On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more
3/1/2024
/ Asset Management ,
Audits ,
Compliance ,
Disclosure Requirements ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Portfolios ,
Investors ,
New Rules ,
Private Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more
1/22/2024
/ Asset Management ,
Beneficial Owner ,
Capital Markets ,
Compliance ,
Digital Assets ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Management ,
Liquidity ,
Money Market Funds ,
Private Funds ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Standards ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Swing Pricing ,
Whistleblowers
On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more
Environmental, social, and governance (ESG) and the sustainable economy are concepts that often overlap and frequently intertwine. Whether viewed separately or together, they have significantly changed global investing and...more
2/14/2023
/ Carbon Emissions ,
Clean Energy ,
Corporate Governance ,
Corporate Social Responsibility ,
Energy Sector ,
Environmental Justice ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Investment Management ,
Investors ,
Popular ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
Executive Summary - On 25 May 2022, the U.S. Securities and Exchange Commission (the SEC) proposed amendments to existing rules and reporting forms (the Proposed Amendments) designed to promote consistent, comparable, and...more
The Securities and Exchange Commission (the SEC) on 9 February 2022 proposed new rules and amendments (collectively, the Proposed Rules) under the Investment Advisers Act of 1940, as amended (the Advisers Act)....more
Environmental, social, and governance (ESG) and the sustainable economy are concepts that often overlap and frequently intertwine. Whether viewed separately or together, they have significantly changed global investing and...more
On 28 October 2020, the U.S. Securities and Exchange Commission adopted Rule 18f-4 under the Investment Company Act of 1940, as amended. The rule replaces the SEC’s decades-old patchwork of guidance with a comprehensive...more
I. INTRODUCTION -
The Commodity Futures Trading Commission (“CFTC” or “Commission”) recently approved a proposed rule (the “Proposed Rule”) to improve the regulation of cross-border swap transactions and establish a formal...more
OVERVIEW -
- An estimated $350 trillion of financial contracts and securities tied to LIBOR
- End of 2021: LIBOR to be discontinued
- Prior to End of 2021:
- Pre-cessation trigger
- If LIBOR becomes...more
AGENDA -
- Global Derivatives Regulatory Update
- Margin for Uncleared Swaps
- EMIR REFIT
- FINRA Rule 4210 Margin Requirements
CFTC Regulatory Developments -
- NFA Compliance Rule 2-9
- NFA Compliance Rule 2-29
-...more
RECENT SEC ENFORCEMENT ACTIONS -
FEES AND EXPENSE ALLOCATIONS -
ECP Manager (Sept. 27, 2019) Administrative Proceeding File No. 3-19535 -
- A PE adviser settled claims which alleged that it caused its fund to overpay...more
SUMMARY -
Swap dealers (“SDs”) are required to post and collect initial margin (“IM”) for uncleared swaps with other SDs and counterparties that are financial end users with “material swap exposure” (“MSE”) in accordance...more
On December 21, 2017 the U.S. Securities and Exchange Commission (the “SEC”) published a settlement order with TPG Capital Advisors, LLC (“TPG”) arising from insufficient disclosure regarding the acceleration of monitoring...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers both inside and outside the European Union (“EU”). While the precise scope of these obligations will depend, in many...more
Changes to the MiFID II regulatory regime will impose new obligations on many global investment managers that, to date, have avoided substantive regulation in the European Union ("EU"). While the precise scope of these...more
As previously noted in the client alert “Brexit: A First Look at the Impact on Asset Managers That Trade Derivatives,” Brexit is not anticipated to have an immediate impact on ISDA Documentation or derivatives contracts. ...more
Asset managers and investment funds that make significant use of derivatives will face regulatory and operational challenges in the post-Brexit vote environment. Although the Brexit vote is not expected to have an immediate...more