News & Analysis as of

Investment Adviser Disclosure Requirements

The Final Rule: DOL Issues Fourth Set of FAQs

On August 3, 2017, the Department of Labor (DOL) released a fourth set of FAQs related to its new “investment advice” fiduciary definition and related exemptions (Final Rule), which became applicable on June 9. Like the May ...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

New SEC Chair Announces Guiding Principles

In remarks before the Economic Club of New York, new SEC Chairman Jay Clayton discussed eight guiding principles: Principle #1: The SEC’s mission is our touchstone. Investors and capital markets will suffer if the SEC...more

SEC Form ADV SMA Amendments and Investment Adviser Recordkeeping Rules: Compliance Deadline Quickly Approaching

by Dechert LLP on

The October 1, 2017 compliance date for the amendments to Form ADV and to rule 204-2 (Recordkeeping Rule), as well as technical amendments to other rules under the Investment Advisers Act of 1940 (Advisers Act) (collectively,...more

Dealing with conflicts of interest for registrants - disclosure is not enough

by DLA Piper on

On April 27, 2017, the Investment Industry Regulatory Organization of Canada (“IIROC”) issued a rules notice and guidance note (the “Notice”) regarding dealer firm (“Dealers”) management of compensation-related conflicts. The...more

Meet HAL, Your New Robo-Adviser: SEC Regulatory Guidance For Robo-Advisers

by Polsinelli on

“Hello, Dave. You're looking well today.” In the iconic science fiction movie, 2001: A Space Odyssey, the HAL 9000 computer courteously greeted his astronaut human companion Dave Bowman. HAL was a Heuristically...more

SEC Issues Guidance to Robo-Advisers

Robo-advisers are a fast-growing segment of the investment advisory industry. In fact, they now account for an estimated $71.5 billion in assets under management. In response to their explosive growth, the SEC has made...more

When Confidential is Not Confidential - Identities of Confidential Sources of Distressed Debt Reporter are Not Subject to NY...

by Dechert LLP on

There is the general expectation that when a source discloses information to a reporter on a confidential basis, the source will be protected and their identity and communications cannot be forced to be disclosed. This is...more

SEC Staff Issues Guidance Update and Investor Bulletin on “Robo-Advisers”

by Dechert LLP on

The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC) published a Guidance Update (Guidance) on February 23, 2017, on the subject of automated investment advisers...more

SEC Issues Guidance Update and Investor Bulletin on Robo-Advisers

On February 23, 2017, the Securities and Exchange Commission (SEC) published information and guidance on the use of robo-advisers, “which are registered investment advisers that use computer algorithms to provide investment...more

US Securities and Exchange Commission Issues Guidance Update and Investor Bulletin on Robo-Advisers

by Shearman & Sterling LLP on

The US SEC published information and guidance for investors and the financial services industry on the use of robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory...more

Personal Advice for Robo-Advisers: Beef Up Disclosure and Compliance

by Morrison & Foerster LLP on

Robo-advisers, those automated bots that offer up personalized investment advice with little, if any, human contact, face increased regulatory scrutiny as they grow more popular. After monitoring and engaging them for...more

What Do The SEC and Robo-Advisors Have In Common

by Fox Rothschild LLP on

The SEC recently issued regulatory guidance for robo-advisors. This guidance focuses on what robo-advisors must do to meet their disclosure obligations. Among other things, the SEC has recommended robust disclosures in...more

SEC Announces Enforcement Action for Failure to Disclose Banker Fee Arrangements

by Cooley LLP on

On February 14, 2016, the SEC settled an enforcement action against CVR Energy for providing misleading disclosure about the fees payable to CVR’s two financial advisors in connection with CVR’s defense of a hostile tender...more

2016 Year In Review: Securities Litigation And Regulation

2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more

Department of Labor Releases the First of Three Sets of FAQs on the Fiduciary Rule and Exemptions

by K&L Gates LLP on

The April 10, 2017, compliance date for the United Stated Department of Labor’s (“DOL”) new fiduciary rule (the “Fiduciary Rule”) is approaching quickly; even while the Fiduciary Rule’s fate under the new Trump administration...more

SEC Approves New FINRA and MSRB Mark-Up Disclosure Requirements for Corporate, Agency and Municipal Fixed Income Principal Trades

by Clark Hill PLC on

On November 17, 2016, some 40 years after having first proposed mark-up disclosure requirements for riskless principal securities transactions, the Securities and Exchange Commission ("SEC") approved rule changes by the...more

The DOL Issues “Investment Advice” FAQs – Continues to Try to Find an Ideal Balance for the Brave New Fiduciary World

by Dechert LLP on

The U.S. Department of Labor (the “DOL”) released its first set of FAQs (the “FAQs”) regarding the DOL’s recently finalized “investment advice” regulation and various related exemptions (collectively, the “Final Rules”) on...more

Investment Management Update

by Ballard Spahr LLP on

Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

SEC's Focus on Private Equity Firms Continues with Recent Action

by Dechert LLP on

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

SEC Amendments to Form ADV and Advisers Act Rules Change Investment Adviser Reporting Requirements

by Stinson Leonard Street on

Proposals made by the Securities and Exchange Commission (SEC) in 2015 to amend Form ADV and certain rules under the Investment Advisers Act of 1940 (Advisers Act) (SEC Proposes Significant Reporting Requirement Amendments to...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

by Proskauer Rose LLP on

Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more

SEC's New Rule Requires Additional Disclosures on Form ADV

by Bracewell LLP on

On August 25, 2016, the SEC adopted Release No. IA-4509 (the “New Rule” or the “amendments”) that amends Form ADV to increase the amount of information that registered investment advisors (“Advisors”) must disclose to the...more

Investment Management Update

by Ballard Spahr LLP on

The Securities and Exchange Commission Adopts Amendments to Form ADV and Investment Adviser Act Rules - The Securities and Exchange Commission (SEC) adopted amendments to Form ADV and Investment Advisers Act of 1940...more

SEC Adopts Amendments To The Books And Records Rule And To Form ADV Addressing Separately Managed Accounts, Social Media, And...

by Locke Lord LLP on

On August 25, 2016, the Securities and Exchange Commission (the “SEC”) adopted amendments to rules promulgated under the Investment Advisers Act of 1940 (the “Advisers Act”) and the investment adviser registration and...more

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