Cybersecurity has been a key examination priority for the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) for many years. On July 10, 2020, it issued a risk alert warning of...more
On April 21, 2020, the Securities and Exchange Commission (SEC) issued a proposal (the proposing release) to adopt Rule 2a-5 (the proposed rule) under the Investment Company Act of 1940, as amended (the Act), addressing good...more
The Securities and Exchange Commission (SEC) recently issued an order (Order) permitting registered open-end funds (other than money market funds) (Open-End Funds) and insurance company separate accounts registered as unit...more
The staff of the Division of Investment Management (the “Division”) of the Securities and Exchange Commission (SEC) issued a statement on April 14, 2020, reminding investment companies of their regulatory obligations to...more
On December 18, 2019, the Securities and Exchange Commission (SEC) voted to propose amendments to the definition of “accredited investor” in Rule 501(a) of Regulation D (Reg D) under the Securities Act of 1933 (Securities...more
1/2/2020
/ Accredited Investors ,
Comment Period ,
Financial Regulatory Reform ,
Investment Management ,
Proposed Amendments ,
Public Comment ,
Qualified Institutional Buyers ,
Regulation D ,
Rule 144A ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation
On November 4, 2019, the Securities and Exchange Commission (SEC) released a proposed rule amendment (the Marketing Amendment) that would substantially modify SEC Rules 206(4)-1 (the Advertising Rule) and 206(4)-3 (the...more
11/21/2019
/ Advertising ,
Books & Records ,
Comment Period ,
Compensation ,
Conflicts of Interest ,
Disclosure Requirements ,
Endorsements ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Marketing ,
Policies and Procedures ,
Private Funds ,
Proposed Rules ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Solicitation ,
Testimonial Statements ,
Written Agreements
The Securities and Exchange Commission (SEC) recently adopted Rule 6c-11 under the Investment Company Act of 1940 (the “Act”), which removes the need for most exchange-traded fund (ETF) sponsors to obtain individual exemptive...more
10/18/2019
/ Amended Rules ,
Compliance ,
Exchange-Traded Products ,
Exemptive Orders ,
Final Rules ,
Form N-1A ,
Investment Company Act of 1940 ,
Policies and Procedures ,
Portfolio Managers ,
Proposed Rules ,
Rule 6c-11 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On September 9, 2019, the Staff (“Staff”) of the Securities and Exchange Commission (“SEC”) Division of Investment Management provided guidance (the “Guidance”) on how to improve principal fund risk disclosures to be more...more
At an open meeting held on August 21, 2019 (the “Meeting”), the Commissioners of the Securities and Exchange Commission (SEC) issued guidance (the “Guidance”), by a 3-2 vote, to assist investment advisers when conducting...more
8/30/2019
/ Corporate Governance ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
New Guidance ,
Proxy Advisors ,
Proxy Advisory Firms ,
Proxy Voting Guidelines ,
Regulatory Oversight ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
On June 18, 2019, the Securities and Exchange Commission (“SEC”) adopted final amendments to Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) to clarify the analysis that must be conducted to determine whether an...more
7/9/2019
/ Amended Regulation ,
Beneficial Owner ,
Bright-Line Rule ,
Disclosure Requirements ,
Fidelity Investments ,
Final Rules ,
Intermediaries ,
No-Action Letters ,
Policies and Procedures ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Significant Influence Test