On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (NPR) that would expand the FDIC’s role under the Change in Bank Control Act of 1978 (CBCA). The NPR seeks, in part, to...more
8/29/2024
/ Asset Management ,
Bank Merger Act ,
CBCA ,
FDIC ,
Federal Bank Regulatory Agencies ,
Holding Companies ,
Insured Depository Institutions ,
Interagency Agreement ,
Investment Management ,
NPRM ,
Securities and Exchange Commission (SEC)
Alongside the rapid pace of Securities and Exchange Commission (SEC) rulemaking, the SEC and its Staff continue to shape regulatory obligations for investment advisers in 2024 through guidance, alerts, enforcement actions,...more
8/22/2024
/ Administrative Procedure Act ,
Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Electronic Communications ,
Enforcement ,
False Statements ,
Hedge Funds ,
Investment Adviser ,
Loper Bright Enterprises v Raimondo ,
Marketing ,
Performance Standards ,
Private Funds ,
Recordkeeping Requirements ,
SEC Examination Priorities ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC)
On May 13, 2024, the U.S. Department of the Treasury’s (“Treasury”) Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC) issued a joint Notice of Proposed Rulemaking (NPRM) that would...more
7/8/2024
/ AML/CFT ,
Bank Secrecy Act ,
Customer Identification Program (CIP) ,
Exempt Reporting Advisers (ERAs) ,
FinCEN ,
Investment Adviser ,
Investment Management ,
NPRM ,
Popular ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
On June 5, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) unanimously vacated the “Private Fund Adviser Rules,” which the U.S. Securities and Exchange Commission (the SEC)...more
6/13/2024
/ Audits ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Private Funds ,
Quarterly Report ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
The Investment Advisers Act of 1940 (the “Advisers Act”) is a relatively compact statute, and for many years the Securities and Exchange Commission (SEC) adopted relatively few regulations specifically targeting Advisers Act...more
3/19/2024
/ Anti-Money Laundering ,
Asset Management ,
Compliance ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Pay-To-Play ,
Proxy Voting ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
In November of 2023, FINRA made an initial rule filing with the Securities and Exchange Commission (SEC) pursuant to Exchange Act Rule 19b-4, seeking to amend FINRA Rule 2210 – Communications with the Public (the...more
In July 2020, a sensitive Federal Bureau of Investigation (FBI) document was leaked to the public. The document outlined the FBI’s suspicions that the private investment funds industry was providing choice money laundering...more
On January 9, a hacker posted from the Securities and Exchange Commission’s (SEC) official X account. The post announced that the SEC had officially approved exchange-traded funds (ETFs) to hold spot bitcoin. Within 30...more
Regulators across the globe continue to focus on disclosures and marketing relating to environmental, social, and governance (ESG) issues. Consistent with this trend, on September 20, 2023, the U.S. Securities and Exchange...more
10/11/2023
/ Best Practices ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Federal Register ,
Federal Trade Commission (FTC) ,
Green Guides ,
IFRS ,
Investment Adviser ,
Investment Company Act of 1940 ,
New Amendments ,
Recordkeeping Requirements ,
Reporting Requirements ,
SASB ,
Securities and Exchange Commission (SEC) ,
Transparency
A series of recent actions by the Securities and Exchange Commission (SEC) and its staff should prompt registered investment advisers (RIAs) to reassess their risk tolerance for some relatively common RIA marketing, custody,...more
On August 23, 2023, the SEC adopted new rules and amendments to existing rules (collectively, the “New Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The New Rules are designed to increase...more
9/5/2023
/ Conflicts of Interest ,
D&O Insurance ,
Disclosure Requirements ,
Errors and Omissions Policy ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
PCAOB ,
Private Funds ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On July 31, 2023, the Securities and Exchange Commission’s (SEC) Division of Examinations (EXAMS) issued a risk alert summarizing observations from its recent anti-money laundering (AML) and counter-financing of terrorism...more
On July 31, 2023, Judge Jed S. Rakoff in the Southern District of New York ruled that the U.S. Securities and Exchange Commission (SEC) may proceed with its case against Terraform Labs (“Terraform”) and its CEO, Do Hyeong...more
Based on updates to its rulemaking agenda that were released last week, the U.S. Securities and Exchange Commission (SEC) has delayed approval of two cybersecurity rules until at least October 2023. Both proposed rules were...more
On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to its rules that will require additional detail regarding the structure of share repurchase plans or programs and share repurchases by...more
5/16/2023
/ Disclosure Requirements ,
Foreign Private Issuers ,
Form 10-Q ,
Investors ,
Regulation S-K ,
Repurchases ,
Rule 10b-5 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Stock Repurchases ,
Trading Policies
On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) adopted, by a vote of 3-2, amendments to Form PF (the “Amended Form”), the confidential reporting form for certain SEC-registered investment advisers to...more
On April 14, 2023, the Securities and Exchange Commission (SEC) reopened the comment period on proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 (the “Exchange Act”) (the “Amendments”). The...more
Last month, the SEC took a big step toward strengthening the cybersecurity of financial systems by proposing regulations that, taken together, will require registered investments advisers, broker‑dealers, and all national...more
4/14/2023
/ Broker-Dealer ,
Cyber Incident Reporting ,
Cybersecurity ,
Financial Services Industry ,
Investment Adviser ,
Policies and Procedures ,
Popular ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
On February 15, 2023, the U.S. Securities and Exchange Commission (SEC) adopted rules and amendments to shorten the standard settlement cycle for transactions in most securities from two business days after the trade date...more
On February 7, 2023, the Securities and Exchange Commission’s (SEC) Division of Examinations (EXAMs) announced its 2023 Examination Priorities (the “Priorities”), which highlight areas it expects to target in 2023...more
2/22/2023
/ Broker-Dealer ,
Compliance ,
Cryptocurrency ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
Fair Valuation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Libor ,
Mutual Funds ,
Private Funds ,
Registered Investment Advisors ,
Regulation Best Interest ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
On February 2, 2023, the Division of Investment Management Staff (the “Staff”) of the Securities and Exchange Commission (SEC) published a Staff Bulletin regarding fee waiver and expense reimbursement practices for investment...more
Sponsors and managers of private funds must attend to various routine regulatory and compliance tasks, which can include ongoing reporting obligations under the Investment Advisers Act of 1940 (the “Advisers Act”), updating...more
1/16/2023
/ CFTC ,
Cybersecurity ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Rules ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Vendors
The California Department of Financial Protection and Innovation (DFPI) has proposed to adopt rules that would require investment adviser representatives (IARs) to complete 12 credit hours of continuing education courses each...more
Recently, the U.S. Securities and Exchange Commission (SEC) adopted rule and form amendments for registered open-end funds (Final Rules) that will substantially change the form and content of fund shareholder reports. The SEC...more
11/30/2022
/ Advertising ,
Disclosure Requirements ,
EFTs ,
Exchange-Traded Products ,
Final Rules ,
Financial Records ,
Fund Managers ,
Mutual Funds ,
Portfolio Managers ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholders
Recent reports indicate that the Securities and Exchange Commission (SEC) is increasing its attention on registered investment advisers (RIAs) and their oversight and recordkeeping responsibilities related to employees’ use...more