Under the proposal issued April 21, the SEC would substantially revise the regulation of fund valuation for the first time in 50 years and rescind much of the current guidance. ...more
Investors and investment managers around the globe are seeing increasing rules and regulations on how they can deploy their money, how they can advertise their services, and how they have to report to regulators.
...more
2/3/2020
/ Advertising ,
Anti-Bribery ,
Anti-Corruption ,
Anti-Money Laundering ,
Banks ,
Bribery ,
Consumer Financial Products ,
Corruption ,
Equity Markets ,
Fair Access to Credit ,
False Claims Act (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fraud and Abuse ,
Investment ,
Investors ,
Japan ,
Loans ,
Mutual Funds ,
Private Funds ,
Proposed Rules ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Solicitation ,
United Arab Emirates (UAE) ,
Volcker Rule ,
White Collar Crimes
On November 4, 2019, the US Securities and Exchange Commission (SEC) proposed amendments to Rule 206(4)-1 (the Advertising Rule) and Rule 206(4)-3 (the Solicitation Rule) under the Investment Advisers Act of 1940. The...more
The US Securities and Exchange Commission recently adopted Rule 30e-3 under the Investment Company Act of 1940, which will provide registered funds with a “notice and access” option for delivering shareholder reports....more
President Trump’s order sets forth core regulatory principles and requires an extensive report in 120 days, which could lead to broader changes in the regulation of the US financial markets....more
The fund manager was victorious in the first court decision to come from a group of complaints filed over the last several years against manager-of-manager models.
Introduction -
Following a 25-day bench trial, the...more
9/13/2016
/ Appeals ,
AXA Equitable Life ,
Damages ,
Excessive Fees ,
Fiduciary Duty ,
Fund Managers ,
Investment Company Act of 1940 ,
Investors ,
Mutual Funds ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Shareholders
On June 28, 2016, the US Securities and Exchange Commission (SEC) proposed new Rule 206(4)-4 (Proposed Rule) under the Investment Advisers Act of 1940, as amended (Advisers Act) and also proposed amendments to certain...more
OCIE recently published a Risk Alert announcing that it will examine the potential conflict of interest created by registered investment advisers being financially incentivized to recommend certain share classes to clients....more
7/25/2016
/ 529 Plans ,
Compensation Agreements ,
Conflicts of Interest ,
Disclosure Requirements ,
Enforcement Actions ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Advisers Act of 1940 ,
OCIE ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Share Classes
Recent SEC staff no-action letter allows certain sub-advisers to avoid the burdensome surprise examination requirement under the Custody Rule.
On April 25, the US Securities and Exchange Commission (SEC) staff provided...more
On December 11, 2015, the US Securities and Exchange Commission (SEC) voted 3–1 in favor of proposing a new rule—Rule 18f-4 (Proposed Rule) under the Investment Company Act of 1940 (1940 Act). If adopted, the rule will have a...more
The Guidance emphasizes the importance of reviewing market conditions and the related effect on fund investments on an ongoing basis and ensuring that fund disclosure is appropriately up-to-date....more
Recently issued SEC staff guidance reminds mutual fund directors of their obligations to evaluate fund payments to financial intermediaries and emphasizes investment advisers’ and other service providers’ obligation to...more
SEC proposal would modernize the regulation of the transfer agency industry, particularly with respect to mutual funds.
Last month, the US Securities and Exchange Commission (SEC) issued an Advance Notice of Proposed...more
If adopted, the proposed requirements would significantly alter funds’ ability to enter into derivatives and other financial transactions, present new operational challenges, expand reporting requirements, and impose new and...more
NYSE Arca’s proposal would use a two-part test to identify aberrant prices in trades of exchange-traded products and then warn the market of such trades in an effort to deter further pricing dislocations....more
Firms that use third-party CCOs or that rely on financial intermediaries that have outsourced their compliance functions should consider taking a fresh look at their compliance structure in the wake of this guidance....more
Withdrawal comes within days of SEC Chair White and Commissioner Aguilar issuing public statements regarding ETFs.
On October 19, the US Securities and Exchange Commission (SEC) published a notice stating that NYSE Arca,...more
10/29/2015
/ ETFs ,
Exchange-Traded Products ,
Investor Advisory Committee ,
Liquidity ,
Listing Standards ,
NYSE ,
Pricing ,
Proposed Regulation ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
Transparency
In the second step of its five-part plan to enhance registered funds regulations, the SEC has proposed new requirements on portfolio liquidity, risk monitoring, and board oversight.
At an open meeting held on September...more
9/28/2015
/ Comment Period ,
Disclosure Requirements ,
ETFs ,
Investment Company Act of 1940 ,
Liquidity Risk Management Rule ,
Mary Jo White ,
Mutual Funds ,
New Regulations ,
Proposed Regulation ,
Registered Funds ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Share Redemption ,
Shareholders ,
Swing Pricing
The November 1, 2015 deadline is approaching for US financial services providers—including many US fund managers, private funds, and registered investment companies—to file a BE-180 with the US Department of Commerce....more
9/18/2015
/ BE-180 ,
BEA ,
Benchmarks ,
Filing Deadlines ,
Financial Institutions ,
Fund Managers ,
Investment Companies ,
Private Funds ,
Surveys ,
Time Extensions ,
U.S. Commerce Department
The SEC needs more time to consider generic listing standards for active ETFs.
On September 2, the US Securities and Exchange Commission (SEC) published a notice (Notice) designating a longer period of time to consider...more
Based on recent announcements from the SEC and its Staff, changes may be forthcoming for advisers’ use of third-party solicitors for government entity clients....more
7/29/2015
Growth in the ETP industry has led the SEC to seek public comment on a variety of topics related to the listing and trading of ETP shares.
On June 12, the US Securities and Exchange Commission (SEC) issued a release (the...more
7/2/2015
/ Arbitrage ,
Broker-Dealer ,
Exchange-Traded Products ,
Exemptive Relief ,
Investment Adviser ,
Investors ,
Listing Standards ,
Market Pricing ,
No-Action Relief ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
The SEC is considering an amended proposal by NYSE Arca to adopt generic listing standards for actively managed ETFs.
On June 5, the US Securities and Exchange Commission (SEC) issued an order (the Order) instituting...more
Proposals would impose new disclosure requirements designed to enhance the SEC’s ability to monitor the industry.
On May 20, the US Securities and Exchange Commission (SEC) unanimously approved proposals intended to...more
Although the proposed listing standards could significantly reduce regulatory barriers, commissioner dissent in exchange-traded product order underscores regulatory concerns about novel products....more