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Investment Management Investment Adviser Securities and Exchange Commission (SEC)

Mayer Brown Free Writings + Perspectives

SEC Abandons Review of Vacated Private Fund Adviser Rules

The Securities and Exchange Commission let pass the deadline to seek a review of the decision by the US Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) to vacate the SEC’s final rule relating to private fund...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - September 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Allen Matkins

Does The SEC's Jurisdiction Really Extend To Any Person?

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Last week, the Securities and Exchange Commission announced that it had settled charges against a broker-dealer and two investment advisers for impeding their clients from reporting securities law violations to the SEC. ...more

SEC Compliance Consultants, Inc. (SEC³)

Latest SEC Document Request Lists: What Private Fund Managers Should be Worrying About

Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (44): The Regulation and Exemptions are Stayed (4)—What Remains?

The DOL’s fiduciary regulation was scheduled to become effective this September 23. The exemptions were scheduled to become partially effective this September 23 and fully effective September 23, 2025....more

A&O Shearman

UK allows bundled payments for third-party research and trading commissions

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From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more

Foley Hoag LLP

TIC Form SHL-Reporting of Foreign Holdings of U.S. Securities Due August 30, 2024

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Form SHL is a five-year mandatory benchmark survey filing commissioned by the Department of the Treasury and administered by the Federal Reserve Bank of New York (“FRBNY”) applicable to all U.S.-resident issuers with foreign...more

Seward & Kissel LLP

FDIC Whipsaws Industry with Proposed Changes to Brokered Deposits Rules

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1. Introduction and Summary - On July 30, 2024 – a mere 32 months after adopting a new regulatory framework for brokered deposits in December 2020 (the “Current Rules”) – the Federal Deposit Insurance Corporation (“FDIC”)...more

Goodwin

Paying for Buy-Side Investment Research: New Rules Ease the US-UK Divide

Goodwin on

In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more

Seward & Kissel LLP

SEC Releases Spring 2024 Regulatory Agenda, Plans to Re-Propose Several Key Rules

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The Office of Information and Regulatory Affairs, a division of the Office of Management and Budget, released its Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions, which includes short- and long-term...more

DarrowEverett LLP

Fifth Circuit Puts the Brakes on SEC’s Private Fund Rules: What’s Next For Private Fund Advisers

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In a continuation of recent court decisions overturning the rulemaking authority of federal agencies, a recent decision by the U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s (SEC)...more

K&L Gates LLP

Global Survey of ESG Regulations for Asset Managers - ESG and the Sustainable Economy Handbook

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INTRODUCTION - Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation...more

Foley Hoag LLP

Reminder: New Say-on-Pay Disclosures for Institutional Investment Managers Now Effective

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The Securities and Exchange Commission (“SEC”) adopted amendments to Form N-PX on November 2, 2022. Previously, Form N-PX applied solely to registered investment companies (i.e., mutual funds, exchange-traded funds and...more

Cadwalader, Wickersham & Taft LLP

Chevron and Carry On July 2024 - Investec’s Secondaries Report 2024 Out Now

Investec’s latest Secondaries Report, Charting a course for further growth is out now. It’s packed with the latest insights on the secondaries market and explores the exceptional performance over the last year, despite deep...more

Morrison & Foerster LLP

FinCEN & the SEC: Will the Real RIA and ERA Customers Please Stand Up?

On May 13, 2024, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint Notice of Proposed Rulemaking (NPRM) that would...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for June 2024

Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more

Stark & Stark

Navigating the New Compliance Landscape: Understanding Rule 14Ad-1 and Form N-PX Filing

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New Rule 14Ad-1 takes effect on July 1, 2024, with filing of Form N-PX due on August 31, 2024, for votes during the July 1, 2023 to June 30, 2024 reporting period. ...more

A&O Shearman

SEC private fund adviser rule vacated by Fifth Circuit

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On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit held that the U.S. Securities and Exchange Commission had exceeded its statutory authority in adopting its controversial private fund advisers rule....more

Sullivan & Worcester

Are the SEC’s Private Fund Advisers Rules Now Dead? No, but they are on Life Support

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The U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) has thrown a wrench into the gears of the U.S. Securities and Exchange Commission (the “SEC”) in its attempt to regulate those investment advisers that...more

Manatt, Phelps & Phillips, LLP

SEC Moves Closer to Regulating the Use of AI by Broker-Dealers and Investment Advisers

The Securities and Exchange Commission (SEC) held an open meeting of its Investment Advisory Committee on June 6, 2024, which featured a panel to review the use of artificial intelligence in investment decision making....more

Bricker Graydon LLP

DOL Fiduciary Investment Advice - We Have Tread This Road Before, Has Anything Changed for Advisors?

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The Department of Labor (DOL) recently released the Retirement Security Rule - yet another iteration of its updated fiduciary rule that has been kicking around the agency for over a decade....more

Carlton Fields

Expect Focus - Volume II, May 2024

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Last Lap in SEC RILA Rulemaking Critical Unresolved Issues - Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more

Carlton Fields

NAIC Takes Dive Start on Investment Management Agreements With New Guidance for Insurers

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During its Winter National Meeting, various groups within the National Association of Insurance Commissioners continued addressing the Macroprudential (E) Working Group’s 2021 list of “Regulatory Considerations Applicable...more

Warner Norcross + Judd

Final Fiduciary Rule – Part 1: New Definition of Investment Advice Fiduciary

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The U.S. Department of Labor (DOL) released its final “investment advice rule” on April 23, 2024 — set to become effective in September — after several failed attempts, years of deliberations and multiple lawsuits. If not...more

Troutman Pepper

Investment Management Update - Q1 2024

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This update covers legal developments and regulatory news for funds, their advisers, and industry participants for the quarter ended March 31. Rulemaking and Guidance: • SEC Adopts Reforms Relating to Investment Advisers...more

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