Fund and Adviser Tax Issues
Thomson Reuters Session - April: Investment Management, Hedge Funds & Registered Mutual Funds: What's Happening Now?
Stealth Lawyer: Eli Broverman, Financial Startup Co-Founder
Growth in the ETP industry has led the SEC to seek public comment on a variety of topics related to the listing and trading of ETP shares.
On June 12, the US Securities and Exchange Commission (SEC) issued a release (the...more
Relying on a data-driven statistical analysis conducted by the Division of Economic and Risk Analysis (DERA), the SEC recently commenced administrative proceedings against an investment advisor, Welhouse & Associates, Inc.,...more
In a June 2015 Guidance Update, the staff of the Division of Investment Management clarified how the code of ethics reporting rules apply to investment advisers.
Current rules require certain advisory personnel who...more
Regulatory Developments -
FINRA Proposes Rule to Require Member Websites to Link to BrokerCheck:
FINRA has proposed an amendment to FINRA Rule 2210 to require each of a member’s websites to include a readily...more
On June 17, 2015, the SEC charged Commonwealth Capital Management (“CCM”), an investment adviser to various mutual funds within World Funds Trust (“WFT”) and World Funds, Inc. (“WFI”), for violating Section 15(c) of the...more
Under Rule 204A-1 of the Investment Advisers Act of 1940, a registered investment adviser’s written code of ethics must include requirements for reporting of personal securities holdings and trading activity by the adviser’s...more
Be Careful to Adhere to Best Practices When Approving Advisory Agreements -
The Securities and Exchange Commission instituted and settled an administrative proceeding against an investment adviser, its principal, and...more
We are pleased to present the 52nd edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address the consequences of failure to adhere to a court’s brief...more
On June 25, 2015, the Securities and Exchange Commission (SEC) issued Release No. IA-4129 setting July 31, 2015, as the compliance date for SEC Rule 206(4)-5's placement agent restrictions on using third-party and affiliated...more
I always thought they did. But on Friday I read this sentence: “An investment advisor-client relationship is not a de jure fiduciary relationship.” It sort of jumped out at me, because for a long time I’ve assumed that an...more
On May 20, 2015, the Securities and Exchange Commission (“SEC”) proposed rules, forms and amendments under the Investment Company Act of 1940 (the “1940 Act”) and related regulations (together, the “Proposed Amendments”) that...more
I was at the PPLI conference in Boston a week and a half ago. Usually it is the same group of people saying the same things. However, this year was a little different. I have lived through several cycles of evolution of the...more
The SEC’s Office of Compliance Inspections and Examinations (OCIE) is launching a sweep examination that will target the retirement-based savings activities of broker-dealers and investment advisers.
On May 20, 2015, the Securities and Exchange Commission (“SEC”) issued a release proposing amendments to Form ADV and to certain rules under the Investment Advisers Act of 1940 (the “Advisers Act”). The proposed amendments...more
On May 20, 2015, the Securities and Exchange Commission (“SEC”) issued a release proposing new rules and forms and amendments to existing rules and forms that would affect registered investment companies (the “Investment...more
On June 25, 2015, the U.S. Supreme Court will decide whether to grant certiorari in Tatum v. RJR Pension Investment Committee, 761 F.3d 346 (4th Cir. 2014). As discussed in the September 29, 2014 edition of the ELU, Tatum...more
The SEC brought another custody rule action this week – against the outside auditors alleging that one examination was insufficient and the others incomplete thereby causing the client to violate the surprise audit...more
It has been more than a decade since the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) first proposed imposing anti-money laundering (“AML”) requirements on investment advisers. While FinCEN has yet to...more
On May 20, 2015, the Securities and Exchange Commission (SEC) released several proposals, "Amendments to Form ADV and Investment Advisers Act Rules," that would require investment advisers to provide additional information on...more
Regulatory Developments -
Client Alert: SEC Proposes Pay for Performance Rules:
Goodwin Procter’s Capital Markets practice has issued a Client Alert on the SEC’s proposed rule that would require most public...more
In a strongly-worded public statement last week, SEC Commissioner Gallagher chided the Commission for “cutting off the noses of CCO’s to spite its face.” Explaining his dissent in two recent enforcement actions imposing...more
The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper.
The SEC Office of Compliance Inspections and Examinations, or OCIE, has launched a multi-year Retirement-Targeted Industry Reviews and Examinations (ReTIRE) Initiative. OCIE is focusing on retirement-based savings in...more
Investment Adviser Chief Compliance Officer Blamed in SEC Lawsuit for President’s Theft of Client Funds; SEC Commissioner Criticizes Enforcement Actions Against CCOs Generally -
The Securities and Exchange Commission...more
Interpretive positions adopted in a recent SEC opinion will, if accepted by the courts, greatly undermine the significance of the U.S. Supreme Court’s 2011 opinion in Janus Capital Group, Inc. v. First...more
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