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Investment Adviser › Advisory Contracts

Morrison & Foerster LLP

Investment Adviser Compliance Index - 2019

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The Investment Advisers Act of 1940 (the “Advisers Act”) is the shortest of the federal securities laws enacted after the Great Depression, and the SEC has adopted relatively few regulations under the Advisers Act. As any...more

Dorsey & Whitney LLP

OCIE Risk Alert Highlights the Most Frequent Adviser Fees and Expenses Deficiencies

Dorsey & Whitney LLP on

On April 12, 2018, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert identifying the most frequently cited compliance deficiencies relating to fees and expenses charged by SEC...more

Skadden, Arps, Slate, Meagher & Flom LLP

What Can Mutual Fund Boards and Advisers Learn From the AXA Trial Ruling?

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In the first trial of a recent wave of cases under Section 36(b) of the Investment Company Act, Judge Peter G. Sheridan of the U.S. District Court for the District of New Jersey ruled in favor of the defendant-adviser,...more

Foley Hoag LLP

SEC Increases Performance Fee Thresholds

Foley Hoag LLP on

As noted in a previous alert, the Securities and Exchange Commission has now issued an Order, effective as of August 15, 2016 (the "Effective Date"), which amends SEC Rule 205-3 (the “Performance Fee Rule”) under the...more

Orrick - Finance 20/20

SEC Issues Order Increasing the Net Worth Test Under Rule 205-3 Under the Investment Advisers Act of 1940 to $2.1 Million

Orrick - Finance 20/20 on

Section 205(a)(1) of the Investment Advisers Act of 1940 (the “Advisers Act”) generally prohibits an investment adviser from entering into, extending, renewing, or performing any investment advisory contract that provides for...more

Foley & Lardner LLP

A Compilation of Non-Enforcement Actions

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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

Morrison & Foerster LLP

How Directors Can Handle Adviser’s Exit From Fund Biz

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An investment adviser’s decision to exit the fund business can present multiple challenges for the fund board. These challenges can be particularly difficult when the interests of the adviser and those of the fund and its...more

Morgan Lewis

SEC Settles Suit for Misleading Advisory Contract Approval Disclosure

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Settlement with mutual fund directors and service providers serves as a reminder of responsibilities for disclosures relating to the approval of investment advisory contracts and provides insight into SEC enforcement...more

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