiative). This...more
4/11/2019
/ Asset Management ,
Civil Monetary Penalty ,
Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Actions ,
Investment Adviser ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Share Class Selection Disclosure Initiative (SCSD) ,
Share Class Structures ,
Share Classes ,
SIFMA
The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a National Exam Program Risk Alert on July 11, 2018. The Risk Alert highlights OCIE’s observations of compliance issues...more
8/3/2018
/ Best Execution ,
Broker-Dealer ,
Compliance ,
Disclosure Requirements ,
Fiduciary Duty ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
OCIE ,
Risk Alert ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
The U.S. Securities and Exchange Commission on April 18, 2018 published a package of proposed rules and interpretations intended to improve the retail investor experience and to provide greater clarity regarding customers’...more
7/11/2018
/ Best Interest Standard ,
Broker-Dealer ,
Comment Period ,
Conflicts of Interest ,
Disclosure Requirements ,
Due Diligence ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Investment Adviser ,
Investment Products ,
Proposed Rules ,
Regulatory Oversight ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Care
On April 18, 2018, the U.S. Securities and Exchange Commission (SEC) voted 4-1 to propose a package of rules and interpretations (Proposals) intended to improve the retail investor experience and to provide greater clarity...more
4/20/2018
/ 401k ,
Best Interest Standard ,
Broker-Dealer ,
Comment Period ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Disclosure Requirements ,
EDGAR ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Regulation ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Standard of Care
The Division of Enforcement (Division) of the U.S. Securities and Exchange Commission (SEC) on February 12, 2018, announced a Share Class Selection Disclosure Initiative (SCSD Initiative). Led by the Division’s Asset...more
3/7/2018
/ Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Guidance ,
Fees ,
Fiduciary Duty ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Share Class Selection Disclosure Initiative (SCSD) ,
Share Classes
The October 1, 2017 compliance date for the amendments to Form ADV and to rule 204-2 (Recordkeeping Rule), as well as technical amendments to other rules under the Investment Advisers Act of 1940 (Advisers Act) (collectively,...more
The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC) published a Guidance Update (Guidance) on February 23, 2017, on the subject of automated investment advisers...more
3/15/2017
/ Compliance ,
Disclosure Requirements ,
Division of Investment Management ,
Guidance Update ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Management ,
OCIE ,
Policies and Procedures ,
Registered Investment Advisors ,
Robo-Advisors ,
Securities and Exchange Commission (SEC)