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SEC Adopts New Requirements for US Treasuries Clearing and Risk Management

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

CFTC Proposes Amendments to CPO, CTA Regulations

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

Broker-Dealers and Advisers Beware: The SEC’s “PDA” Proposal Could Upend Firms’ Interactions With Customers, Clients and Investors

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

Supporting Our Veterans [Audio]

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

ESG Asset Managers and Investment Funds - Near-Term SEC Enforcement Risk

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

SEC Proposes to Modernize Fund Communications

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

SEC Proposes New Framework for Fund Valuation Practices

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

COVID-19: SEC Grants Temporary Relief to Mutual Funds from Borrowing and Lending Restrictions

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

COVID-19/Market Disruption Update for Investment Managers

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

The Countdown Is On! Building a Reg BI Compliance Program as Deadlines Loom

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

SEC’s Final Rules and Guidance on the Standards of Conduct for Broker-Dealers and Investment Advisers

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

SEC Share Class Selection Disclosure Initiative: Practical Considerations and Lessons Learned

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

Exchange-Traded Funds: Proposed Rule 6c-11

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

ETF Boards Need to Apply Gartenberg Differently

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

Efficiency at What Cost? Advantages of a Separate Board for ETFs

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

Change and Continuity in Securities Regulation

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

SEC Considering Key Changes to Derivative Exposure Calculations

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

Liquidity Management and Reporting Modernization Rulemaking

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

SEC Proposes New Requirement for Business Continuity Plans for Investment Advisers

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

Finding The Perfect Derivatives Risk Manager

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

SEC Proposes New Framework for Regulating Funds’ Use of Derivatives and Leverage

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

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