On March 10, 2025, the SEC voted along party lines to amend SEC regulations in order to rescind the SEC’s delegation of authority to the Director of the Division of Enforcement to issue formal orders of investigation. The SEC...more
Since SEC Commissioner Mark T. Uyeda was named Acting Chairman on January 21, 2025, the SEC has significantly shifted its approach to cryptocurrency regulation and enforcement actions, including through the formation of a...more
In mid-February 2025, President Trump issued three executive actions (the orders) intended to improve the administration of the executive branch and enhance the accountability of Federal agencies. Among other things, the...more
On January 16, 2025, the SEC announced the settlement of administrative proceedings brought against a hedge fund manager that used algorithmic investment models to provide investment advice to its private fund and separately...more
On January 17, 2025, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for allegedly making materially misleading statements relating to capital gains distributions...more
On August 19, 2024, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for alleged violations of Section 206(4) of the Investment Advisers Act of 1940 and Rule...more
On September 19, 2024, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for allegedly making misleading statements regarding how it managed investments for clients...more
On September 26, 2024, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for various alleged violations of Rule 21F-17(a) under the Securities Exchange Act of 1934,...more
On April 29, 2024, the SEC announced the settlement of administrative proceedings brought against a registered investment adviser for alleged violations of Section 17(d) of the Investment Company Act of 1940, Rule 17d-1...more
On May 27, 2020, the staff of the SEC’s Division of Investment Management withdrew previously issued guidance addressing the intersection between state control share acquisition statutes (control share statutes) and the...more
New Rules, Proposed Rules, Guidance and Alerts -
GUIDANCE AND ALERTS -
SEC Staff Issues Guidance on Improving Fund Principal Risks Disclosure -
On September 9, 2019, the Disclosure Review and Accounting Office...more
On July 11, 2019, FINRA issued Regulatory Notice 19-23 to restate and supplement its prior guidance to member firms on the circumstances under which FINRA awards credit for providing "extraordinary cooperation" during an...more
On July 9, 2019, the staff of the SEC’s Division of Investment Management issued a no-action letter to the BNY Mellon family of funds and BNY Mellon Investment Adviser, Inc. (collectively, BNYM) stating that the staff would...more
New Rules, Proposed Rules, Guidance and Alerts -
NEW RULES -
SEC Adopts Interim Final Rule Amending Timing Requirements for Filing Reports on Form N-PORT -
On February 27, 2019, the SEC adopted an interim final rule...more
4/3/2019
/ Custody Rule ,
Enforcement Actions ,
Excessive Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Form N-PORT ,
Gun-Jumping ,
Interim Final Rules (IFR) ,
Investment Company Act of 1940 ,
Mutual Funds ,
No-Action Letters ,
OCIE ,
Proposed Rules ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Testing-the-Waters Communications
New Rules, Proposed Rules, Guidance and Alerts –
PROPOSED RULES –
SEC Proposes New Fund-of-Funds Rule –
On December 19, 2018, the SEC proposed new Rule 12d1-4 under the Investment Company Act of 1940, which, if...more
1/30/2019
/ Enforcement Actions ,
EU ,
Examination Priorities ,
Form N-CEN ,
Fund of Funds ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
MiFID II ,
No-Action Letters ,
OCIE ,
Registered Investment Companies (RICs) ,
Robo-Advisors ,
Section 12(d)(1) ,
Securities and Exchange Commission (SEC)
New Rules, Proposed Rules, Guidance and Alerts –
NEW RULES –
SEC Adopts New Rules Permitting Covered Investment Fund Research Reports –
On November 30, 2018, the SEC adopted Rule 139b under the Securities Act of...more
12/18/2018
/ Broker-Dealer ,
Division of Investment Management ,
Enforcement Actions ,
ETFs ,
Excessive Fees ,
Financial Adviser ,
Financial Services Industry ,
Investment Companies ,
Investment Funds ,
Investors ,
Life Insurance ,
Mutual Funds ,
New Guidance ,
New Rules ,
OCIE ,
Partial Summary Judgments ,
Proposed Rules ,
Regulatory Requirements ,
