Key Points -
- The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) recently released a Risk Alert warning investment advisers, broker-dealers, investment companies,...more
Key Points -
- Recent Securities and Exchange Commission (SEC) enforcement actions against investment advisers and fund managers point to continued pressure points in the areas of conflicts of interest and disclosures to...more
Key Points -
- New York’s Investor Protection Bureau of the Department of Law (the “Department”) proposed changes to notice filing requirements for private funds offered under Regulation D.
- The proposal also would...more
Key Points -
- The CFTC is proposing to eliminate large sections of current Form CPO-PQR.
- Revised Form CPO-PQR would have a quarterly filing requirement for all CPOs (regardless of size) and would ask them to provide...more
At least some financial markets and funds businesses are likely precluded from applying for the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a result of an...more
Key Points -
The widely publicized Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), providing an estimated $2 trillion dollars of COVID-19 relief to Americans, has passed both chambers of Congress and...more
This Katten Advisory highlights considerations around COVID-19 that may be relevant for private investment funds and their managers. Notwithstanding the current pandemic, fund managers owe fiduciary duties to their clients,...more
KEY POINTS -
- Amendments to FINRA Rules 5130 and 5131, which govern the offer and sale of "New Issue" securities went into effect on January 1.
- FINRA Rule 5130 prohibits a broker-dealer from selling New Issues to...more
1/10/2020
/ Amended Rules ,
Broker-Dealer ,
Business Development Companies ,
Charitable Organizations ,
Employee Retirement Income Security Act (ERISA) ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Investment ,
Foreign Sovereigns ,
Initial Public Offering (IPO) ,
Investment Advisers Act of 1940 ,
Portfolio Managers ,
Regulation S ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
On April 30, 2019, US Court of Appeals for the DC Circuit decided an important case involving the disclosure obligations of investment advisers. The case decided that an adviser’s disclosure that it “may” have a conflict of...more
5/16/2019
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Financial Services Industry ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Mutual Funds ,
Negligence ,
Revenue Sharing ,
Securities and Exchange Commission (SEC)
On August 27, the Securities and Exchange Commission (SEC) brought actions against four affiliated entities—including two registered investment advisers, one dually registered investment adviser and broker-dealer and a...more
On February 7, the US Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations (OCIE) published its examination priorities for 2018 (the "2018 Priorities Report"). Given that OCIE's...more
With the vast majority of European Union (EU) regulatory focus recently having been on the Markets in Financial Instruments Directive (MiFID II), it is important not to overlook the impending implementation of the EU's...more
On November 29, the US Department of Labor (DOL) finalized its 18-month extension of the transition period under the Best Interest Contract Exemption (the "BIC Exemption"). As described in Katten's earlier advisory,...more
On October 26, the Securities and Exchange Commission (SEC) issued three long-awaited letters clarifying how regulatory requirements in the European Union (EU), which go into effect on January 3, 2018, will impact US money...more
On August 9, the US Department of Labor (DOL) announced in a court filing that it has proposed an 18-month extension of the full implementation of the Best Interest Contract Exemption (the "BIC Exemption") under the ERISA...more
The DOL's "fiduciary advice rule" (the "Rule") will take effect on June 9, 2017. The DOL has published FAQs on the implementation of the Rule applicable to the period between June 9th and December 31st (the "Transition...more
Recently, the staff (Staff) of the US Securities and Exchange Commission's (SEC) Division of Investment Management issued an information update (the "Information Update") for investment advisers registered under the...more
Registered investment advisers should take note of recent pronouncements by the staff of the SEC's Division of Investment Management (the "Division") regarding Rule 206(4)-2 (the "Custody Rule") of the Investment Advisers Act...more
On August 25, the Securities and Exchange Commission (SEC) adopted amendments to Form ADV and to certain rules promulgated under the Investment Adviser Act of 1940, as amended (the "Advisers Act"). These amendments will be...more
In a speech on April 30, 2015. Securities and Exchange Commission (SEC) Chair Mary Jo White noted that...
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On June 28, the Securities and Exchange Commission (SEC) proposed a new rule, Rule 206(4)-4 (the "Proposed Rule") under the Investment Advisers Act of 1940 (the "Advisers Act"), that would make it unlawful for an...more
On November 25, 2015, the Commodity Futures Trading Commission (the "Commission" or the CFTC) proposed a comprehensive set of new rules ("Regulation AT") that, if adopted, potentially would impose many new obligations on most...more
On November 16, 2015, the Securities and Exchange Commission (SEC) sued an investment adviser, Virtus Investment Advisers, Inc., who had hired another adviser, F Squared Investments, Inc., to sub-advise certain mutual funds...more
Every five years, the US Department of Commerce's Bureau of Economic Analysis (BEA) conducts a survey concerning the extent of investment abroad by US individuals and entities (US persons). In the past, only US persons...more
The China Securities Regulatory Commission (CSRC) is soliciting public comment on proposed rules (Interim Measures) that would open Chinese futures markets to direct trading by non-Chinese persons apparently for both...more