Investment Management

News & Analysis as of

Climate Change Disclosure - Heads I Win, Tails You Lose?

Arjuna Capital, a sustainable wealth management platform, and As You Sow, an environmental corporate responsibility advocacy group, have been advocating for publicly traded companies to assess and disclose the risks that...more

Thomson Reuters Session 2: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?  [Video]

Pepper partner Gregory J. Nowak has regularly hosted a roundtable in Pepper’s New York office for private funds and their managers to discuss issues in the investment management world. He has recently started to give a...more

UAE Securities Regulator Introduces Prohibition on Unlicensed Investment Management Activities for Non-Licensed Firms in the UAE

In August 2012, the UAE Securities and Commodities Authority (“SCA”) introduced a new regulatory framework governing the marketing and sale of foreign funds to investors in the United Arab Emirates (the “UAE”). This was...more

SEC’s Division of Investment Management Issues Recommendations for Funds and Fund Advisers in Light of Reduced Market-Making...

The Division of Investment Management (“Division”) of the U.S. Securities and Exchange Commission (“SEC”) recently published guidance (“Guidance”) addressing steps that funds and fund advisers should consider in light of...more

SEC Expands Ability of Employees to Invest into In-House Private Funds

The SEC's Division of Investment Management has issued a No-Action Letter that expands the pool of possible employee investors in in-house private funds. While the SEC's new in-house investment flexibility may help those who...more

Initial TIC B Forms Filing Deadline for Investment Managers on January 15, 2014

Beginning with the period ended December 31, 2013, the U.S. Department of the Treasury expanded the scope of the financial institutions required to report cross-border claims, liabilities and short-term securities holdings on...more

Commissioner Adopts Rewrite Of Investment Adviser Custody Rule

To many, the words “custody” and “hide” would seem to have absolutely nothing in common. Etymologically speaking, however, they are cognates (blood relatives). Their common ancestor is the Proto-Indo-European etymon –...more

“Whistleblowers” and Tipsters at the SEC

I was thinking my disgorgement post would be the last one of the year but, you know, it’s hard to stop. On Christmas Eve, the Boston Globe published a nice profile of Paul Levenson, the newly installed head of the SEC’s...more

Agricultural Sector Companies Face Increased Scrutiny on Human Rights-Related Risks

Agricultural sector companies, and companies with large agricultural supply chains, face new scrutiny from investors and other stakeholders concerning human rights-related risks in their corporate supply chains. Key issues...more

Financial Services Quarterly Report - Fourth Quarter 2013: A New Age of Electronic Trading Regulation in Asia?

Hong Kong introduces a new electronic trading regulatory regime with effect from 1 January 2014, when all licensed and registered persons in Hong Kong that conduct electronic trading of securities and futures contracts listed...more

Key Provisions of the Volcker Rule Final Regulations for Non-US Banking Entities

The five US financial agencies (“Agencies”) have approved jointly prepared final regulations (“Final Rules”) to implement the prohibitions on engaging in proprietary trading and investment in or sponsorship of a private...more

Things They Never Tell You as a 401(k) Plan Sponsor

When my wife and I bought our house, there were quite a few things that the previous owner forgot to tell us such as the fact they never bothered to pull the pipes from the dental office run by a previous owner 20 years...more

Summary of the Volcker Rule

On December 10, 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity...more

Questions & Answers on State and Local Variations on SEC Pay-to-Play Rule

Many states and municipalities have adopted laws and regulations that affect how investment managers may solicit investment advisory business, including investment in sponsored public and private funds, from the state...more

Update on UK and European Regulatory Developments - October 2013

The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments. In This Issue: - Part A – Regulation of Financial...more

Division of Investment Management Closes Loophole for Fund Advisers Providing Interim Services “At Cost”

The SEC’s Division of Investment Management has closed a potential loophole in the federal securities laws through which some fund advisers may have attempted to squeeze to avoid registration....more

SEC Provides Additional Guidance On Form 13F Confidential Treatment Requests

The SEC Division of Investment Management has issued additional guidance that is meant to assist institutional investment managers that wish to request confidential treatment, or CT requests, for certain information reported...more

ETF Mergers Possible Under Rule 17a-8

Can two affiliated ETFs merge in reliance on Rule 17a-8 under the Investment Company Act despite representations they made to obtain exemptive relief from the Commission? That’s the question addressed in a recent Guidance...more

Current SEC Priorities Regarding Hedge Fund Managers

Norm Champ, the SEC’s Director of the Division of Investment Management, recently gave a speech addressing the SEC’s priorities regarding hedge fund managers. ...more

SEC Division of Investment Management Provides Guidance Regarding the Custody Rule and Privately Offered Securities

The Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) recently posted an IM Guidance Update that expands the applicability of an exception from the Custody Rule (as defined...more

Disclosure and Compliance Matters for Investment Companies that Invest in Commodity Interests

The Staff of the Division of Investment Management of the SEC has published a Guidance Update with respect to Disclosure and Compliance Matters for Investment Company Registrants that Invest in Commodity Interests....more

Challenges Arise with New Form 13F Filing Format

Investment managers may be well served to file their upcoming Form 13F reports (due next Wednesday, August 14th) early this quarter. That is because a new EDGAR filing format went into effect on May 20, 2013, pursuant to...more

Update on the Hong Kong-PRC Mutual Fund Recognition Scheme

It has been a busy summer for securities regulators in Hong Kong and on the Mainland. Recent press coverage indicates that the regulators are closer now to making the Mutual Fund Recognition Scheme (the “Scheme”) a reality,...more

SEC Provides Guidance On Custody Of Privately Offered Securities

The SEC’s Division of Investment Management recently offered guidance on the custody of privately offered securities....more

Marketing Investment Management Services to Public Retirement Systems: Complying with Applicable Laws and Regulations

It is well-known that high-profile jurisdictions such as California and New York City have in certain instances placed lobbyist registration requirements on investment managers that solicit investment advisory business from...more

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