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)
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
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)
The compliance date for the SEC’s new investment adviser Marketing Rule is November 4, 2022, allowing just over a month for an investment adviser to finalize its implementation process to comply with the Rule, which applies...more
On June 23, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert identifying common deficiencies and compliance issues it has observed in examinations of registered investment...more
On May 27, 2020, the staff of the SEC’s Division of Investment Management (the “Division”) issued a new statement (the “Staff Statement”) addressing the intersection between state control share acquisition statutes and the...more
On November 4, 2019, the Securities and Exchange Commission (SEC) proposed amendments to both the advertising rule and the cash solicitation rule under the Investment Advisers Act of 1940 (the “Advisers Act”). Neither rule —...more
On June 5, 2019, the SEC issued an Interpretive Release designed to “reaffirm, and in some cases clarify, the standard of conduct that investment advisers owe to their clients.” The Interpretive Release highlights existing...more
The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations published its 2019 examination priorities on Dec. 20, 2018. Since this occurred just prior to the implementation of a partial...more
The end of 2018 was notable for two SEC enforcement actions against private equity fund managers for violations of the Investment Advisers Act of 1940 arising from improper allocations of expenses, undisclosed conflicts of...more
FINRA recently published its 2019 Risk Monitoring and Examination Priorities Letter (“Priorities Letter”) highlighting topics upon which FINRA will focus in the coming year. Unlike letters in prior years, the Priorities...more
In December 2018, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) published its fifth and last risk alert of 2018 on the topic of electronic messaging by personnel of...more
The SEC’s Office of Compliance Inspections and Examinations (OCIE) published its 2019 examination priorities on December 20, 2018. Although OCIE’s published priorities “provide a preview of key areas where OCIE intends to...more
On October 12, 2018, the staff of the SEC’s Division of Investment Management issued a no-action letter to the Independent Directors Council (“IDC”) agreeing that the staff will not recommend enforcement if, in lieu of making...more
In a recently settled enforcement matter, the SEC imposed a $1 million penalty on an investment adviser based on findings that the adviser violated the Investment Advisers Act of 1940 (the “Advisers Act”) and caused...more
The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) recently published its observations from the second generation of its Cybersecurity Initiative. It reported overall improvement...more
Currently pending amendments to Form ADV have a compliance date of October 1, 2017 and, as of that date, an adviser filing an initial Form ADV or an amendment to an existing Form ADV must use the revised Form ADV. In an...more
In a series of enforcement actions this week, the SEC made it clear that investment advisers need to substantiate the performance records of investment management firms they recommend to their clients. In these cases,...more
The SEC’s Division of Investment Management published regulatory guidance on June 28, 2016, highlighting the need for registered investment company complexes to review their business continuity plans to ensure they are...more
Regulation -
OCIE Cautions Advisers on Outsourcing Compliance Activities:
In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more
11/18/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
CFTC ,
Compliance ,
Cybersecurity ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Management ,
Investor Protection ,
OCIE ,
Outsourcing ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Swing Pricing ,
Volcker Rule
In This Issue:
- SEC Proposes Rule Requiring Hedging Disclosure
- SEC Reports the Result of its Cybersecurity Sweep of Broker-Dealers and Investment Advisers
- House Passes Bill to Ease Volcker Rule and Other...more
2/27/2015
/ Background Checks ,
Broker-Dealer ,
CFTC ,
Compliance ,
Cybersecurity ,
Data Protection ,
Dodd-Frank ,
Enforcement ,
Enforcement Actions ,
Equity Swaps ,
Financial Industry Regulatory Authority (FINRA) ,
Hedging ,
Investment Adviser ,
Investment Management ,
OCIE ,
Securities and Exchange Commission (SEC)
In a December 10, 2014 speech, Norm Champ, the Director of the SEC’s Division of Investment Management, offered a glimpse at the top 10 industry lessons learned in 2014. While admitting that his Top Ten list “may not be as...more
In This Issue:
- Regulation
..SEC Chair’s Agenda Provides Glimpse of New Rules to Come
..The Results Are In: Investors Favor Additional Regulatory Protection
..SEC Declines to Approve Non-Transparent...more
Can two affiliated ETFs merge in reliance on Rule 17a-8 under the Investment Company Act despite representations they made to obtain exemptive relief from the Commission? That’s the question addressed in a recent Guidance...more
In This Issue:
Regulatory Updates -
SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more
5/17/2013
/ Broker-Dealer ,
Custody Rule ,
ETFs ,
Federal Reserve ,
Final Rules ,
Investment Management ,
Nonbank Firms ,
Pensions ,
Public Disclosure ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Startups