The Situation: The Financial Crimes Enforcement Network ("FinCEN") has adopted a rule that subjects certain investment advisers to anti-money laundering/countering the financing of terrorism program ("AML") requirements...more
9/23/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investment Adviser ,
Money Laundering ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
The U.S. Court of Appeals for the Fifth Circuit held that the new SEC regulation of private fund advisers exceeded the agency's statutory authority....more
The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more
2/28/2024
/ Dealers ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
New Rules ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Exchange Act ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Securities Traders ,
Securities Transactions
The U.S. Securities and Exchange Commission ("SEC") adopted multiple rules that will impact private funds, governing documents, and side letters....more
The Securities and Exchange Commission ("SEC") recently reminded SEC registered investment advisers of the upcoming compliance date (November 4, 2022) for the revised investment adviser advertising rule, and provided a list...more
On February 9, 2022, the SEC proposed new rules focused on private fund advisers' practices, reporting, and disclosures ("Proposed Rules"). The Proposed Rules would apply to all SEC registered advisers to private funds, and a...more
2/16/2022
/ Comment Period ,
Disclosure Requirements ,
Investment Adviser ,
Investment Management ,
Investors ,
Private Funds ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The Situation: The U.S. Securities and Exchange Commission's ("SEC") Division of Examinations (the "Division") issued its 2021 examination priorities ("2021 Exam Priorities").
The Result: The 2021 Exam Priorities set...more
3/19/2021
/ Anti-Money Laundering ,
Broker-Dealer ,
Compliance ,
Investment Adviser ,
Municipal Advisers ,
OCIE ,
Regulation Best Interest ,
Regulation SCI ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On February 26, 2021, the SEC's Division of Examinations released a Risk Alert to make digital asset market participants aware of recurring issues that have arisen in the course of recent examinations, and provide notice of...more
Compliance with new Regulation Best Interest ("Regulation BI") need not prevent environmental, social, and governance ("ESG") investing, but beware of new proposed restrictions for some.
As of June 30, 2020,...more
9/28/2020
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Adviser ,
Investors ,
Regulation Best Interest ,
Regulation BI ,
Securities and Exchange Commission (SEC)
The Situation: Throughout the COVID-19 pandemic, the U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examinations ("OCIE") has continued to operate via off-site examinations and remote working...more
On August 5, 2020, FINRA published Regulatory Notice 20-26, summarizing the results of a survey FINRA conducted of a representative cross-section of member firms, including firms with significant trading volumes or positions...more
The Situation: The SEC's Office of Compliance Inspections and Examinations ("OCIE") intends to examine registrants to assess preparation for the expected discontinuation of LIBOR and the transition to alternative reference...more
The Investor Advisory Committee of the U.S. Securities and Exchange Commission ("SEC") recently recommended that the SEC promulgate specific disclosure policies regarding environmental, social, and governance ("ESG") topics...more
As of June 30, 2020, all broker-dealers with retail customers must comply with Reg BI, and all broker-dealers and investment advisers must comply with Form CRS requirements with respect to their retail customers/investors....more
The U.S. Securities and Exchange Commission ("SEC") is scrutinizing the methodologies and criteria of investment funds that embrace environmental, social, and governance ("ESG") strategies as record amounts of money flow into...more
On August 7, 2019, the Financial Industry Regulatory Authority ("FINRA") issued a Regulatory Notice (the "Notice") intended to advise broker-dealers about the Securities and Exchange Commission's ("SEC") recently adopted...more
8/21/2019
/ Best Interest Standard ,
Broker-Dealer ,
Disclosure Requirements ,
Fiduciary Duty ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Investment Management ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Conduct
The Situation: The Staffs of the Divisions of Corporation Finance, Investment Management and Trading and Markets ("Divisions") of the U.S. Securities and Exchange Commission ("SEC") and its Office of the Chief Accountant...more
7/19/2019
/ Banking Sector ,
Broker-Dealer ,
Corporate Counsel ,
Disclosure Requirements ,
Investment ,
Investment Adviser ,
ISDA ,
Joint Statements ,
Libor ,
Market Participants ,
New Guidance ,
Registration Statement ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Working Groups
The Situation: The U.S. Securities and Exchange Commission ("SEC") has adopted: (i) new regulations relating to the relationship between broker-dealers and their retail customers; and (ii) interpretations of the standard of...more
7/5/2019
/ Best Interest Standard ,
Broker-Dealer ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The Situation: The Office of Compliance Inspections and Examinations ("OCIE") of the U.S. Securities and Exchange Commission has released its 2019 Examination Priorities ("Report").
The Result: The Report details key areas...more
In April 2018, the U.S. Securities and Exchange Commission ("SEC") released Regulation Best Interest, or Reg BI, a proposed rule that will require broker-dealers to operate in the best interest of their customers. Under Reg...more
1/3/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Consumer Financial Products ,
Cross-Border Transactions ,
Dodd-Frank ,
Duty of Care ,
Fiduciary Duty ,
Fiduciary Rule ,
Foreign Investment ,
Investment Adviser ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Wealth Management
The Securities and Exchange Commission has amended its rules to require broker-dealers to disclose more information about their order routing practices. The changes are intended to help investors better understand how their...more