The FCA consultation paper CP24/7 “Payment Optionality for Investment Research” considers the reintroduction of the bundling of research payments with broker’s execution fees....more
5/9/2024
/ Broker-Dealer ,
EU ,
Fees ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Investment ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Research and Development ,
Securities and Exchange Commission (SEC) ,
UK
On August 23, 2023, a divided Securities and Exchange Commission (SEC) adopted far-reaching new rules and rule amendments under the Investment Advisers Act of 1940, as amended (Advisers Act). While the final rules are not as...more
In a Legal Alert issued before yesterday’s SEC Open Meeting, we posed questions relating to six things that our Investment Services team would be looking for. We now have answers to some of those questions....more
The US Securities and Exchange Commission (SEC) is holding an open meeting this Wednesday, August 23, to consider whether to adopt proposed rules under the Investment Advisers Act of 1940 that, if adopted as proposed, would...more
8/22/2023
/ Audits ,
Compliance ,
Disclosure Requirements ,
Fees ,
Financial Statements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Policies and Procedures ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC)
In a Legal Alert issued before the SEC open meeting, we posed five questions that our Investment Services team would be looking out for as part of this meeting. We now have answers to some of these questions....more
7/31/2023
/ Analytics ,
Artificial Intelligence ,
Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Rules ,
Regulation BI ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Standard of Care ,
Technology
The US Securities and Exchange Commission (SEC) is holding an open meeting this Wednesday to consider whether to propose new and amended rules under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940...more
On February 15, 2022 the US Securities and Exchange Commission (SEC) proposed sweeping changes to Rule 206(4)-2 (the Custody Rule) under the Investment Advisers Act of 1940 (Advisers Act), which would be redesignated as Rule...more
Now that the dust has settled on the SEC’s enforcement action against fifteen (15) broker-dealers and an investment adviser for violations of SEC recordkeeping rules applicable to the use of personal devices and off-channel...more
ESG will be front and center in the SEC’s 2021 agenda. Our ESG Matrix can help establish a baseline for compliance by SEC-regulated funds, investment advisers, private funds and insurance companies. The Matrix covers...more
As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing with rules that impose a...more
4/17/2020
/ Best Interest Standard ,
Broker-Dealer ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Duty ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
State Securities Regulators
On March 13, 2020, the Securities and Exchange Commission (SEC) issued a temporary order (the Order) providing conditional exemptive relief to investment advisers registered with the SEC (RIAs) and exempt reporting advisers...more
Getting in the know. In this Bottom Line videocast, Michael Koffler and Bria Adams discuss Advisers Act regulatory developments, including:
Modernization of the Advisers Act Custody Rule.
SEC guidance on proxy voting...more
Hear how proposed changes to the Advertising Rule and the Solicitation Rule under the Investment Advisers Act could affect private funds and their sponsors.
In this Bottom Line videocast, Michael Koffler and Michael Voynich...more
2/10/2020
/ Asset Management ,
Cash Solicitation Rule ,
Fund Sponsors ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
Investors ,
Private Funds ,
Proposed Amendments ,
SEC Advertising Rule ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Recent SEC rulemaking and guidance heightened retail broker-dealer and investment adviser investment recommendation and advice standards and created certain compliance obligations with respect to account monitoring. Firms...more
On August 21, 2019, in a 3-2 vote, the US Securities and Exchange Commission (SEC) voted in favor of publishing guidance (guidance) regarding the proxy voting responsibilities of investment advisers (IAs). The guidance,...more
As anticipated, this year has seen a number of fiduciary and best interest investment advice regulations advance at both the federal and state levels. Firms subject to these regulations will face challenges in dealing with...more
On June 5, 2019, the US Securities and Exchange Commission adopted a comprehensive package of rulemakings and interpretations governing the standard of conduct applicable to broker-dealers and the fiduciary duty applicable to...more
7/17/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
Admittedly, it is not one of those “Do you remember where you were when it happened?” moments (for those old enough to remember, think November 16, 1981, when Luke and Laura married), but for the broker-dealer and investment...more
By all accounts, 2019 will see a number of fiduciary and best interest investment advice regulations advance at both the federal and state levels. Firms subject to these regulations will face challenges in dealing with rules...more
5/21/2019
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
By all accounts, 2019 will see the advancement of a number of fiduciary and best interest investment advice regulations at both the federal and state levels. Firms subject to these regulations will face challenges in dealing...more
4/2/2019
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Adviser ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
The Share Class Initiative -
On February 12, 2018, the Division of Enforcement of the US Securities and Exchange Commission (SEC) announced the Share Class Selection Disclosure Initiative (Initiative), which informed SEC...more
On August 25, the Securities and Exchange Commission (the SEC) adopted amendments to Form ADV Part 1 that will require SEC-registered investment advisers to provide a significant amount of new information. The SEC adopted...more
On September 22, the Securities and Exchange Commission (SEC) announced that it had entered into a settlement order with R.T. Jones Capital Equities Management, Inc. (R.T. Jones), a St. Louis-based SEC registered investment...more
Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of...more
On February 3, the Securities and Exchange Commission (SEC) issued a Risk Alert prepared by its Office of Compliance Inspections and Examinations (OCIE) that summarizes the results of a sweep of more than 100 broker-dealers...more