News & Analysis as of

Conflicts of Interest

SFC (the “Commission”) Expresses Concern over Irregularities in Asset Management Activities

•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments. •The Commission has...more

Legal Malpractice Claims Level Off as Conflicts and Cyber Claims Rise

by Dentons on

Statistics regarding the type, frequency and severity of legal malpractice claims submitted to insurers during 2016 were released at the end of June. From the law firm and attorney perspective, the news is generally good in...more

DOL Fiduciary Rule Status Update for Fraternal Benefit Societies

by Stinson Leonard Street on

In papers filed as part of a lawsuit in the U.S. District Court for the District of Minnesota, the Department of Labor (DOL) has stated that they are considering a further delay of the effective date for full implementation...more

Securities regulators provide enhanced guidance on material conflict of interest transactions

by Dentons on

On July 27, 2017, staff of securities regulatory authorities in each of Ontario, Québec, Alberta, Manitoba, and New Brunswick (together, Staff) published a notice (Notice) setting out the recent experiences and approach of...more

Three Reasons to Break Up With a Client

by Dentons on

Knowing when to end an attorney-client relationship is fraught with trepidation, especially when it becomes obvious that the relationship is on a troublesome path. It should therefore come as no surprise that withdrawing from...more

DOL Seeks to Extend Transition Period under the Fiduciary Rule

by Robinson & Cole LLP on

The U.S. Department of Labor (DOL) has filed a proposal with the Office of Management and Budget (OMB) to delay implementation of the following exemptions under the fiduciary rule from January 1, 2018 to July 1,...more

Funds Talk: August 2017 - SEC Settles With Investment Adviser in Connection With a Conflict of Interest in a Client Transaction

On July 6, the Securities and Exchange Commission (SEC) reached a settlement with respondent Paramount Group Real Estate Advisor LLC (Respondent) regarding certain alleged violations of the Investment Advisers Act of 1940, as...more

Lobbying Legislation in Canada: Roundup of Summer Developments

It’s been a busy summer for lobbying law in Canada. With the recent enactment of lobbying legislation in New Brunswick, almost all Canadian jurisdictions now have some form of lobbying law, other than the three territories...more

Appellate Court Endorses FPPC’s “Reasonably Foreseeable” Test for PRA Conflicts Analysis

by Best Best & Krieger LLP on

A recent appellate decision illustrates the far-reaching and powerful impact of the Political Reform Act’s conflicts provisions, and how that law can be employed as a sword in litigation to negate or undo decisions of...more

No Conflict in Successive Representation of a Closely-Held Company and Its Insiders Where Insiders Already Possess Company’s...

In Beachcomber Management Crystal Cove, LLC v. Superior Court (Salisbury) (No. G054078, filed June 28, 2017; pub. and mod. order July 28, 2017), the Fourth Appellate District granted a writ of mandate vacating a trial court’s...more

Undisclosed Fees, Conflicts Yield SEC Sanctions for Adviser

by Dorsey & Whitney LLP on

Undisclosed conflicts, fees and overcharges have become a recurring theme in Commission cases involving investment advisers. Frequently these cases arise out of inspections by OCIE. See, e.g., In the Matter of Credit Suisse...more

July 2017 Protest Roundup

In July 2017, the Government Accountability Office (GAO) and the U.S. Court of Federal Claims issued decisions covering a number of issues. We address the decisions below on the following issues of interest: (1) agency...more

Regulators Shine Spotlight on Material Conflict of Interest Transactions

On July 27, 2017, the Canadian Securities Administrators (CSA) published Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special...more

SEC Guidance Seeks Enhanced Disclosures by Robo-Advisers

by Carlton Fields on

In February, the SEC staff issued a guidance update focusing on "robo-advisers," i.e., registered investment advisers (RIAs) who provide online, automated investment advice, through the use of an algorithmic program. As RIAs,...more

SEC Seeks Public Comments on Standards of Conduct for Investment Advisors and Broker-Dealers

by Carlton Fields on

On June 1, SEC Chairman Jay Clayton issued a statement seeking comments from interested parties regarding the standards of conduct for investment advisers and broker-dealers providing investment advice to retail investors....more

Independent Contractors & Consultants Acting on Government Contracts May be Subject to Conflict of Interest Laws

by Best Best & Krieger LLP on

Independent contractors and consultants who engage in or advise on public contracts may be subject to the conflict of interest laws under Government Code section 1090, the California Supreme Court ruled last month. Section...more

Financial Services Weekly News - July 2017 #3

by Goodwin on

Editor's Note - Going Strong to the Mic. The Office of the Comptroller of the Currency’s (OCC) proposed special purpose nondepository national bank charter for FinTech companies (FinTech Charter) has long been the source...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation - Q&A on IRA Transactions

by Carlton Fields on

Previously, I wrote about potential litigation under the Department of Labor’s then proposed fiduciary rule (see Expect Focus, Vol. II, 2015). I predicted the following as to sales of index annuities to IRAs if the rule was...more

Life with Conflict of Interest Starting to be Implemented and Retirement Plan Update

by Winstead PC on

Fee Changes and Disclosures Post Conflict of Interest Regulations Initial Partial Effective Date - The effects of the U.S. Department of Labor’s (“DoL”) conflict of interest or fiduciary regulation and related prohibited...more

The Appearance of Impropriety

by Ary Rosenbaum on

For some reason, the unincorporated village I live in has its own Sanitation District where a lot of unethical things have gone on in the past where a father and son once ruled with an iron fist. One man challenged the status...more

Independent Contractors & Consultants Can be Subject to Conflict of Interest Laws - California Supreme Court Sets New Precedent...

by Best Best & Krieger LLP on

In a watershed decision, the California Supreme Court held that independent contractors and consultants can be considered “employees” and subject to the conflict of interest provisions of Government Code 1090. This includes...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With politics swirling around in the background, the AT&T/Time Warner mega-merger is still up in the air, with DOJ antitrust officials still working away (8 months after the deal was announced) to determine whether...more

ERISA Newsletter - Second Quarter 2017

by Proskauer Rose LLP on

Editor's Overview - Welcome once again to Proskauer's newly revamped ERISA Newsletter. As a reminder, readers can obtain the information in this Newsletter as it is published on our blog. Our featured article this...more

Opioid Crisis Initiating New State Gift Ban Laws

by Foley & Lardner LLP on

The Maine legislature passed with broad bipartisan approval L.D. 911, An Act to Prohibit Certain Gifts to Health Care Practitioners. The legislation prohibits gifts to practitioners who are licensed to prescribe and...more

Three Tips for Avoiding Social Media Conflicts

by Dentons on

While most attorneys recognize the value of social media in promoting their practices, attorneys do not always apply the same level of care when using social media in a supposedly personal capacity. However, recent...more

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