The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more
7/3/2023
/ Broker-Dealer ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Investment Adviser ,
Market Research ,
MiFID II ,
Securities and Exchange Commission (SEC) ,
UK
The issue of how investment research should be paid for by investors is controversial, long-standing and seemingly perennially the subject of legislative iterations, failure and unintended consequence and more reform. Before...more
On April 26, 2022, the Division of Examinations (the “Division”) of the Securities and Exchange Commission issued a Risk Alert listing notable examples of deficiencies that its staff has identified regarding investment...more
On June 23, 2020, the U.S. Securities and Exchange Commission (the SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert (the “Risk Alert”) highlighting several problem areas that it has identified...more
As the world responds to COVID-19, we have identified a number of compliance and legal considerations for asset managers. We summarize a select list of these in our note below....more
3/20/2020
/ Asset Management ,
Broker-Dealer ,
Chief Compliance Officers ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
Compliance ,
Coronavirus/COVID-19 ,
Cyber Threats ,
Financial Industry Regulatory Authority (FINRA) ,
Force Majeure Clause ,
Futures ,
Information Security ,
Investment Adviser ,
Investment Companies ,
Liquidity ,
NFA ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Telecommuting ,
Valuation
On November 4, 2019, the U.S. Securities and Exchange Commission (SEC) proposed amendments to rules governing investment adviser advertisements and payment to solicitors under the Investment Advisers Act. The comment period...more
11/18/2019
/ Broker-Dealer ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
General Solicitation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
No-Action Letters ,
OCIE ,
Proposed Amendments ,
Proposed Rules ,
Reasonable Care ,
Securities and Exchange Commission (SEC)
Two facts may come as a surprise about the U.S. Securities and Exchange Commission’s existing investment adviser advertising rule: that it literally fits on one page, and that it has not been updated since 1961. These facts...more
11/18/2019
/ Advertising ,
Broker-Dealer ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
General Solicitation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
Proposed Amendments ,
Proposed Rules ,
Securities and Exchange Commission (SEC)
On June 5, 2019, the Securities and Exchange Commission (the “SEC”) released a long-anticipated interpretation of investment adviser fiduciary duty under Section 206 of the US Investment Advisers Act of 1940 (“the Advisers...more
6/28/2019
/ Best Interest Standard ,
Broker-Dealer ,
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’s Office of Compliance Inspections and Examinations (OCIE) has issued its examination priorities for 2019. In it, OCIE points out that its examination program covers some 13,200...more
1/15/2019
/ Anti-Money Laundering ,
Broker-Dealer ,
Cryptoassets ,
Cybersecurity ,
ETFs ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
MSRB ,
Mutual Funds ,
OCIE ,
Popular ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On April 18, 2018, the U.S. Securities and Exchange Commission (“SEC”) took the long-awaited step of proposing rules, interpretations and guidance (the “Proposed Rules”) that would seek to enhance and clarify the standards of...more
4/25/2018
/ Best Interest Standard ,
Broker-Dealer ,
Comment Period ,
Employee Retirement Income Security Act (ERISA) ,
EU ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Conduct Authority (FCA) ,
Investment Adviser ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Proposed Regulation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
UK
Late last week, a senior SEC lawyer encouraged the private equity and hedge fund communities to consider whether certain practices of private fund managers could subject these firms to SEC registration as broker-dealers....more