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SEC Issues Important Interpretive Guidance on Implications of "Unbundling" the Costs of Investment Research from the Costs of...

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

Sign of Future Changes? DOL Proposes 18-Month Extension of Transition Period for Compliance With ERISA "Fiduciary Investment...

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

SEC Warns That Digital Tokens May Be Securities

On July 25, the Securities and Exchange Commission (SEC or the Commission) published a Report of Investigation (Report) pursuant to Section 21(a) of the Securities Exchange Act of 19341 concluding that digital tokens issued...more

Compliance With the ERISA Fiduciary Advice Rule for Private Investment Fund Managers and Sponsors and Managed Account Advisers:...

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

Compliance With the ERISA Fiduciary Advice Rule: Beginning June 9, 2017

This is an update on the upcoming effective date of the "fiduciary rule" or "fiduciary advice rule" (the "Rule") that was issued under the US Employee Retirement Income Security Act of 1974 (ERISA). The Rule was published by...more

SEC Issues Update for Advisers Relying on the Unibanco No-Action Letters

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

DOL Issues 60-Day Delay on Fiduciary Advice Rule and Exemptions

On April 4, the US Department of Labor (DOL) pushed the applicability date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule") from April 10 to June 9, 2017. The full text of...more

Corporate and Financial Weekly Digest - Volume XII, Issue 9

ISS Updates Frequently Asked Questions for US Proxy Voting Policies and Procedures for 2017 - Proxy advisory firm Institutional Shareholder Services (ISS) recently updated its frequently asked questions (FAQs) for US...more

DOL Proposes to Delay Fiduciary Advice Rule, Requests Comments on Delay and on Costs, Benefits of the Rule

On March 2, the US Department of Labor (DOL) published a proposed extension (the "Proposal") of the effective date of what is commonly referred to as the "fiduciary rule" or the "fiduciary advice rule" (the "Rule"). The Rule...more

Registered Investment Advisers Take Note: New SEC Custody Rule Guidance

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

SEC Whistleblower Protection: Recent Cautionary Tales and New Best Practices

Although 2017 has barely begun, the Securities and Exchange Commission (SEC) has continued to aggressively pursue enforcement actions against companies for whistleblower-related violations. As part of its initiative, the SEC...more

Significant Changes to Form ADV and Performance Advertising Rules Adopted

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

Public Company Sanctioned by SEC for Including Illegal Anti-Whistleblower Provisions in Severance Agreements

In a speech on April 30, 2015. Securities and Exchange Commission (SEC) Chair Mary Jo White noted that... Please see full Advisory below for more information....more

SEC Proposes Rule Requiring Investment Advisers To Adopt Business Continuity and Transition Plans

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

Eleventh Circuit Applies Five-Year Statute of Limitations to SEC Disgorgement Claims

On May 26, the Eleventh Circuit Court of Appeals unanimously ruled that the five-year statute of limitations applicable to Securities and Exchange Commission claims for fines and suspensions or bars also applies to SEC claims...more

SEC Enforcement Action Highlights Need for Private Equity Firms to Consider Broker-Dealer Registration

A recent SEC enforcement action against a private equity firm highlights issues identified in a recent speech by the Director of the Securities and Exchange Commission's (SEC) Division of Enforcement as well as an issue...more

SEC Proposed Rule 18f-4 Would Severely Restrict Use of Derivatives by Investment Companies

On December 11, 2015, the Securities and Exchange Commission proposed a new rule, Rule 18f-4, under the Investment Company Act (ICA), to regulate certain types of financial commitments made by investment companies, including...more

SEC Settles With Adviser That Allegedly Overcharged Management Fees and Misled Investors

On January 19, the Securities and Exchange Commission announced that it had settled with Equinox Fund Management LLC (Equinox). The SEC order found that Equinox, with respect to its managed futures fund (the Fund), had...more

Corporate and Financial Weekly Digest - Volume XI, Issue 3

SEC/CORPORATE - SEC Settles With Adviser That Allegedly Overcharged Management Fees and Misled Investors - On January 19, the Securities and Exchange Commission announced that it had settled with Equinox Fund...more

SEC Issues Guidance on Mutual Fund Payment of Distribution Fees to Intermediaries

On January 6, the staff of the Securities and Exchange Commission's (SEC's) Division of Investment Management issued Guidance Update 2016-01, "Mutual Fund Distribution And Sub-Accounting Fees" (the "Guidance"). The Guidance...more

SEC 2016 Examination Priorities Focus on ETFs, Cybersecurity and Liquidity Controls for Fixed-Income Funds

On January 11, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released its 2016 examination priorities for investment companies, investment advisers, broker-dealers and...more

Corporate and Financial Weekly Digest - Volume XI, Issue 2

BROKER-DEALER - 2016 Examination Priorities Announced By SEC - On January 11, the Securities and Exchange Commission released the Office of Compliance Inspections and Examinations’ (OCIE) 2016 examination...more

Victim of Fraud Sued for Fraud

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

IRS Addresses RIC Asset Diversification Requirements

On September 14, the Internal Revenue Service (IRS) issued final regulations under Internal Revenue Code Section 851 clarifying that control groups under the regulated investment company (RIC) rules may consist of two...more

SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs

On September 22, the Securities and Exchange Commission proposed a comprehensive package of rule reforms designed to enhance effective liquidity risk management by open-end funds, including mutual funds and exchange-traded...more

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