Videocast: Asset management regulation in 2020 videocast series – FinTech initiatives
Videocast: Asset management regulation in 2020 videocast series – Investment company developments
An Overview of the SEC’s Recently Adopted Exchange-Traded Funds (ETF) Rule
The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more
The staff of the Division of Investment Management (the “Staff”) has issued a FAQ pertaining to the rule and form amendments adopted by the Securities and Exchange Commission (the “SEC”) in October 2022, which require...more
On January 10, 2024, the Securities and Exchange Commission (“SEC”) issued an order approving the applications of 11 different spot Bitcoin exchange‑traded products (the “Approved ETPs”) to each list and trade their shares on...more
The SEC approved eleven spot Bitcoin ETFs on January 10, 2024. As a result, investment advisers may be curious about whether or how to integrate Bitcoin ETFs into client portfolios. This blog is intended to provide an update...more
On 16 October 2023, the Division of Examinations (Division) of the US Securities and Exchange Commission (SEC) released its examination priorities for the 2024 fiscal year (the Report). The Division released this Report...more
The North American Securities Administrators Association (NASAA) recently released a report prepared by its Broker-Dealer Section Committee (Committee) presenting the findings of Phase II (B) of its National Examination...more
Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; and Investment Advisers. Quick Take: Registered funds should expect the staff of the Division of Examinations (Staff)...more
On October 26, 2022, the Securities and Exchange Commission (SEC) adopted final rule and form amendments (Final Rule) that significantly alter the form and content of annual and semi-annual shareholder reports provided by...more
On October 26, 2021, the SEC released a Risk Alert from the Division of Examinations which provides observations from recent examinations of mutual funds, exchange-traded funds (“ETFs”) and investment advisers, including...more
The staff of the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (the “Division”) recently published a risk alert spotlighting observations from its “RIC Initiatives” — 200+ examinations of mutual...more
In 2020, investment companies should be prepared for important compliance deadlines and likely US Securities and Exchange Commission (SEC) rulemakings. In this Bottom Line videocast, Cynthia Beyea and Ronald Coenen Jr....more
The Situation: The U.S. Securities and Exchange Commission's ("SEC") Office of Compliance Inspections and Examinations ("OCIE") issued its 2020 examination priorities ("Exam Priorities"). The Result: The Exam Priorities...more
On September 26, 2019, the Securities and Exchange Commission (“SEC”) adopted a new rule to modernize the regulation of most exchange-traded funds (“ETFs”). Rule 6c-11 (the “Rule”) under the Investment Company Act of 1940, as...more
In the inaugural issue of Investment Management Update, we summarize regulatory, litigation and industry developments from February 2019 to May 2019 impacting the investment management sector....more
In November of last year, the Securities and Exchange Commission's Office of Compliance Inspections and Examinations issued an alert announcing a series of risk-based examinations focused on mutual funds and exchange-traded...more
On February 7, 2018, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) released its 2018 examination priorities. This year’s priorities comprise five principal areas: (1)...more
Adopted by the U.S. Securities and Exchange Commission (SEC) in 2016, Rule 22e-4 under the Investment Company Act of 1940 (Liquidity Rule) has presented the fund industry with thorny interpretive questions and compliance...more
Two broker-dealers’ purported failure to act on red flags – both involving customer trading – resulted in separate Securities and Exchange Commission enforcement actions against the firms. In connection with one action, two...more
This year’s examination priorities of the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) were announced on February 6, 2018, and cover five broad, albeit...more
On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more
SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more
In 2008, the Securities and Exchange Commission (“SEC” or “Commission”) approved the first actively managed exchange-traded funds (“ETFs”). The exemptive orders for those ETFs—and all active ETF exemptive orders since—have...more
The staff of the SEC’s Division of Investment Management (the “Staff”) granted no-action relief with respect to the rebate of advisory fees by Amerivest Investment Management, LLC (the “Adviser”) to eligible clients for which...more
Broader Availability of Termination Fees and Rights of First Refusal - Elimination of Filing for Certain ETFs: In May 2014, the SEC approved FINRA’s proposed amendments to Rule 5110, commonly called the...more
Division of Investment Management's guidance reminds firms to comply with conditions and representations in exemptive orders and notes that consequences for noncompliance may be "severe."...more