News & Analysis as of

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

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

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

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

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

Stealth Lawyer: Eli Broverman, Financial Startup Co-Founder  [Video]

April 17 (Bloomberg) -- Eli Broverman, co-founder and chief operating officer of Betterment LLC, talks with Bloomberg Law's Spencer Mazyck about his transition from practicing law at Proskauer Rose LLP to creating a Web-based...more

SEC Division of Investment Management Issues Guidance on Filing Requirements for Social Media

The U.S. SEC’s Division of Investment Management recently released a Guidance Update (the “Update”) concerning the application of SEC filing requirements for certain fund-related communications on “real-time” interactive...more

Recent ECJ VAT Decisions on Investment Management

Two recent decisions of the European Court of Justice (“ECJ”) on the VAT treatment of investment management services illustrate that this is still an area of some uncertainty that is continuing to evolve. The first decision,...more

Head of SEC Investment Management Division Announces Top Regulatory Priorities

At the Practicing Law Institute’s conference, “The SEC Speaks in 2013,” held on February 22 in Washington, DC, Norm Champ, Director of the Division of Investment Management at the Securities and Exchange Commission (SEC),...more

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