News & Analysis as of

Investment Management

SEC Charges Platinum Equity for Misallocation of Broken Deal Expenses

The SEC announced a settled action against Beverly Hills-based investment adviser, Platinum Equity Advisors, LLC, for charging three of its private equity fund clients with about $1.8 million more than it should have in...more

CFTC Files Its First Anti-Fraud Enforcement Action Involving Bitcoin

The CFTC filed a federal civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Nicholas Gelfman, of Brooklyn, New York, and Gelfman Blueprint, Inc. (GBI), a New York...more

Investment Services Regulatory Update - September 2017

by Vedder Price on

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more

CMA Launches Market Investigation into Investment Consultants and Fiduciary Management Services

by Morgan Lewis on

Concerns from the FCA about the investment consultancy and fiduciary management services market lead the CMA to undertake a market investigation....more

Senior Managers and Certification Regime 2018 Extension: FCA Consults

by Morgan Lewis on

The Financial Conduct Authority has published a Consultation Paper containing its proposals to expand the Senior Managers and Certification Regime to all FSMA-authorised firms; the window for providing comments to the FCA...more

SEC Identifies Most Frequent Compliance Issues Associated with Advertising by Investment Advisers

The SEC’s Office of Compliance Inspections and Examinations has provided a list of compliance issues relating to Rule 206(4)-1, which is referred to as the Advertising Rule, under the Investment Advisers Act of 1940. In...more

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more

The Resurgence of "Selling Away"

by Reminger Co., LPA on

With the market performing well in the last several years, there has been a resurgence of “selling away” claims. Selling away occurs when an investment professional sells securities not held, offered, or approved by his or...more

An Overview of the Volcker Rule

by K&L Gates LLP on

This practice note provides an overview of the Volcker Rule, which was enacted in 2010 as Section 619 of the comprehensive Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and codified as the new...more

The difficulties in challenging a FOS decision by way of judicial review

by DLA Piper on

In Full Circle Asset Management Ltd v Financial Ombudsman Service Ltd [2017] EWHC 323 (Admin) the Administrative Court refused to quash a decision of the Financial Ombudsman Service Ltd (FOS) following allegations that the...more

Funds Talk: September 2017 - Fiduciary Rule Update – September 2017

The long-anticipated and often-delayed new fiduciary rule under the Employee Retirement Income Security Act of 1974, as amended (ERISA) finally went into effect on June 9, with transition relief blunting its impact until...more

August 2017: Disgorgement in SEC Cases Limited to Five Years

Background - On June 5, 2017, the Supreme Court unanimously held in Kokesh v. Securities and Exchange Commission, 581 U.S. , No. 16-529 (2017), that the Securities and Exchange Commission’s (“SEC”) claims for disgorgement...more

Introduction of Corporate Collective Investment Vehicles in Australia

by Dentons on

The Federal Government has released draft legislation to give effect to the Asia Region Funds Passport (Passport) and the Corporate Collective Investment Vehicle (CCIV) regime....more

What’s on the Menu for Private Equity Funds, Sovereign Wealth Funds, and Investment Managers

by Hogan Lovells on

In this hoganlovells.com interview, Hogan Lovells partner Michael Szlamkowicz talks about what types of transactions private equity funds, sovereign wealth funds, and investment managers are considering and why life sciences...more

Funds Talk: September 2017 - Buyer and Seller Considerations in Asset Management M&A Transactions

By many measures, mergers and acquisitions (M&A) activity in the investment management space for 2017 is on track to meet or exceed the brisk pace of activity seen in 2016. Whether the desire that drives them is securing...more

DOL to Postpone Deadline for Fiduciary Rule

by Burr & Forman on

The Department of Labor has received OMB certification, and sought expedited notice-and-comment, for a rule change that would postpone the full implementation deadline for its Fiduciary Rule from January 1, 2018 until July 1,...more

Bitcoin and Blockchain: Certain U.S. Regulatory Considerations for Investment Managers

by Winstead PC on

Bitcoin is the first blockchain or distributed ledger technology (“DLT”) to successfully solve a problem succinctly described by Marc Andreessen: “Bitcoin gives us, for the first time, a way for one Internet user to transfer...more

Labor Department Extends Applicability Date of BIC Exemption and PTE 84-24 an Additional 18 Months

by Carlton Fields on

The Labor Department has proposed extending the applicability date of the Best Interest Contract Exemption, the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries, and certain...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Q2 saw US growth hit the 3% mark for the first time in two years, besting last quarter’s lackluster showing by almost 2%. The report helped boost stocks across the board....more

Employee Benefits Developments - August 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of August, 2017. Affordable Care Act – “I’m not dead yet!” - The Patient Protection and Affordable Care Act...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2

by Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

Investment Services Regulatory Update - August 2017

by Vedder Price on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

8th Circuit Finds Standing in Data Breach Case but Dismisses on Pleading Deficiencies

In one of the first federal appellate court rulings following the Ninth Circuit’s decision in Robins v. Spokeo, the Eighth Circuit delivered a pyrrhic victory for customers victimized by a data breach....more

Corporate Collective Investment Vehicles Introduced

by K&L Gates LLP on

The Government has today released an exposure draft of legislation introducing corporate collective investment vehicles into the Australian market for the first time. This is the result of significant collaboration between...more

SEC’s Cybersecurity Risk Alert Reflects Advisory Firms are Gambling with Your Data

by Burr & Forman on

In August 2017, the SEC’s Office of Compliance Inspections and Examinations issued a Cybersecurity risk alert directed at financial advisory firms. As part of the SEC’s 2014 Cybersecurity Initiative, seventy-five firms,...more

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