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FDIC Proposes Expanding Change in Bank Control Act Reviews Aimed at Asset Managers

Executive Summary - Last month, the Federal Deposit Insurance Corporation (FDIC) Board of Directors (FDIC Board) proposed an amendment to its regulations under the Change in Bank Control Act of 1978 (CBCA). Driven by the...more

Selection of Gov. Walz as VP Candidate Implicates SEC Pay-To-Play Rule

Kamala Harris’ selection of Tim Walz as running mate for her presidential campaign has implications under the Securities and Exchange Commission’s (SEC) Rule 206(4)-5 under the Investment Advisers Act (SEC Pay-to-Play Rule)....more

AML Update: SEC and FinCEN Propose Anti-Money Laundering and Customer Identification Programs for Investment Advisers

Introduction - On 13 May 2024, the Securities and Exchange Commission (SEC) and the US Department of Treasury’s (DoT) Financial Crimes Enforcement Network (FinCEN) jointly proposed rulemaking to implement Section 326 of the...more

SEC Finalizes Amendments to Regulation S-P

On 16 May 2024, the Securities and Exchange Commission (SEC) adopted amendments (amendments) to Regulation S-P representing the first major changes to Regulation S-P since its initial adoption in 2000....more

SEC Expands "Dealer" Definition to Capture Liquidity Providers

Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more

Stay on Target: FINRA Proposes Rules Permitting Presentation of Performance Projections and Targets

The regulation of broker-dealer communications is delegated to the Financial Industry Regulatory Authority, Inc. (FINRA), while investment adviser advertisements are regulated directly by the US Securities and Exchange...more

A New Frontier: The SEC Addresses Artificial Intelligence (and a Whole Lot More)

Executive Summary - Newly proposed rules (the Predictive Analytics Rules) will, if adopted as proposed, require broker-dealers and investment advisers (firms) to: (i) identify conflicts of interests when using certain...more

SEC Proposes Custody Rule Overhaul With Broad Implications for Investment Advisers, Custodians, and Independent Public Accounting...

On 15 February 2023, the Securities and Exchange Commission (SEC) announced a proposed overhaul of the custody framework for SEC-registered investment advisers (investment advisers). The proposed reforms—which would amend and...more

SEC v. Wahi: An Enforcement Action Impacting the Broader Crypto/Digital Assets and Investment Management Industries

The U.S. Securities and Exchange Commission (SEC) has made a new crypto move—and its impact is broad. BACKGROUND - On 21 July, the SEC filed a complaint (Wahi complaint) in the U.S. District Court for the Western District of...more

SEC Solicits Comments on Whether Index Providers, Model Portfolio Providers, and Pricing Services Are Investment Advisors: Seeking...

Introduction - On 15 June 2022, the Securities and Exchange Commission (SEC) issued a “Request for Comment on Certain Information Providers Acting as Investment Advisers” (Request)....more

FINRA Considers Limiting Self-Directed Investors' Ability to Invest in Certain Exchange-Traded Funds, Mutual Funds and Closed-End...

On 8 March 2022, the Financial Industry Regulatory Authority, Inc. (FINRA) issued Notice to Members No. 22-08 (NtM 22-08) to “remind members of their sales practice obligations” for complex products and options and to...more

Unintended Consequences of Wyden's Proposal to Change Tax Treatment for Mutual Funds and ETFs

On 10 September 2021, Senate Finance Committee Chairman Ron Wyden of Oregon released a discussion draft proposing changes to partnership taxation, and to the taxation of regulated investment companies including mutual funds...more

The SEC's Modernized Marketing Rule for Investment Advisers

On 22 December 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments (the final rule) to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of...more

SEC Enforcement Action Cites Bank for Operating Collective Investment Funds as Unregistered Investment Companies: Key Takeaways...

Banks and trust companies maintaining collective investment funds (CIFs) took notice when the U.S. Securities and Exchange Commission (SEC) announced enforcement proceedings on 30 September 2020 against Great Plains Trust...more

Finders Keepers? SEC Proposes Exemption from Broker-Dealer Registration for Finders in Private Placements, but Questions Remain

OVERVIEW - On October 7, 2020, the U.S. Securities and Exchange Commission (SEC) proposed a conditional exemption, operating as a nonexclusive safe harbor from the broker registration requirements of Section 15(a) of the...more

OCIE Issues Guidance for Examinations of Regulation Best Interest and Form CRS

The June 30 deadline for compliance with Regulation Best Interest [1] and Form CRS [2] presents new compliance obligations for broker-dealers and investment advisers engaging in a retail business. In anticipation of this...more

Full Speed Ahead on Regulation Best Interest and Form CRS

June 30 Implementation Deadlines & FINRA Proposes Rule Changes to Align with Regulation Best Interest - Introduction - On April 2, 2020, U.S. Securities and Exchange (“SEC”) Chairman Jay Clayton announced that the original...more

Massachusetts Finalizes State Fiduciary Standard amid Regulation Best Interest

I. SUMMARY - On February 21, 2020, the Massachusetts Securities Division (the “Division”) officially adopted regulations (the “MA Fiduciary Rule”) that would raise the standard of conduct applicable to broker-dealers and...more

Session VI - Investment Adviser and Broker-Dealer Standards of Conduct: 2019 Boston Investment Management Conference

SEC ADOPTS RULES AND INTERPRETATIONS RELATED TO IA AND BD STANDARDS OF CONDUCT - - On June 5, 2019, the SEC formally adopted four measures for the protection of retail investors. - Regulation BI (“Best Interest”). - Form...more

Regulation Best Interest and Placement Agents

Placement agents in private securities offerings may have new obligations under SEC Regulation Best Interest (“Reg BI”) when dealing with natural persons. ...more

Links to Regulatory Materials

SEC ADOPTING RELEASES - New Regulation Best Interest: Title: Regulation Best Interest: The Broker-Dealer Standard of Conduct....more

Form CRS: Practical Considerations

OVERVIEW - On June 5, 2019, the Securities and Exchange Commission (the “SEC”) adopted a series of new rules and interpretations designed to enhance the protection of retail investors and to improve the quality and...more

Now Effective: SEC Interpretations Relating to the Fiduciary Duty of Investment Advisers and the “Solely Incidental” Exclusion

At an Open Meeting on June 5, 2019, the Securities and Exchange Commission (“SEC”) formally adopted: (1) an interpretation of an investment adviser’s fiduciary duties; and (2) an interpretation of the “solely incidental”...more

SEC Outlines Parameters of Permissible Broker-Dealer Advice to Customers

On June 5, 2019, the Securities and Exchange Commission (“SEC” or “Commission”) issued a new interpretation (“Interpretation”) of the “solely incidental” prong of Section 202(a)(11)(C) of the Investment Advisers Act of 1940,...more

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