A DC Circuit Court of Appeals challenge to a recent Financial Industry Regulatory Authority (FINRA) enforcement action brings into question whether FINRA should be held accountable to constitutional restrictions on state...more
Four Key Considerations Since SEC Amended Form PF -
In early May, the Securities and Exchange Commission (SEC) adopted a final rule amending Form PF, the confidential reporting form for certain SEC-registered investment...more
6/14/2023
/ Biometric Information Privacy Act ,
CFTC ,
Climate Change ,
Crypto Exchanges ,
Cryptoassets ,
Data Privacy ,
Digital Assets ,
Environmental Social & Governance (ESG) ,
EU ,
False Claims Act (FCA) ,
New Legislation ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Texas ,
UK ,
Whistleblowers
In early May, the SEC adopted a final rule amending Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. Form PF is designed to facilitate both the Financial Stability...more
President Biden's New Executive Order on Environmental Justice Broadly Expands Environmental Justice Requirements -
The Biden Administration has issued Executive Order (EO) 14096: Revitalizing Our Nation's Commitment to...more
Ever-Expanding BIPA Damages: Illinois Supreme Court Holds Each Collection or Dissemination of Biometric Data Constitutes a Separate Violation of BIPA -
In an eagerly-awaited decision in Cothron v. White Castle System,...more
3/22/2023
/ Biden Administration ,
Biometric Information ,
California Privacy Protection Agency (CPPA) ,
China ,
Cross-Border ,
Data Collection ,
Data Privacy ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
IL Supreme Court ,
Online Safety for Children ,
Personal Data ,
Securities and Exchange Commission (SEC) ,
Singapore
FINRA Updates its Sweep on Social Media Influencers, Customer Acquisition and Related Information Protection -
On February 28, the Financial Industry Regulatory Authority (FINRA) provided an update for its sweep on Social...more
On February 7, the Securities and Exchange Commission’s (SEC) Division of Examinations (Division) published its examination priorities for 2023.1 According to this statement, the Division’s mission is to promote compliance,...more
SEC Announces Inspection Priorities for 2023 -
On February 7, the Securities and Exchange Commission (SEC) announced its inspection priorities for the current year. The announcement began by noting that the SEC examined 15...more
2/22/2023
/ Broker-Dealer ,
Disclosure Requirements ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Fund Managers ,
Investment Adviser ,
Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Whistleblowers
Welcome to the inaugural issue of Katten’s Privacy, Data and Cybersecurity Quick Bytes. Each month, Quick Bytes will highlight the latest news and legal developments involving privacy, data and cybersecurity issues across the...more
New DOL Rule Enables Consideration of ESG Factors in Investing, Plus the SEC Continues its ESG Enforcement Push in the Absence of Final SEC Rules -
On November 22, the US Department of Labor (DOL) announced a final rule...more
12/14/2022
/ Block Trades ,
Crypto Exchanges ,
Cryptoassets ,
Cybersecurity ,
Data Protection ,
Department of Labor (DOL) ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Personal Data ,
Private Investment Funds ,
Securities and Exchange Commission (SEC) ,
UK
Additional Requirements to Go Into Effect June 9, 2023 -
As we discussed in our March 3 Advisory, on October 27, 2021, the Federal Trade Commission (FTC) announced revisions (the 2021 Revisions) to its information...more
SEC Advertising Rules – Client Resource Center -
November 4 was the compliance date for the new rule governing advertising and solicitation activities by investment advisers. The new rule substantially revises decades old...more
11/14/2022
/ Advertising ,
Cybersecurity ,
Electronic Communications ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Human Resources Professionals ,
Investment Adviser ,
New York ,
Outsourcing ,
Pay Transparency ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
WhatsApp
Recent alleged recordkeeping failures resulted in aggregate fines in excess of $1.8 billion levied against 11 Wall Street financial institutions and many of their affiliated entities by the Securities and Exchange Commission...more
SEC to Inspect Firms for Compliance With New Advertising and Solicitation Rule -
November 4 is the compliance date for the new rule governing advertising and solicitation activities by investment advisers. The new rule...more
10/13/2022
/ Advertising ,
B2B Transactions ,
Bribery ,
California Consumer Privacy Act (CCPA) ,
CFTC ,
Cryptoassets ,
Decentralized Autonomous Organization (DAO) ,
Energy Market ,
EU ,
Foreign Investment ,
Joint Audit Committee ,
National Security ,
Securities and Exchange Commission (SEC) ,
UK
SEC Adopts New Electronic Filing Requirements for Institutional Investment Managers and Advisers; Amendments to Form 13F -
The Securities and Exchange Commission (SEC) has adopted amendments requiring investment advisers,...more
Key Points -
- The Securities and Exchange Commission (SEC) recently proposed two sets of rule amendments impacting BDCs and registered investment companies that utilize Environmental, Social, or Governance (ESG) factors...more
On March 30, the SEC released comprehensive proposals for rule changes that would materially expand the liability regime for SPAC transactions, including by limiting the availability of a commonly used safe harbor for...more
SEC’s Climate-Related Comment Letters – Avoiding Potential Pitfalls -
In September 2021, the Securities and Exchange Commission (SEC) provided a sample comment letter that included nine potential climate-related comments...more
Key Points -
- New proposed SEC rules would expand who may be considered a dealer or a government securities dealer under the Securities Exchange Act of 1934.
- If the proposed new rules are adopted, a large group of...more
The Securities and Exchange Commission (SEC) has been very busy these last few weeks as evidenced by a series of rule proposals released as part of what looks like an ambitious agenda for 2022. This includes tackling areas...more
On February 9, 2022, the Securities and Exchange Commission (SEC) voted to propose new rule 206(4)-9 under the Investment Advisers Act of 1940 (Advisers Act) and 38a-2 under the Investment Company Act of 1940 (collectively...more
Investment advisers that manage private funds should promptly review their compliance policies and procedures, practices and disclosures to ensure these address, and are not inconsistent with, the areas of concern raised in a...more
On February 9, by a vote of three to one, the Securities and Exchange Commission (SEC) proposed five sweeping new rules governing private funds. The comment period on the proposal expires 60 days from February 9 or 30 days...more
Just like the rest of us, the financial services industry wasn't immune from the numerous and unprecedented pandemic-related challenges over the past year. Through our annual Financial Markets Litigation and Enforcement...more
When the United States Investment Company Act and the Investment Advisers Act of 1940 came into force, assets under management were a mere $1 billion. Sixty years later they topped $20 trillion, and by the end of 2020, they...more