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SEC Enhances Reporting on Forms N-PORT & N-CEN; Issues Liquidity Guidance

On August 28, 2024, the SEC, by a vote of three to two, adopted amendments (Amendments) to the current reporting requirements on Form N-PORT and Form N-CEN and provided guidance (Liquidity Rule Guidance) related to liquidity...more

Contributions to the Harris Presidential Campaign Subject to Federal "Pay-to-Play" Rules

Vice President Kamala Harris announced Minnesota Governor Tim Walz as her running mate for the upcoming Presidential election. Because Governor Walz is an “official” for purposes of the SEC’s pay-to-play rule under the...more

SEC Adopts Final, Comprehensive Climate Disclosure Rules

On March 6, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted on a 3-2 vote its long-awaited, comprehensive rules for enhancing and standardizing climate-related disclosures by public companies in periodic...more

SEC Expands Scope of Fund “Names Rule”

The Securities and Exchange Commission recently adopted significant changes to Rule 35d-1 under the Investment Company Act of 1940 (Names Rule), as well as certain forms and disclosure requirements on September 20, 2023...more

SEC Adopts Amendments to Fund “Names Rule”

On September 20, 2023, the U.S. Securities and Exchange Commission, by a vote of four to one, adopted amendments to the current rule regarding registered fund names, as well as certain forms and disclosure requirements. The...more

SEC Adopts Significant Money Market Fund Reforms; Enhances Private Liquidity Fund Reporting on Form PF

The Securities and Exchange Commission, by a vote of 3 to 2, approved significant changes to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 on July 12, 2023. Among other...more

SEC Adopts Money Market Fund Reforms; Form PF Amendments

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

Preparing for the 2024 Elections: Pay-to-Play and Other Considerations for Managers of Public Pension Plan Assets

With the 2024 elections fast approaching, investment advisers must continue to be mindful of political contributions by their personnel if they manage or intend to manage public pension plan assets, among other compliance...more

Safeguarding Client Assets: SEC Proposes Overhaul of Adviser Custody Rule

The U.S. Securities and Exchange Commission, by a vote of four-to-one, proposed a major overhaul of the investment adviser custody rule on February 15, 2023. The proposal would amend and redesignate Rule 206(4)-2 under the...more

SEC Proposes Mandated Swing Pricing, Hard Close and Fundamental Changes to Liquidity Rule

The Securities and Exchange Commission on November 2, 2022 proposed significant revisions to its rules governing open-end investment company liquidity risk management and swing pricing. The proposal would also update related...more

SEC Issues Proposed Rule Amendments Regarding Fund Naming Conventions

Overview - The U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment on May 25, 2022, amendments to the rule governing naming conventions of funds1 subject to the U.S. Investment...more

SEC Issues Rule Proposal Related to Certain Investment Advisers’ and Funds’ Disclosures About ESG Investment Practices

Overview - The Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment on May 25, 2022, a long-anticipated framework requiring certain registered funds and certain investment advisers to...more

SEC Proposes Amendments to Rule Governing Fund Naming Conventions, Including Use of ESG Investing Practices

On May 25, 2022, the U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment amendments to a current rule governing fund naming conventions – which would cover certain funds that...more

SEC Proposes Additional Disclosures by Certain Investment Advisers and Funds about ESG Investment Practices

On May 25, 2022, the U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment a long-anticipated framework requiring certain funds and certain U.S. investment advisers to disclose their...more

SEC Proposes New Round of Money Market Fund Reforms in Response to March 2020 Redemptions

The Securities and Exchange Commission, by a vote of three-to-two, on December 15, 2021, proposed amendments (Proposed Amendments) to Rule 2a-7 and other rules that govern money market funds (money funds) under the Investment...more

SEC Proposes Amendments to Rules Governing Money Market Funds (UPDATED)

On December 15, 2021, the Securities and Exchange Commission, by a party-line vote of three-to-two, proposed for public comment amendments (Proposed Amendments) to Rule 2a-7 and other rules that govern money market funds...more

SEC Division of Examinations Issues Risk Alert Regarding ESG Investing

The staff of the SEC’s Division of Examinations (Division) released a risk alert on April 9, 2021 (Risk Alert).1 The Risk Alert discusses the staff’s observations following its recent examinations of investment advisers, as...more

President’s Working Group on Financial Markets Issues Report on Money Market Fund Reform Options

The President’s Working Group on Financial Markets (PWG) on December 22, 2020 released a report on potential reform options for money market funds (Report). The Report states that the significant outflows experienced by prime...more

SEC Adopts Modernized Investment Adviser Marketing Rule Governing Advertisements and Solicitation

On December 22, 2020, the U.S. Securities and Exchange Commission adopted rule and form amendments to modernize the regulatory framework governing investment adviser advertising and payments to solicitors....more

Dechert On ESG - A Practical Guide for Asset Managers

Asset managers across geographies and asset classes are increasingly incorporating environmental, social and governance (“ESG”) considerations at all levels of the investment management business. Increased focus on ESG has...more

SEC Adopts Changes to Regulatory Framework of Fund of Funds Arrangements

The Securities and Exchange Commission voted on October 7, 2020, to adopt new Rule 12d1-4 under the Investment Company Act of 1940 to govern most arrangements where registered funds invest in other registered funds (“fund of...more

Newsflash: SEC Adopts Changes to Regulatory Framework of Fund of Funds Arrangements

On October 7, 2020, the Securities and Exchange Commission voted to adopt Rule 12d1-4 under the Investment Company Act of 1940 and related amendments to the regulatory framework governing funds that invest in other funds...more

SEC Proposes to Modernize Disclosure Framework for Mutual Funds and Exchange-Traded Funds, Modify Fee Information in Investment...

The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and...more

FRBNY Further Revises TALF 2.0 FAQs; SEC Issues No-Action Relief for Registered Fund and BDC Participants

Introduction - As market participants prepare for the launch of the latest version of the Term Asset-Backed Securities Loan Facility (“TALF”) program (“TALF 2.0”), two new developments provide greater clarity as to how the...more

OCIE Releases 2020 Examination Priorities

The 2020 Examination Priorities of the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission were announced on January 7, 2020, and cover eight broad topics: - Protection...more

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