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
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 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
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
FRB will extend high-quality liquid asset status to some state and municipal bonds.
The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more
Earlier this month, the Securities Industry and Financial Markets Association (“SIFMA”) released its “Proposed Best Interests of the Customer Standard for Broker-Dealers” – an alternative to the U.S. Department of Labor’s...more
In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration.
The CFPB generally does not have...more
On Feb. 3, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) each released reports regarding cybersecurity issues for brokerage and advisory firms, both of which should be...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.
In a case involving a dispute between a not-for-profit corporation administering a self-insured group workers’ compensation fund and their investment advisor and broker-dealer, the Supreme Court of Alabama granted the fund’s...more
SEC Chair Highlights Recent Accomplishments -
In a June 4, 2015 speech, SEC Chair Mary Jo White highlighted recent activities of the SEC and identified work to be done in the near future....more
In This Issue:
- SEC Staff Releases Analysis Related to Pay Ratio Disclosure Rules
- States Challenge Blue Sky Preemption Under Regulation A+
- FINRA Proposes Revised BrokerCheck Hyperlink Rule
Last week, Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority (“FINRA”), doubled-down on his recent criticism of the U.S. Department of Labor’s (“DOL”) proposed regulation addressing the standard...more
With the recent focus by the SEC and FINRA on cybersecurity for broker-dealers and investment advisers as a backdrop, FINRA recently brought and settled an enforcement action under SEC Regulation S-P against broker-dealer...more
Overview and Background -
On May 12, 2015, the staff of the Financial Industry Regulatory Authority (FINRA staff) issued an interpretive letter to Hartford Funds Distributors, LLC (Hartford Funds) that conditionally...more
Discussion and Analysis -
Securities and investment advisory services offered through . . .
That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more
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
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
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
OSC Investor Advisory Panel annual report.
The Ontario Securities Commission (OSC) Investor Advisory Panel submitted its 2013-14 annual report. The report summarizes the Panel’s current activities and priorities as well...more
On February 2, 2015, Wilson Elser released an overview entitled Corporate Hacking and the Financial Services Industry that provided in-house counsel with talking points to better discuss and understand their corporate...more
In This Issue:
- SEC Proposes Rule Requiring Hedging Disclosure
- SEC Reports the Result of its Cybersecurity Sweep of Broker-Dealers and Investment Advisers
- House Passes Bill to Ease Volcker Rule and Other...more
On February 3, 2015, the SEC's Office of Compliance Inspection and Examinations ("OCIE") released a risk alert titled Cybersecurity Examination Sweep Summary providing an overview of how investment advisers and broker-dealers...more
On February 3, 2015, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert (the “2015 Risk Alert”) with summary observations from its recently...more
On February 3, 2015, the U.S. Securities and Exchange Commission released a Risk Alert addressing cybersecurity issues at brokerage and advisory firms, along with suggestions to investors on ways they can protect themselves...more
Twin reports provide a roadmap to best practices.
U.S. financial markets and participants, much like other segments of the U.S. economy, are prime targets for technological hacks, intrusions, and breaches that can occur...more
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