Treasury issued a final rule requiring certain investment advisers to establish an AML/CFT Program and file certain reports, such as Suspicious Activity Reports (SARs), with FinCEN (Final Rule).
The Final Rule applies to...more
9/11/2024
/ AML/CFT ,
Bank Secrecy Act ,
Customer Due Diligence (CDD) ,
Customer Identification Program (CIP) ,
Final Rules ,
FinCEN ,
Investment Adviser ,
Notice of Proposed Rulemaking (NOPR) ,
Policies and Procedures ,
Registered Investment Advisors ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury
The Proposed Rule would require registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document and maintain written customer identification programs (CIPs).
The Proposed Rule comes...more
6/5/2024
/ AML/CFT ,
Bank Secrecy Act ,
Beneficial Owner ,
Customer Identification Program (CIP) ,
Exempt Reporting Advisers (ERAs) ,
Financial Services Industry ,
FinCEN ,
Investment Adviser ,
Notice Requirements ,
Proposed Rules ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
In brief. On August 9, 2023, President Biden signed a highly anticipated Executive Order (the “Outbound E.O.”) to establish a U.S. outbound investment regime. The U.S. Department of Treasury (“Treasury”) concurrently...more
8/14/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
Asset Management ,
Biden Administration ,
CFIUS ,
China ,
Covered Transactions ,
Executive Orders ,
FIRRMA ,
Foreign Investment ,
National Security ,
Penalties ,
Popular ,
Securities ,
Semiconductors
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a proposed rule (Proposed Rule) on December 15, 2022, implementing the requirements of Section 6403 of the Corporate Transparency Act (Act)...more
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) on September 29, 2022 issued a final rule (Final Rule) defining and implementing the beneficial ownership reporting requirements of Section 6403...more
12/1/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Commodity Exchange Act (CEA) ,
Corporate Transparency Act ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Limited Liability Company (LLC) ,
Ownership Interest ,
Pooled Investment Vehicles ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
The Anti-Money Laundering Act of 2020 (AML Act), enacted on January 1, 2021 as part of the National Defense Authorization Act for Fiscal Year of 2021 (NDAA), makes several significant changes to U.S. anti-money laundering...more
2/23/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Disgorgement ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
NDAA ,
New Legislation ,
Pooled Investment Vehicles ,
Regulatory Agenda ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Suspicious Activity Reports (SARs) ,
Whistleblowers
On December 28, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) released guidance on the implementation of sanctions targeting securities of Communist Chinese military companies (“CCMCs”) imposed...more
The U.S. Securities and Exchange Commission on April 21, 2020 proposed a long-anticipated framework for fair valuation of fund investments. Proposed Rule 2a-5 under the Investment Company Act of 1940 would establish...more
5/26/2020
/ Board of Directors ,
Fair Value Standard ,
Fund Managers ,
Good Faith ,
Investment Adviser ,
Investment Company Act of 1940 ,
No-Action Letters ,
Proposed Rules ,
Rescission ,
Securities and Exchange Commission (SEC) ,
Valuation
On April 21, 2020, the U.S. Securities and Exchange Commission proposed a long-anticipated framework for valuation of fund investments. Proposed Rule 2a-5 under the Investment Company Act of 1940 would establish requirements...more
4/26/2020
/ Board of Directors ,
Comment Period ,
Fair Value Standard ,
Good Faith ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Fund Vehicles ,
Popular ,
Proposed Rules ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
Valuation
On March 23, 2020, the Securities and Exchange Commission issued an order providing relief to registered open-end funds and insurance company separate accounts (separate accounts) registered as unit investment trusts. The...more
On March 25, 2020, the Securities and Exchange Commission issued two orders updating and extending relief previously provided to registered funds and investment advisers whose operations may be affected by the COVID-19...more
