Investment Adviser

News & Analysis as of

DOL Issues Re-Proposed Regulations Defining Investment Advice Fiduciary and Proposes New PTEs

The U.S. Department of Labor (DOL) issued long awaited re-proposed regulations governing fiduciary status and investment advice titled “Definition of the Term ‘Fiduciary’; Conflict of Interest Rule—Investment Advice” for...more

Bridging the Week - May 2015

CME Group Summarily Suspends Trading Privileges of Two Traders Without Hearing for Alleged Spoofing and Non-Cooperation - Less than two weeks after civil and criminal charges were filed by the Commodity Futures Trading...more

Locke Lord QuickStudy: Investment Advisers Should “Beef Up” Cybersecurity Strategies - SEC Issues Updated Guidance

Registered investment advisers should periodically assess their cybersecurity vulnerabilities, create strategies to respond, and make sure they are making the strategies work. ...more

SEC Issues Cybersecurity Guidance for Registered Investment Advisers and Registered Funds

The SEC’s Division of Investment Management issued guidance highlighting the importance of cybersecurity and discussing measures that registered investment companies (“funds”) and registered investment advisers (“advisers”)...more

SEC Releases Cybersecurity Guidance, Highlights Compliance Role

The SEC’s Division of Investment Management recently released cybersecurity guidance highlighting best practices and warning that cybersecurity breaches and deficiencies in cybersecurity programs could cause funds and...more

SEC Staff Issues Update Guidance Regarding Cybersecurity

Recently, the Staff of the Division of Investment Management of the Securities and Exchange Commission (the “Staff”) issued updated Guidance that highlights the importance of cybersecurity of registered investment funds and...more

SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of...more

This Week In Securities Litigation

The SEC announced its first whistleblower award in a retaliation case this week. The agency also brought an insider trading case, an action against an investment adviser, its general counsel and auditor based on a conflict, a...more

SEC Issues New Cybersecurity Guidance for Investment Funds

On April 28, the Securities and Exchange Commission (SEC) Division of Investment Management (the “Division”) published a Guidance Update setting forth cybersecurity concerns and advice for the registered investment ...more

Securities Regulators in British Columbia, New Brunswick and Saskatchewan Propose Prospectus Exemption for Certain Distributions...

On April 16, 2015, the securities regulatory authorities in British Columbia, New Brunswick and Saskatchewan (the Participating Jurisdictions) published Multilateral CSA Notice 45-315 Proposed Prospectus Exemption for Certain...more

ESMA Consults on Knowledge and Competence Requirements

Under the original EU Markets in Financial Instruments Directive (MiFID) framework, investment firms must ensure that their personnel have the “skills, knowledge and experience” necessary for their particular functions....more

SEC Issues Cybersecurity Guidance Update for Investment Advisers

On April 28, 2015, the SEC’s Division of Investment Management (the “Division”) issued a Guidance Update regarding the SEC’s initiative to assess cybersecurity preparedness and threats in the securities industry, further...more

Financial Services Weekly News Roundup - April 2015 #5

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

Employee Benefits: Who is a Fiduciary? DOL Proposal Expands Definition (4/15)

The U. S. Department of Labor (DOL) issued a regulation in 1975 defining the circumstances under which a person providing "investment advice" is to be treated as a fiduciary under the Employee Retirement Income Security Act...more

SEC Sanctions Adviser, and its CEO, GC and Auditor Based on Conflicts

Conflicts of interest are a central focus for the SEC. Indeed, conflicts are at the core of many of the actions brought against regulated entities. And, an undisclosed conflict was at the center of actions brought against a...more

California Court Upholds Exclusion in Policy Application

In Crown Capital Securities, L.P. v. Endurance American Specialty Ins. Co., 2015 Cal. App. LEXIS 305, the California Court of Appeal had the opportunity to consider a denial of coverage based on an exclusion stated in the...more

DOL Proposes to Revise Definition of “Fiduciary” Under ERISA

On April 20, the US Department of Labor (DOL) published a proposal to revise portions of the definition of a “fiduciary” under the Employee Retirement Income Security Act of 1974, as amended (ERISA) in the Federal Register....more

DOL Re-Proposes Rule to make Brokers, Others, ERISA Fiduciaries

After almost five years of debate, the U.S. Department of Labor (“DOL”) is again trying to modify the ERISA definition of “fiduciary” as it relates to providing investment advice. On April 14, 2015, DOL re-proposed rules (the...more

Department of Labor Proposes New Fiduciary Regulation and Prohibited Transaction Exemption Relief for Investment Advice...

On April 20, 2015, more than three years after withdrawing a similar proposal that was staunchly opposed by the financial services industry, the U.S. Department of Labor (DOL) published in the Federal Register a proposed...more

The Times are Changing: A First Look at the DOL’s New Fiduciary Paradigm

On April 14, 2015, the US Department of Labor (the “DOL”) issued its proposed rule clarifying when individuals and institutions providing advice to employee benefit plans and individual retirement accounts (“IRAs”) will be...more

New Fiduciary Regulations Require Retirement Investment Advisers to Act in Clients’ Best Interests

On April 14, 2015, the U.S. Department of Labor (DOL) issued new proposed regulations that changed the definition of “fiduciary investment advice” as currently found in DOL Regulation 2510.3-21(c). These proposed rules also...more

Firm Sanctioned for Breach of Fiduciary Duty and Violation of the Compliance Rule

The SEC sanctioned a registered investment adviser for breaching its fiduciary duty by failing to disclose to its clients a conflict of interest created by a portfolio manager’s outside business activity and personal...more

DOL Proposes Sweeping Expansion of Fiduciary-Duty Rules

Proposed new guidance from the U.S. Department of Labor (“DOL”) would significantly alter the regulation of investment advice to employee plans and IRAs. The guidance aims to reshape the marketplace for retirement-related...more

The DOL’s New Proposal on ERISA Fiduciary Status for Investment Advisers

Last week, the U.S. Department of Labor (DOL) issued its widely anticipated re-proposed rules for defining fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA) for providers of investment advice...more

Department of Labor Issues Sweeping Fiduciary Rule Proposal

On April 14, 2015, the Department of Labor (DOL) released a proposal to re-define who is rendered a "fiduciary" of an employee benefit plan under the Employee Retirement Income Security Act (ERISA) by providing investment...more

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