In a 3-0 decision, the Fifth Circuit Court of Appeals vacated the SEC’s private fund adviser rules (“Final Rule”). Each component of the Final Rule was vacated, including the Private Fund Audit Rule, Private Fund Quarterly...more
Background of Proxy Voting Requirements -
On December 1, 2022, the U.S. Department of Labor (“DOL”) released its final rule regarding investment duties of fiduciaries under ERISA (referred to as the “ESG Rule”). The ESG...more
A divided SEC adopted numerous reforms for private fund managers on August 23, 2023. These reforms represent the largest regulatory change for private fund managers since Dodd-Frank. The SEC’s stated purpose is to bring...more
On April 7, 2020, the Securities and Exchange Commission’s (the “SEC” or the “Staff”) Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert to provide SEC-registered broker-dealers and investment...more
In light of the COVID-19 pandemic, many federally registered investment advisers have moved to temporary remote working arrangements. As a result of these temporary offices, advisers are faced with registration and licensing...more
On March 4, 2020, the National Futures Association (the “NFA”) issued a notice to its members addressing concerns surrounding the coronavirus (COVID-19). With the coronavirus’s potential to interfere with members’ regulatory...more
3/22/2020
/ Branch Offices ,
Business Continuity Plans ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
Compliance ,
Coronavirus/COVID-19 ,
CPOs ,
Filing Deadlines ,
Financial Statements ,
NFA ,
Relief Measures
Investment advisers registered with the U.S. Securities and Exchange Commission (SEC) or with a state, as well as commodity pool operators and commodity trading advisors registered with the U.S. Commodity Futures Trading...more
2/11/2020
/ CFTC ,
Chief Compliance Officers ,
Commodity Trading Advisors (CTAs) ,
Compliance ,
CPO ,
Filing Deadlines ,
Filing Requirements ,
Investment Adviser ,
Private Investment Funds ,
Required Forms ,
Securities and Exchange Commission (SEC)
New Rules, Proposed Rules, Guidance and Alerts –
PROPOSED RULES –
SEC Proposes Rule Changes for Proxy Advisory Firms –
On November 5, 2019, the SEC issued a release proposing amendments to the federal proxy rules...more
12/20/2019
/ Anti-Fraud Provisions ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
MiFID II ,
New Guidance ,
Proxy Advisory Firms ,
Proxy Solicitations ,
Proxy Voting Guidelines ,
Rule 206(4)-5 ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals
On October 18, 2019, the SEC’s Division of Investment Management issued guidance in the form of Frequently Asked Questions that address certain matters regarding the disclosure of conflicts of interest involving the receipt...more
12/10/2019
/ 12b-1 plan ,
Conflicts of Interest ,
Disclosure Requirements ,
Fiduciary Duty ,
Form ADV ,
Form CRS ,
Investment Adviser ,
New Guidance ,
Revenue Sharing ,
Securities and Exchange Commission (SEC) ,
Share Class Selection Disclosure Initiative (SCSD)
New Rules, Proposed Rules, Guidance and Alerts -
PROPOSED RULES –
SEC Proposes Rule Changes for Proxy Advisory Firms –
On November 5, 2019, the SEC issued a release proposing amendments to the federal proxy rules...more
11/26/2019
/ Corporate Governance ,
MiFID II ,
Proposed Rules ,
Proxy Advisors ,
Proxy Advisory Firms ,
Proxy Solicitations ,
Proxy Statements ,
Proxy Voting Guidelines ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
Shareholders
On November 4, 2019, the U.S. Securities and Exchange Commission (SEC) proposed significant amendments to the rules under the Investment Advisers Act of 1940 (Advisers Act) governing investment adviser advertisements and...more
11/19/2019
/ Advertising ,
Books & Records ,
Broker-Dealer ,
Cash Solicitation Rule ,
Disclosure Requirements ,
Endorsements ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Pooled Investment Vehicles ,
Portability ,
Private Funds ,
Proposed Amendments ,
Recordkeeping Requirements ,
Retail Investors ,
Securities and Exchange Commission (SEC)
U.S. issuers (including private investment funds such as hedge, private equity and venture capital funds) must report certain data regarding holdings of their securities by non-U.S. residents to the U.S. Treasury via Form TIC...more
Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or with a state (“Advisers”) as well as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the...more
2/16/2018
/ Commodity Trading Advisors (CTAs) ,
CPOs ,
Data Collection ,
Disclosure Requirements ,
FATCA ,
FBAR ,
Filing Deadlines ,
Filing Requirements ,
Financial Institutions ,
FinCEN ,
Foreign Direct Investment ,
Foreign Financial Accounts ,
Form ADV ,
Investment Adviser ,
Private Funds ,
Registration ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury