The CrowdStrike computer failures that swept the globe on Friday, July 18, 2024, and persisted through the weekend may have impacted fund advisers relying on the Windows system, possibly triggering an “operations event” that...more
The U.S. Department of Labor (the “DOL”) recently issued a final rule (the “Final Rule”) under the Employee Retirement Income Security Act of 1974 (“ERISA”) to clarify plan fiduciaries’ duties with respect to proxy voting and...more
The U.S. Department of Labor (the “DOL”) recently issued a final regulation (the “Final Rule”) under the Employee Retirement Income Security Act of 1974 (“ERISA”) amending the pre-existing “investment duties” regulation under...more
After several years of uncertainty as to the appropriate standard for determining when an investment adviser will be deemed to be a fiduciary under ERISA, the U.S. Department of Labor (the “DOL”) has finally issued clear...more
The U.S. Department of Labor (“DOL”) recently issued a proposed regulation (the “Proposed Rule”) under the Employee Retirement Income Security Act of 1974 (“ERISA”) to reinforce its long-standing position that fiduciaries of...more
Investment Advisers-
Annual Compliance Reviews -
All investment advisers registered with the Securities and Exchange Commission ("SEC") or The Commonwealth of Massachusetts are required to review their compliance...more
Investment Advisers -
Annual Compliance Reviews -
All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their compliance...more
2/3/2017
/ Bad Actors ,
CFTC ,
Commodity Pool ,
Confidentiality Policies ,
Cybersecurity ,
Data Privacy ,
Exempt Reporting Advisers (ERAs) ,
FATCA ,
FBAR ,
Financial Statements ,
Form 13F ,
Form ADV ,
Form PF ,
Form PQR ,
Investment Adviser ,
Pay-To-Play ,
Privacy Policy ,
Rule 506 ,
Securities and Exchange Commission (SEC)
As noted in a previous alert, the Securities and Exchange Commission has now issued an Order, effective as of August 15, 2016 (the "Effective Date"), which amends SEC Rule 205-3 (the “Performance Fee Rule”) under the...more
On May 24, 2016, the Securities and Exchange Commission published in the Federal Register a notice of the Commission’s intent to issue an order (the “Proposed Order”) amending SEC Rule 205-3 (the “Performance Fee Rule”) under...more
As a reminder, fund managers relying on the exemption from registration with the US Commodity Futures Trading Commission (the “CFTC”) set forth in Rule 4.13(a)(3), commonly referred to as the “de minimis exemption,” must...more
Investment Advisers -
Annual Compliance Reviews:
All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their...more
1/23/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
CFTC ,
Commodities ,
Confidentiality Agreements ,
CPOs ,
EU ,
FATCA ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Statements ,
Form ADV ,
Form PF ,
Hedge Funds ,
NFA ,
Pay-To-Play ,
Popular ,
Privacy Policy ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Swaps
New guidance from the US Department of Labor (“DOL”) clarifies the role of environmental, social and governance issues (referred to as “ESG factors”) in investment decisions by ERISA fiduciaries. ERISA Interpretive Bulletin...more
David W. Grim, Director of the SEC’s Division of Investment Management (the “Division”), recently noted in testimony before a U.S. House of Representatives subcommittee that the Division is developing new rule recommendations...more
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of Treasury, issued a proposed anti-money laundering rule applicable to investment advisers registered with the U.S. Securities and Exchange...more
9/11/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
CIP ,
Comment Period ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
FinCEN ,
Internal Controls ,
Investment Adviser ,
Policies and Procedures ,
Proposed Regulation ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Training
For those clients that received extensions on the filing deadline for their BE-10 surveys, they are reminded that the August 31, 2015 deadline is approaching. The BE-10 is the five year benchmark survey of United States...more
On July 30, 2015, the European Securities and Markets Authority (ESMA) released its advice to the European Parliament, Council of the European Union and the European Commission on the application of the passport to non-EU...more
8/5/2015
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
EU Council of Ministers ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Hong Kong ,
Investor Protection ,
Investors ,
Marketing ,
Singapore ,
Switzerland
Under Rule 204A-1 of the Investment Advisers Act of 1940, a registered investment adviser’s written code of ethics must include requirements for reporting of personal securities holdings and trading activity by the adviser’s...more
On June 8, 2015, a joint letter was sent to the U.S. Department of Commerce Secretary Penny Pritzker raising broad concerns with the Form BE-10 survey, including requirements for consolidation, burden of reporting, need for...more
The BEA has posted on its website that the filing deadline for all “new filers” for the BE-10 (which is the five year benchmark survey of United States direct investment abroad) has been extended to June 30, 2015. A new filer...more
Bureau of Economic Analysis Forms BE-13 and BE-10 -
Companies should take note that the U.S. Bureau of Economic Analysis (BEA) has announced two updated filing requirements relating to cross-border investment: BE-13...more
As a reminder, fund managers relying on the exemption from registration with the US Commodity Futures Trading Commission (the “CFTC”) set forth in Rule 4.13(a)(3), commonly referred to as the “de minimis exemption,” must...more
Investment Advisers -
Annual Compliance Reviews:
All investment advisers registered with the Securities and Exchange Commission (“SEC”) are required to review their compliance policies and procedures at least...more
Under the Cayman Islands Directors Registration and Licensing Law 2014 (the “Law”), beginning June 4, 2014 directors of (a) “mutual funds” regulated under the Cayman Islands Mutual Funds Law (2013 Revision) and (b) companies...more
On February 7, 2014 the staff of the Division of Investment Management of the Securities and Exchange Commission (the “SEC”) issued a no-action letter to the Managed Funds Association (the “No-Action Letter”), providing...more
Investment Advisers -
Annual Compliance Reviews:
All investment advisers registered with the Securities and Exchange Commission (“SEC”) are required to review their compliance policies and procedures at least...more