Investment Companies

News & Analysis as of

SEC Modernization in Plain English: Decoding the Regulation

Practical points on managing SEC Modernization. INTRODUCTION - On October 13, 2016, the Securities and Exchange Commission (SEC) issued its final Investment Company Reporting Modernization rules and forms for the...more

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

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 Staff Discusses Investment Company Reporting Modernization and Asset Management Industry Trends at SEC Speaks in 2017...

On February 24, 2017, the U.S. Securities and Exchange Commission’s Division of Investment Management (the “Staff”) participated in a panel at the Practising Law Institute’s SEC Speaks in 2017 conference. As part of the...more

2016 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

Executive Summary - The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and...more

The Future of Investment Management Regulation: What to Expect in 2017

In this fast-changing regulatory environment, the long-term consequences – both intended and unintended – of recent White House actions remain uncertain, but looking into our crystal ball, we see certain trends emerging....more

Court Dismisses Claims Against Investment Firm For Lack Of Personal Jurisdiction

In Happy vs. Tanner, Tanner sued Retire Happy for breach of fiduciary duty, negligent misrepresentation, fraud, conversion, negligence, promissory estoppel, quantum meruit, and violation of the Texas Securities Act arising...more

UK Regulator Proposals to Amend Client Money Distribution Rules

The FCA published a consultation paper on proposed changes to the client money distribution rules in the Client Assets Sourcebook of the FCA Handbook - CASS 7A - as a result of the special administration regime review. The...more

Loans Between Related Entities

What Was Intended? Over the last thirty years, I have reviewed the income tax returns of many closely held corporations and partnerships. Quite often, on Schedule L (the balance sheet), I will see an entry for “other...more

SEC Announces 2017 Exam Priorities

Each year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) releases its priorities for the upcoming year. For regulated entities such as investment companies and investment advisers, the release of...more

When Investing In A Partnership May Be A Tax Problem

A business entity that is treated as a “flow-through” for income tax purposes enjoys the benefit of a single level of tax – the entity itself is typically not subject to tax on its net income; rather, that income “flows...more

The IRS's Stricter(?) Stance on Regulated Investment Company Investments in Commodities - Tax Update Volume 2017, Issue 1

While the IRS's Proposed Regulations Are Not Yet Effective, RICs Should Carefully Consider Whether Their Portfolios or Policies Run Afoul of the New Rules. In order for a corporation to qualify as a regulated investment...more

Investor’s Relocation to New York after Structuring a Financing Deal in Hong Kong Does Not Provide a Basis for Suit Against Swiss...

In Ace Decade Holdings Ltd. v. UBS AG, No. 653316/2015, 2016 BL 413780 (N.Y. Sup. Ct. Dec. 7, 2016), Justice Eileen Bransten of the Commercial Division dismissed a $500 million fraud suit brought by an investment holding...more

Unfinished Business: SEC Chair Details Rules Ready to Go

In a letter dated December 12, 2016, to the Chair of the Senate Committee on Banking Housing and Urban Affairs, SEC Chair Mary Jo White took issue with a request to defer consideration of new rulemaking during the...more

Big Regulatory Changes in Store for Funds and Advisers? No One Knows for Certain, but Here’s Our Best Guess

While no one knows for sure what the future holds for investment management regulation, the tea leaves indicate that we may expect a slowdown on new regulations, some pullback on parts of the Dodd-Frank Wall Street Reform and...more

SEC Adopts New Rules to Modernize and Enhance Information Reported by Registered Investment Companies

On October 13, 2016, the U.S. Securities and Exchange Commission (SEC) adopted new rules and forms and amended current rules and forms under the Investment Company Act of 1940 (1940 Act) to significantly expand the...more

Financial Services Weekly News - December 2016

Editor's Note - OCC to Move Forward with Federal FinTech Charter. In a development foreshadowed in the April 6, June 29 and September 14 editions of the Roundup, on December 2, the Office of the Comptroller of the...more

House Passes Creating Financial Prosperity for Businesses and Investors Act

On Monday, the House of Representatives passed the Creating Financial Prosperity for Businesses and Investors Act (H.R. 6427) (the “Act”) by a vote of 398 to 2. The Act is actually a compilation of six measures that were...more

Chris Lazarini Provides Insight on Standards Applied to Pro Se Litigants

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case revealing that while less stringent standards are often applied to pro se litigants, courts still should require them to adhere to the procedural rules....more

Direct Lending Funds in Germany- Proposed Compliance Guidelines

As summarized in previous Dechert OnPoints, Germany has introduced a framework for direct lending funds in March 2016 by enacting the UCITS V Implementation Act (the "Act"). The changes implemented by the Act also allowed...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

German Investment Fund Association Extends Rules of Conduct - The general meeting of the German Investment Fund Association BVI (Deutscher Fondsverband) agreed to revised rules of conduct for the fund industry which will...more

FINRA forces firms into the weeds on security policies

The Securities and Exchange Commission continues to be active in the area of cybersecurity. A recent Letter of Consent issued by the agency’s Financial Industry Regulatory Authority (FINRA) contained some startling new...more

SEC Adopts New Rules and Rule Amendments to Require Registered Open-End Investment Companies to Establish Liquidity Risk...

The U.S. Securities and Exchange Commission (SEC or Commission) has unanimously adopted new rules and rule amendments to require registered open-end investment companies (including exchange traded funds and exchange-traded...more

Court Dismisses Claims Alleging that Yahoo Is Illegally Acting as an Unregistered Investment Company

Recently, the United States District Court for the Northern District of California (the “Court”) dismissed claims against Yahoo, Inc., holding that a 16-year old exemption granted to Yahoo by the Securities and Exchange...more

IRS Issues Proposed Regulations Relating to the Treatment by Regulated Investment Companies of Income from Subsidiaries Investing...

The IRS has recently issued Proposed Regulations under Section 851(b) of the Internal Revenue Code (the “Proposed Regulations”), and a Revenue Procedure that address the treatment to regulated investment companies (“RICs”)...more

SEC Issues Investment Company Reporting Modernization Rules

On October 13, 2016, the Securities and Exchange Commission (“SEC”) adopted significant reforms under the Investment Company Act of 1940, as amended (“1940 Act”), that impose extensive new disclosure and reporting obligations...more

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