Reporting Modernization Rules ,
Risk Alert ,
Safe Harbors ,
Section 36(b) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
New Rules, Proposed Rules, Guidance and Alerts -
SEC STAFF GUIDANCE AND ALERTS –
SEC Staff No-Action Letter Allows Fund Boards to Rely on CCO Representations for Affiliated Transactions –
In a no-action letter to the...more
12/3/2018
/ Board of Directors ,
Capital Markets ,
CCO ,
Cybersecurity ,
Enforcement Actions ,
Investment Company Act of 1940 ,
Investment Funds ,
Investor Protection ,
No-Action Letters ,
Securities and Exchange Commission (SEC) ,
SLUSA ,
The Clayton Act
New Rules, Proposed Rules, Guidance and Alerts –
SEC STAFF GUIDANCE AND ALERTS –
OCIE Publishes Risk Alert on Compliance Issues Relating to Best Execution –
On July 11, 2018, the Office of Compliance Inspections and...more
8/21/2018
/ Best Execution ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
Dismissals ,
Duty of Care ,
Enforcement Actions ,
Excessive Fees ,
Exemptions ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Investors ,
JOBS Act ,
New Guidance ,
New Rules ,
OCIE ,
Pending Legislation ,
Policies and Procedures ,
Private Right of Action ,
Proposed Rules ,
Risk Alert ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
New Rules, Proposed Rules, Guidance and Alerts -
PROPOSED RULES -
SEC Proposes New Rule to Permit Certain ETFs to Operate Without an Exemptive Order -
On June 28, 2018, the SEC issued a proposed new rule under the...more
8/6/2018
/ Administrative Proceedings ,
Amended Rules ,
Asset Management ,
Comment Period ,
Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Actions ,
ETFs ,
Excessive Fees ,
Exemptive Orders ,
Gartenberg Factors ,
Internet ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Investors ,
Liquidation ,
New Rules ,
Open-Ended Fund Companies (OFCs) ,
Processing Fees ,
Proposed Rules ,
Public Comment ,
Registered Investment Companies (RICs) ,
Rule 22e-4 ,
Section 36(b) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Summary Judgment ,
XBRL Filing Requirements
New Rules, Proposed Rules, Guidance and Alerts -
PROPOSED RULES -
SEC Proposes Changes to Fund Liquidity Disclosure Requirements -
On March 14, 2018, the SEC issued proposed amendments to the disclosure requirements...more
4/13/2018
/ Board of Directors ,
CFTC ,
Civil Monetary Penalty ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
ETFs ,
Excessive Fees ,
Form N-CEN ,
Form N-PORT ,
Investment ,
Investment Company Act of 1940 ,
Liquidity ,
Liquidity Risk Management Rule ,
Proposed Rules ,
Risk Management ,
Rule 22e-4 ,
Securities and Exchange Commission (SEC)
New Rules, Proposed Rules, Guidance and Alerts –
SEC STAFF GUIDANCE AND ALERTS -
SEC Staff Issues Guidance on Cryptocurrency-related Holdings -
On January 18, 2018, the staff of the SEC’s Division of Investment...more
2/13/2018
/ Arbitrage ,
Bitcoin ,
Broker-Dealer ,
Civil Monetary Penalty ,
Closed-End Funds ,
Conflicts of Interest ,
Cryptocurrency ,
Custody ,
Cybersecurity ,
Data Protection ,
De Minimis Claims ,
Disgorgement ,
Enforcement Actions ,
ETFs ,
Examination Priorities ,
Excessive Fees ,
Fee Disclosure ,
Fiduciary Duty ,
Fraud ,
Fund Sponsors ,
Index Funds ,
Investment ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
Investment Opportunities ,
Investors ,
Liquidity ,
Market Manipulation ,
Mutual Funds ,
NAV ,
New Guidance ,
New Rules ,
OCIE ,
Penalties ,
Prejudgment Interest ,
Press Releases ,
Proposed Rules ,
Public Statements ,
Registration Statement ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Risk-Based Approaches ,
Robo-Advisors ,
Rule 22e-4 ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
Sub-advisers ,
Testimony ,
Valuation
New Rules, Propsed Rules, Guidance and Alerts -
SEC STAFF GUIDANCE AND ALERTS -
SEC Staff Extends No-Action Relief on Auditor Independence and the “Loan Provision” -
On September 22, 2017, the staff of the SEC’s...more
10/24/2017
/ Auditor Independence ,
Broker-Dealer ,
Cyber Threats ,
Cybersecurity ,
EDGAR ,
Enforcement Actions ,
ETFs ,
Fidelity Investments ,
Guidance Update ,
Hackers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Management ,
Listing Standards ,
Mutual Funds ,
Nasdaq ,
New Rules ,
No-Action Letters ,
No-Action Relief ,
OCIE ,
Penalties ,
Proposed Rules ,
Public Statements ,
Registered Funds ,
Regulation S-X ,
Securities and Exchange Commission (SEC)