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SEC Proposes New Framework for Fund Valuation Practices

On April 21, 2020, the Securities and Exchange Commission (SEC) voted to propose Rule 2a-5 under the Investment Company Act of 1940 (1940 Act) setting forth a new framework for funds’ fair value determinations (Proposed Rule)...more

OCIE Issues Risk Alert Regarding Advisers and Principal and Agency Cross Trading

On September 4, 2019, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) released a new Risk Alert regarding principal trading and agency cross transactions under Section...more

OCIE Issues Risk Alert Regarding Advisers and Broker Dealers Failing to Comply with Regulation S P

On April 16, 2019, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) released a new Risk Alert regarding Regulation S-P deficiencies found in recent examinations of...more

Mutual Fund Sponsors Beware: Recent SEC Staff Guidance could Result in Lapse in Registration

In a footnote to an April 2, 2019 SEC Staff guidance, the Staff requested that mutual funds file a delaying amendment to postpone the effective date of their registration statements if a fund is unable to submit responses to...more

CFTC Announces Whistleblower Award Totaling More Than $2 Million To Company Outsider

On March 4, 2019, the US Commodity Futures Trading Commission (CFTC) announced a whistleblower award totaling more than $2 million to a company outsider who contributed information through independent analysis that led to a...more

OCIE Risk Alert on Cash Solicitation Rule

On October 31, 2018, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) released a new Risk Alert regarding compliance deficiencies observed in connection with Rule...more

Regulatory Monitor: SEC Update

On February 7, 2018, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) released its 2018 examination priorities. This year’s priorities comprise five principal areas: (1)...more

OCIE Examination Priorities 2018

On February 7, 2018, the Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations (OCIE) released its 2018 examination priorities. This year's priorities comprise five principal areas: (1)...more

Key Differences Between CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements

The Securities and Exchange Commission (SEC) recently adopted final business conduct rules for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) under Section 15F(h) of the Securities...more

Dodd-Frank Implementation Update: Key Differences Between the CFTC and SEC Final Business Conduct Standards and Related...

The Securities and Exchange Commission (SEC) recently adopted final business conduct rules for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) under Section 15F(h) of the Securities...more

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