The U.S. Securities and Exchange Commission on June 18, 2019 adopted amendments to Rule 2-01(c)(1)(ii)(A) under Regulation S-X – the so-called “Loan Provision” (Final Rule). The Final Rule will become effective on October 3,...more
7/19/2019
/ Amended Rules ,
Auditor Independence ,
Auditors ,
Beneficial Owner ,
Investment Companies ,
Loan Provision ,
Loans ,
Registered Investment Companies (RICs) ,
Regulation S-K ,
Securities and Exchange Commission (SEC) ,
Significant Influence Test
The U.S. Securities and Exchange Commission (SEC) voted unanimously on May 2, 2018 to propose amendments to Rule 2-01(c)(1)(ii)(A) under Regulation S-X – the so-called “Loan Provision” (Proposal). Generally, the Loan...more
5/17/2018
/ Affiliates ,
Auditors ,
Audits ,
Beneficial Owner ,
Compliance ,
FASB ,
Lenders ,
Loans ,
No-Action Letters ,
Proposed Rules ,
Registered Investment Companies (RICs) ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Significant Influence Test
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury issued updated general licenses and related guidance in connection with sanctions imposed in April on certain Russian individuals and entities...more
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) on April 3, 2018 issued Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions (FAQs). The FAQs address various...more
4/13/2018
/ Anti-Money Laundering ,
Beneficial Owner ,
Broker-Dealer ,
Compliance ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Joint Ownership ,
Legal Entity Identifiers ,
Mutual Funds ,
Retroactive Application ,
Verification Requirements
After more than two decades in obscurity, the Congressional Review Act (CRA) has now emerged as a major factor in the relationship between the U.S. Congress and the regulatory agencies....more
The United States announced new sanctions against the Venezuelan Government on August 25, 2017 that target the government’s ability to access U.S. debt and equity markets. The measures are intended to pressure Venezuelan...more
8/30/2017
/ Debt Instruments ,
Debt-Equity ,
Economic Sanctions ,
Executive Orders ,
Exports ,
General Licenses ,
Human Rights ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
SSI List ,
Trump Administration ,
Venezuela
In a Guidance Update published on December 15, 2016, the staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) articulated its views as to certain disclosure issues and...more
12/23/2016
/ Department of Labor (DOL) ,
Disclosure Requirements ,
Fee Disclosure ,
Fiduciary Rule ,
Guidance Update ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
Mutual Funds ,
New Guidance ,
Sales Load Variations ,
Securities and Exchange Commission (SEC) ,
Share Class Structures
The U.S. Department of the Treasury, together with other U.S. government agencies responsible for enforcing anti-money laundering (AML) and economic sanctions regulations, released guidance on August 30, 2016 in the form of a...more
9/1/2016
/ Anti-Money Laundering ,
Compliance ,
Depository Institutions ,
Due Diligence ,
Economic Sanctions ,
Enforcement Actions ,
Foreign Correspondent Banking ,
Foreign Financial Institutions (FFI) ,
Joint Policy Statements ,
New Guidance ,
U.S. Treasury
The U.S. Securities and Exchange Commission’s Division of Investment Management (the “SEC Staff”) last night issued a no-action letter (the “Relief”) to Fidelity Management and Research Company that provides guidance to...more
The staff of the U.S. Securities and Exchange Commission (SEC) Division of Investment Management (Staff) published a Guidance Update on January 6, 2016 related to mutual fund distribution and sub-accounting fees. In the...more
U.S. Commerce and Treasury Department measures intended to further ease existing export and sanctions restrictions regarding Cuba took effect on September 21, 2015. These amendments to the Cuban Assets Control Regulations...more
The United States is proposing rules that, for the first time, would subject investment advisers registered or required to be registered (RIAs) with the U.S. Securities and Exchange Commission (SEC) under the Investment...more
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking on August 25, 2015,1 pertaining to all investment advisers registered or required to be registered...more
President Obama announced on December 17, 2014 that the United States and Cuba will open talks seeking to restore full diplomatic relations, and that the United States will be taking a number of steps to ease restrictions in...more