News & Analysis as of

Investors Proposed Amendments

Blake, Cassels & Graydon LLP

Modèle d’accès aux prospectus des émetteurs assujettis qui ne sont pas des fonds d’investissement : modifications définitives

Le 11 janvier 2024, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié la version définitive des modifications au Règlement 41-101 sur les obligations générales relatives au prospectus, au Règlement...more

Faegre Drinker Biddle & Reath LLP

Compensation Requirements under Proposed Amendments to PTE 2020-02

Broker-dealers and their registered representatives (advisors) providing services to private sector tax-qualified and ERISA-governed retirement plans, participants in those plans and IRA owners (collectively, Retirement...more

Blake, Cassels & Graydon LLP

CSA Finalizes Amendments to Implement Access Model for Prospectuses of Non-Investment Fund Reporting

On January 11, 2024, the Canadian Securities Administrators (CSA) published in final form amendments and changes to National Instrument 41-101 – General Prospectus Requirements, National Instrument 44-101 – Short Form...more

Proskauer Rose LLP

A Guide to the DOL’s New Investment Advice Fiduciary Rule Proposal – What Investment Advisers and Managers Need to Know

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The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more

Proskauer - Employee Benefits & Executive...

Game of Tomes: A Guide to the DOL’s Retirement Security Rule Proposal

The new “retirement security rule” package, issued by the U.S. Department of Labor (the “DOL”) on October 31, 2023, is the latest chapter in an almost 15-year effort by the DOL to amend the five-part test in its 1975...more

Goodwin

UK HNW and Sophisticated Investor Exemptions: More Financial Promotion Changes

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We wrote on the impact of changes to the financial promotion rules that came into effect earlier this year. On 7 November 2023, the UK Government published the proposed changes to the Financial Promotion Order 2005 (FPO). The...more

Bennett Jones LLP

Canadian Securities Regulators Propose Permanent Expedited Well-Known Seasoned Issuer Program

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On September 21, 2023, the Canada Securities Administrators (CSA) published a notice and request for comment regarding proposed amendments to National Instrument 44-102—Shelf Distributions (NI 44-102) and other securities law...more

White & Case LLP

SEC Adopts Rule Amendments to Modernize Beneficial Ownership Reporting

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On October 10, 2023, the Securities and Exchange Commission ("SEC") adopted amendments to modernize the rules governing beneficial ownership reporting under Sections 13(d) and 13(g)1 of the Securities Exchange Act of 1934...more

Fenwick & West LLP

SEC Adopts Rules for Shorter Deadlines and More Transparency in Share Ownership Reporting

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On October 10, 2023, the U.S. Securities and Exchange Commission adopted new rules (the Amendments) that amend Regulation 13D-G under the Securities Exchange Act of 1934 (the Exchange Act), which provide companies, and the...more

King & Spalding

AIFMD II Credit Funds

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Loan Origination Funds Have a Lot of Wood to Chop Before Aifmd II Kicks In - Following a review of the AIFMD, the Commission, in a draft amending directive published in 2021, noted that common rules should be laid down to...more

Perkins Coie

SEC Proposes To Amend Broker-Dealer Customer Protection Rule Reserve Account Calculation Requirements

Perkins Coie on

The U.S. Securities and Exchange Commission (SEC) proposed to amend Exchange Act Rule 15c3-3 (the Customer Protection Rule)[1] on July 12, 2023. If adopted, the proposed amendments would increase the frequency with which...more

Foley & Lardner LLP

SEC Adopts New Private Funds Rules: Key Takeaways for Private Fund Advisers and Investors

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During an open meeting on Wednesday, August 23, 2023, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) voted 3-2 along party lines to adopt new rules (collectively referred to as the “Private Funds...more

Dechert LLP

SEC Adopts Money Market Fund Reforms; Form PF Amendments

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Today, the Securities and Exchange Commission, by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments). Among other things,...more

Blake, Cassels & Graydon LLP

Les ACVM viennent sceller les règles relatives à la présentation du coût total des fonds d’investiss

Le 20 avril 2023, les Autorités canadiennes en valeurs mobilières (les « ACVM ») et le Conseil canadien des responsables de la réglementation d’assurance ont annoncé des modifications visant à rehausser les obligations...more

Blake, Cassels & Graydon LLP

CSA Finalizes Total Cost Reporting Rules for Investment Funds

On April 20, 2023, the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators announced amendments relating to enhanced cost disclosure reporting requirements for investment funds and new...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - April 2023

SEC Rules and Amendments - Liquidity Rule Amendments: Interval Funds to the Rescue? On November 2, 2022, the Securities and Exchange Commission (SEC) voted to propose significant amendments to Rule 22e-4 under the...more

Tarter Krinsky & Drogin LLP

SEC Proposed Custody Amendments Could Cut Investment Advisors Out of Crypto

On Wednesday, February 15, 2023, the U.S. Securities and Exchange Commission (SEC) released proposed amendments to Section 206(4)-2 of the Investment Advisers Act of 1940, which sets out the custody requirements applicable to...more

Goodwin

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

Goodwin on

On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

Eversheds Sutherland (US) LLP

Could the SBA be making changes to the SBIC program? 

On October 18, 2022, the US Small Business Administration (the SBA) proposed a wide range of regulatory changes to the rules governing the small business investment company (SBIC) program (the Proposal). ...more

Davies Ward Phillips & Vineberg LLP

Canadian Foreign Investment Law in 2023: National Security Is (Still) Paramount

In this annual review of Canadian foreign investment law, we discuss developments over the past year, including proposed amendments to the Investment Canada Act (ICA) and new government policies on the treatment of specific...more

Foley & Lardner LLP

Proposed Amendments Schedule 13D – Part One

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In February 2022, the Security and Exchange Commission (the “SEC”) proposed an amendment (the “Amendment”) to Schedules 13D and 13G of the Securities Exchange Act of 1934, to modernize its reporting rules and ultimately to...more

Bennett Jones LLP

Ontario Securities Commission Reverts to Pre-Covid Shorter Prospectus Review Periods

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The Ontario Securities Commission (OSC) has announced that it will return to its pre-December 7, 2021, service standard timelines and commitments for prospectus reviews effective January 9, 2023, given market changes and...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - October 2022

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REGULATORY UPDATES - SEC Announces Leadership Changes - Anthony (“Tony”) C. Thompson was appointed to a second term as a board member of the Public Company Accounting Oversight Board (“PCAOB”), which will run until...more

Dechert LLP

Upcoming Regulatory Initiatives Impacting Private Fund Managers - September 2022

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This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more

Mintz

Draft SEC Five-Year Strategic Plan Emphasizes Importance of Climate Disclosures

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Recently, the SEC issued its five-year strategic plan for public comment.  This strategic plan covers a wide variety of topics, ranging from adapting to new technology to plans for increasing internal SEC workforce...more

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