On June 5th, 2024, the United States Court of Appeals for the Fifth Circuit (the “Court”) vacated the U.S. Securities and Exchange Commission’s (“SEC’s”) private fund advisers rules (the "Rules"), which would have imposed...more
On May 13, 2024, the U.S. Securities and Exchange Commission’s Division of Investment Management (“SEC”) and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a joint proposal...more
On February 13, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed a new rule that would require federal investment advisers to add Bank Secrecy Act (“BSA”) type anti-money...more
On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted (via 3-2 vote of the Commissioners) a package of five key new rules and amendments (Final Rules) to existing rules under the Investment Advisers...more
On March 30, 2022, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (the “Division”) issued its annual examination priorities for 2022. The Division will prioritize five significant focus areas...more
On July 21, 2021, the Securities and Exchange Commission (the “SEC”), Division of Examinations (the “Division”), issued new guidance regarding “Fixed Income Principal and Cross Trades by Investment Advisers from an...more
The New York State Department of Law recently adopted regulations (“NY IAR Regs”) that, starting February 1, 2021, require Investment Adviser Representatives (“IAR”) representing a New York state registered investment adviser...more
On December 22, 2020, the SEC finalized rules governing investment adviser marketing and payments to solicitors under the Investment Advisors Act of 1940, as amended. The reforms create a single rule to replace the current...more
On July 22, 2020, the SEC adopted final rules on the application of its proxy solicitation rules to proxy voting advisors. Among other things, the new rules will, for practical purposes, require these proxy advisory firms –...more
On June 23rd, the Office of Compliance Inspections and Examinations (“OCIE”)? released a Risk Alert, Observations from Examinations of Investment Advisers Managing Private Funds (the “Risk Alert”), detailing certain...more
On March 13, 2020, the Securities and Exchange Commission (the “SEC”) announced two releases providing regulatory relief for investment funds and investment advisers whose operations may be impacted by COVID-19. In announcing...more
On August 21, 2019, the Securities and Exchange Commission (the “SEC”) issued guidance relating to the proxy voting responsibilities of investment advisers (the “Proxy Voting Guidance”). This guidance follows the SEC’s...more
On August 21, 2019, the SEC provided guidance to investment advisers, such as fund managers, regarding their proxy voting responsibilities. The SEC also concurrently issued an interpretative release regarding the...more
On June 5, 2019, the Securities and Exchange Commission (the “SEC”) voted to adopt two new rules intended to protect retail investors. ...more
On Wednesday, June 5, 2019, the Securities and Exchange Commission (the “SEC”) voted to adopt requirements for investment advisers and broker-dealers to prepare and file a Form CRS Relationship Summary. The Form CRS...more
On December 20, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) issued its 2019 examination priorities letter. OCIE releases examination priorities...more
On June 21, 2018, the United States Court of Appeals for the Fifth Circuit issued its mandate to formally vacate the US Department of Labor’s conflict of interest rule (the “DOL Fiduciary Rule”) and related exemptions,...more
Investment Advisers Act Rule 206(4) (the “Custody Rule”) is designed to protect client funds and securities from being lost, misused, or otherwise misappropriated by investment advisers. As such, the Custody Rule provides...more
On Tuesday, February 13, 2018 the Securities and Exchange Commission (“SEC”) announced the opening of registration for its compliance outreach program’s national seminar for investment companies and investment advisers, which...more
The Office of Compliance Inspections and Examinations (the “OCIE”) published a Risk Alert on September 14, 2017 discussing the most frequent issues that the OCIE observed during its examinations of investment advisers with...more
On February 21, 2017 the Securities and Exchange Commission (the SEC) released new guidance concerning when a registered investment adviser is deemed to have “custody” for purposes of Adviser’s Act Rule 206(4) (the Custody...more
On August 25, 2016, the Securities and Exchange Commission (the “SEC”) adopted amendments to rules promulgated under the Investment Advisers Act of 1940 (the “Advisers Act”) and the investment adviser registration and...more
Small Business Investment Company (SBIC) investment advisers will now have reduced registration requirements under the Investment Advisers Act of 1940 (Advisers Act), thanks to the recently enacted SBIC Advisers Relief Act....more
Registered investment advisers should periodically assess their cybersecurity vulnerabilities, create strategies to respond, and make sure they are making the strategies work. ...more
On February 3rd, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission released a summary of its cybersecurity findings during sweep reviews in 2014. ...more