The Securities and Exchange Commission (SEC) has been very busy these last few weeks as evidenced by a series of rule proposals released as part of what looks like an ambitious agenda for 2022. This includes tackling areas...more
Investment advisers that manage private funds should promptly review their compliance policies and procedures, practices and disclosures to ensure these address, and are not inconsistent with, the areas of concern raised in a...more
On February 9, by a vote of three to one, the Securities and Exchange Commission (SEC) proposed five sweeping new rules governing private funds. The comment period on the proposal expires 60 days from February 9 or 30 days...more
Key Points -
Effective as of August 16, the dollar amount tests specified in the definition of “Qualified Client” in Rule 205-3 under the Investment Advisers Act of 1940 (Advisers Act) will increase for the net-worth...more
On July 7, the Securities and Exchange Commission (SEC) Asset Management Advisory Committee (the Committee) adopted recommendations developed by the Environmental, Social and Governance (ESG) Subcommittee related to ESG...more
7/23/2021
/ Asset Management ,
Business Strategies ,
Capital Investments ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Management ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Sustainability
The blockchain technology that powers cryptocurrency originated in an obscure white paper, anonymously published under the name Satoshi Nakamoto in 2008. In the 13 years following its publication, the cryptocurrency industry...more
7/16/2021
/ Blockchain ,
CFTC ,
Corporate Culture ,
Corporate Governance ,
Corporate Social Responsibility ,
Cryptocurrency ,
Environmental Social & Governance (ESG) ,
EU ,
Green Initiatives ,
Human Rights ,
Popular ,
Securities and Exchange Commission (SEC) ,
Sustainability
The recent defaults by Archegos caused several large broker-dealers to incur significant losses. Archegos represented that it operated as a single-family office, which made it exempt from many provisions of the federal...more
Recent initiatives by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) evidence the agencies' increasing intent to play significant roles in the ESG space....more
Environmental, social and governance (ESG) matters will increasingly be a priority for the Securities and Exchange Commission (SEC) as evidenced by...more
Key Points -
- Beginning February 1, new and amended rules will go into effect in New York that require certain individuals associated with investment advisers to register with the state and to meet examination...more
The Securities and Exchange Commission issued a proposed order that, if adopted, would provide an exemption to certain "finders," persons who connect potential buyers and sellers of securities for a fee, from broker-dealer...more
Key Points -
- The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) recently released a Risk Alert warning investment advisers, broker-dealers, investment companies,...more
Key Points -
- Recent Securities and Exchange Commission (SEC) enforcement actions against investment advisers and fund managers point to continued pressure points in the areas of conflicts of interest and disclosures to...more
Key Points -
- New York’s Investor Protection Bureau of the Department of Law (the “Department”) proposed changes to notice filing requirements for private funds offered under Regulation D.
- The proposal also would...more
KEY POINTS -
- Amendments to FINRA Rules 5130 and 5131, which govern the offer and sale of "New Issue" securities went into effect on January 1.
- FINRA Rule 5130 prohibits a broker-dealer from selling New Issues to...more
1/10/2020
/ Amended Rules ,
Broker-Dealer ,
Business Development Companies ,
Charitable Organizations ,
Employee Retirement Income Security Act (ERISA) ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Investment ,
Foreign Sovereigns ,
Initial Public Offering (IPO) ,
Investment Advisers Act of 1940 ,
Portfolio Managers ,
Regulation S ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
Key Points
- SEC proposes significant changes to the Advisers Act “Advertising Rule” and “Cash Solicitation” Rule.
- The proposed definition of “Advertisements” expands the types of communications that are considered...more
12/16/2019
/ Advertising ,
Books & Records ,
Cash Solicitation Rule ,
Disclosure Requirements ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
No-Action Letters ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Securities and Exchange Commission (SEC)
On August 21, a sharply divided Securities and Exchange Commission (SEC) issued two interpretive releases addressing the proxy voting obligations of investment advisers and the obligations of proxy advisory firms....more
On April 30, 2019, US Court of Appeals for the DC Circuit decided an important case involving the disclosure obligations of investment advisers. The case decided that an adviser’s disclosure that it “may” have a conflict of...more
5/16/2019
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Financial Services Industry ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Mutual Funds ,
Negligence ,
Revenue Sharing ,
Securities and Exchange Commission (SEC)
On April 16, the SEC's Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert outlining issues related to compliance with Regulation S-P that it identified in its inspections of SEC-registered...more
4/26/2019
/ Broker-Dealer ,
Customer Information ,
Cybersecurity ,
Data Protection ,
Investment Adviser ,
OCIE ,
Opt-Outs ,
Personally Identifiable Information ,
Policies and Procedures ,
Regulation S-P ,
Risk Alert ,
Safeguards Rule ,
Securities and Exchange Commission (SEC)
SEC/CORPORATE -
SEC Proposes To Expand “Test-the-Waters” Reforms to All Issuers -
On February 19, the Securities and Exchange Commission proposed Rule 163B under the Securities Act of 1933, which would permit any...more
3/4/2019
/ CFTC ,
Corporate Issuers ,
Emerging Growth Companies ,
EU ,
Financial Conduct Authority (FCA) ,
JOBS Act ,
Litigation Funding ,
MiFIR ,
Proposed Rules ,
Qualified Institutional Buyers ,
Regulation FD ,
Securities and Exchange Commission (SEC) ,
Testing-the-Waters Communications ,
UK ,
UK Brexit
On August 27, the Securities and Exchange Commission (SEC) brought actions against four affiliated entities—including two registered investment advisers, one dually registered investment adviser and broker-dealer and a...more
On February 7, the US Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations (OCIE) published its examination priorities for 2018 (the "2018 Priorities Report"). Given that OCIE's...more
On October 26, the Securities and Exchange Commission (SEC) issued three long-awaited letters clarifying how regulatory requirements in the European Union (EU), which go into effect on January 3, 2018, will impact US money...more
Recently, the staff (Staff) of the US Securities and Exchange Commission's (SEC) Division of Investment Management issued an information update (the "Information Update") for investment advisers registered under the...more
Registered investment advisers should take note of recent pronouncements by the staff of the SEC's Division of Investment Management (the "Division") regarding Rule 206(4)-2 (the "Custody Rule") of the Investment Advisers Act...more