In a Legal Alert issued before the SEC open meeting, we posed five questions that our Investment Services team would be looking out for as part of this meeting. We now have answers to some of these questions....more
7/31/2023
/ Analytics ,
Artificial Intelligence ,
Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Rules ,
Regulation BI ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Standard of Care ,
Technology
The US Securities and Exchange Commission (SEC) is holding an open meeting this Wednesday to consider whether to propose new and amended rules under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940...more
As might be expected, FINRA appears to be aligning itself with the SEC in its assertion of jurisdiction over investments that may not, at the end of the day, be deemed securities. ...more
11/16/2022
/ Affiliates ,
Blockchain ,
Broker-Dealer ,
Cryptoassets ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Marketing ,
Popular ,
Retail Investors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Unregistered Securities
Now that the dust has settled on the SEC’s enforcement action against fifteen (15) broker-dealers and an investment adviser for violations of SEC recordkeeping rules applicable to the use of personal devices and off-channel...more
On September 27, 2022, 15 broker-dealers and one investment adviser agreed to pay more than $1.8 billion in total civil penalties to the US Securities and Exchange Commission (SEC), and, for those same companies or affiliates...more
10/5/2022
/ Broker-Dealer ,
CFTC ,
Civil Monetary Penalty ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Electronic Communications ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Futures Commission Merchants (FCMs) ,
Investment Adviser ,
New Guidance ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Swaps ,
Text Messages
ESG will be front and center in the SEC’s 2021 agenda. Our ESG Matrix can help establish a baseline for compliance by SEC-regulated funds, investment advisers, private funds and insurance companies. The Matrix covers...more
In the span of the last five months, the Securities and Exchange Commission (SEC) and its staff have issued two statements, a risk alert and an exam priorities roadmap, all of which address digital assets in full or in part....more
3/18/2021
/ Annuities ,
Anti-Money Laundering ,
Books & Records ,
Broker-Dealer ,
Conflicts of Interest ,
Custody Rule ,
Digital Assets ,
Disclosure Requirements ,
Due Diligence ,
FinTech ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Portfolio Managers ,
Private Placements ,
Registration Requirement ,
Risk Alert ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Transfer Agents
As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing with rules that impose a...more
4/17/2020
/ Best Interest Standard ,
Broker-Dealer ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Duty ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
State Securities Regulators
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act provides emergency financial relief to individuals, businesses and specific industries...more
Beginning June 2020, the SEC will require most broker-dealers and investment advisers to file and deliver a Form CRS to new, prospective and existing customers and clients. As firms begin to prepare Form CRS, much attention...more
11/14/2019
/ Broker-Dealer ,
Filing Requirements ,
Financial Services Industry ,
Form CRS ,
Investment Adviser ,
Investment Firms ,
Investment Management ,
Investors ,
Policies and Procedures ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On September 24, 2019, in response to a request for clarification by certain industry groups, the Indiana Attorney General’s Office issued a Memorandum of Legal Guidance (the “MLG”) confirming that the amendments to the...more
As anticipated, this year has seen a number of fiduciary and best interest investment advice regulations advance at both the federal and state levels. Firms subject to these regulations will face challenges in dealing with...more
What happened?
On June 5, in a three-to-one vote, the US Securities and Exchange Commission (SEC) adopted a comprehensive package of rulemakings and interpretations governing the standard of conduct applicable to...more
7/10/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Fiduciary Duty ,
Financial Services Industry ,
Form CRS ,
Investment Adviser ,
Notice Requirements ,
Recordkeeping Requirements ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
By all accounts, 2019 will see a number of fiduciary and best interest investment advice regulations advance at both the federal and state levels. Firms subject to these regulations will face challenges in dealing with rules...more
5/21/2019
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
By all accounts, 2019 will see the advancement of a number of fiduciary and best interest investment advice regulations at both the federal and state levels. Firms subject to these regulations will face challenges in dealing...more
4/2/2019
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
Under Nevada law, financial planners owe a fiduciary duty to their clients. In accordance with this duty, a financial planner must disclose, at the time advice is given, any gain the financial planner may receive if the...more
Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of...more
On February 3, the Securities and Exchange Commission (SEC) issued a Risk Alert prepared by its Office of Compliance Inspections and Examinations (OCIE) that summarizes the results of a sweep of more than 100 broker-dealers...more
On January 9, 2014, the U.S. Securities and Exchange Commission (SEC) published its 2014 examination priorities letter (“SEC Letter”) for its National Examination Program (NEP). The NEP covers all markets and entities...more