On December 13, 2023, the Securities and Exchange Commission (SEC) voted (4-1) to adopt new requirements under the Securities Exchange Act of 1934 (Exchange Act), which will restructure the clearance and settlement of...more
1/2/2024
/ Amended Rules ,
CFTC ,
Clearing Agencies ,
Futures Commission Merchants (FCMs) ,
Hedge Funds ,
New Regulations ,
Policies and Procedures ,
Repurchase Agreements ,
Repurchases ,
Secondary Markets ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Settlement ,
Treasury Markets
The Commodity Futures Trading Commission (CFTC or Commission) recently proposed amendments to CFTC Regulation 4.7 (the Proposed Rule) that would impact long-standing exemptions from certain compliance requirements for...more
On July 26, 2023, the Securities and Exchange Commission (SEC or Commission) narrowly approved (3-2) a proposed rulemaking under the Securities Exchange Act of 1934 (Exchange Act) and the Investment Advisers Act of 1940...more
8/18/2023
/ Analytics ,
Broker-Dealer ,
Conflicts of Interest ,
Electronic Communications ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Predictive Analytics ,
Proposed Regulation ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
In honor of those who serve our country, WilmerHale’s In the Public Interest podcast is proud to highlight our nation’s veterans and the work being done by the National Veterans Legal Services Program (NVLSP). WilmerHale has...more
The Securities and Exchange Commission (SEC) threw down the gauntlet after President Biden’s election and asserted its interest in greater regulation and policing of environmental, social, and governance (ESG) issues. One...more
On August 5, 2020, the Securities and Exchange Commission (SEC) proposed amendments to the disclosure framework for mutual funds and exchange-traded funds (ETFs) and to the advertising rules applicable to investment companies...more
On April 21, 2020, the Securities and Exchange Commission (SEC) voted to propose Rule 2a-5 under the Investment Company Act of 1940 (1940 Act) setting forth a new framework for funds’ fair value determinations (Proposed Rule)...more
On March 23, 2020, the SEC issued an order (the “Order”) granting registered open-end funds and insurance company variable annuity separate accounts expanded capability to borrow from their affiliates to satisfy redemption...more
The outbreak of the coronavirus (COVID-19) continues to impact markets and business operations in unprecedented ways, which presents risks and opportunities to investment advisers and fund managers. This client alert...more
On June 5, 2019, the SEC adopted a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with broker-dealers and investment advisers. The focal point of this...more
9/3/2019
/ Books & Records ,
Broker-Dealer ,
Conflicts of Interest ,
Deadlines ,
Disclosure Requirements ,
Form CRS ,
Investment Adviser ,
Investors ,
Policies and Procedures ,
Regulation BI ,
Retail Investors ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
On June 5, 2019, the Securities and Exchange Commission (“SEC” or “Commission”) in a divided 3-1 vote, approved a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’...more
6/18/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Dodd-Frank ,
Fiduciary Duty ,
Final Rules ,
Financial Services Industry ,
Form ADV ,
Form CRS ,
Investment Adviser ,
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (“SEC”) has made a concerted effort over the last several years to address investment advisers’ conflicts of interests and to establish standards for associated disclosure failures...more
After 26 years and the issuance of over 300 exemptive orders, the Securities and Exchange Commission (SEC or Commission), through the rulemaking process, is seeking to simplify and streamline the regulatory process for new...more
The differences between the respective cost structures of exchange-traded funds and mutual funds and the nature of advisory services provided for each product may require boards to think about the Gartenberg factors...more
Exchange-traded fund (ETF) products and sales have proliferated dramatically in the past five years and the trend promises to continue. It is no surprise then that established mutual fund companies have been eager to enter...more
The election of Donald Trump as the next President and the continued Republican control of Congress raise questions as to what changes may be expected at the Securities and Exchange Commission (SEC or Commission) and what may...more
On November 1, 2016, the Securities and Exchange Commission's (SEC) Division of Economic and Risk Analysis (DERA) published additional economic analysis setting forth the methodology used to analyze certain comments received...more
On October 13, 2016, the Securities and Exchange Commission (SEC) approved three new rules under the Investment Company Act of 1940 (Investment Company Act). The new rules will impose liquidity requirements, authorize the use...more
On June 28, 2016, the Securities and Exchange Commission (“SEC”) proposed a rule that would require all SEC-registered investment advisers to adopt and implement a business continuity and transition plan (“BCP”). The BCP...more
7/9/2016
/ Business Continuity Plans ,
Business Disruption ,
Cyber Attacks ,
Data Security ,
Disaster Preparedness ,
Investment Company Act of 1940 ,
Natural Disasters ,
Proposed Regulation ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Terrorist Acts ,
Third-Party Service Provider
The Securities and Exchange Commission proposed in December a rule addressing the use of derivatives by registered investment companies. As part of the proposal, boards overseeing funds that invest in more than a limited...more
On December 11, 2015, the Securities and Exchange Commission (Commission) proposed a rule that, if adopted, would rescind nearly 30 years of Commission and staff guidance that is currently relied upon by most mutual funds,...more