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SEC Staff Issues Updated Marketing Rule FAQs

SEC Staff published new guidance providing private fund managers and other investment advisers with flexibility to use extracted performance and portfolio/investment characteristics in marketing materials, without cumbersome...more

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order...more

FINCEN’s AML Proposal: An Overview for Investment Advisers

Earlier this year, the US Department of the Treasury’s (Treasury’s) Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (the Proposal) that would subject investment advisers to anti-money...more

SEC Charges Investment Advisers with Making False and Misleading Statements About Their Use of AI

On March 18, the US Securities and Exchange Commission (SEC) announced the first AI-related settled actions against two investment advisers—Delphia (USA) Inc. and Global Predictions Inc.—for making false and misleading...more

SEC Adopts New Private Fund Adviser Rules with Nuanced Application to Non-US Advisers

The US Securities and Exchange Commission (SEC) recently adopted sweeping new rules under the Investment Advisers Act of 1940 (Advisers Act) that apply in certain circumstances to non-US advisers to private investment funds....more

SEC Proposes Sweeping Rules on Broker-Dealer and Investment Adviser Technology Use

The US Securities and Exchange Commission (SEC) proposed on July 26, 2023 new rules designed to address conflicts of interest from the use of predictive data analytics in “investor interactions” by broker-dealers and...more

An End to the Paper Chase? Proposed Bill Could Greatly Expand SEC Registrants’ E-Delivery Use

The House Committee on Financial Services passed the Improving Disclosure for Investors Bill of 2023 on April 26, 2023 with bipartisan support. If passed by Congress and signed into law, the bill could alter the regulatory...more

Congress Codifies SEC Staff's M&A Broker No-Action Letter ... With a Tweak

As many are aware, Congress passed its own version of the US Securities and Exchange Commission (SEC) staff’s mergers and acquisitions (M&A) broker no-action letter in December 2022, creating a new exemption from broker...more

SEC Proposes New Rule Relating to Outsourcing of Services by Investment Advisers

The US Securities and Exchange Commission recently proposed a new rule and rule amendments that, if adopted as proposed, would require registered investment advisers to meet certain requirements when outsourcing certain...more

SEC Staff Pulls Rug Out From Under ‘Hard Dollar’ Research Arrangements

The staff of the US Securities and Exchange Commission division of Investment Management announced that it would allow its October 26, 2017 no-action letter to SIFMA to expire on July 23, 2023—raising questions about the...more

SEC Proposes Cybersecurity Risk Management Rules for Advisers and Funds

The US Securities and Exchange Commission (SEC) recently proposed a comprehensive framework of cybersecurity-related rules and amendments for investment advisers and investment companies. Although advisers and funds may have...more

Will Hedge Funds Now Be Subject to SEC and FINRA Dealer Regulation?

A recent US Securities and Exchange Commission (SEC) settled enforcement action that found that a hedge fund acted as an unregistered “dealer” has blurred the traditional line between dealers and traders. On August 17, 2021,...more

Outsourcing: FINRA Outlines Onboarding and Supervision Suggestions for Use of Third-Party Vendors

A recent FINRA regulatory notice recasts existing obligations regarding outsourcing as a procedural roadmap for broker-dealers to “consider” when using third-party vendors. The Financial Industry Regulatory Authority, Inc....more

The SEC’S New Marketing Rule: Key Takeaways for advisers

Investment advisers’ advertising and solicitation practices, and the media through which investment advisers communicate with clients and investors, have evolved considerably since the US Securities and Exchange Commission...more

SEC Proposes Exemptive Relief for Finders

While an SEC proposal to exempt “finders” from broker-dealer registration requirements is promising, potential hazards remain and interpretive questions may persist. ...more

SEC Staff Targets COVID-19 Compliance Issues for Brokers and Investment Advisers (CHECKLIST INCLUDED)

The US Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert on August 12 highlighting compliance considerations created by the coronavirus (COVID-19)...more

SEC Provides Relief for Funds and Advisers Impacted by Coronavirus (COVID-19)

The US Securities and Exchange Commission on March 13 announced temporary regulatory relief for registered investment advisers and exempt reporting advisers as well as for registered funds, registered unit investment trusts,...more

In Focus: Deciphering the SEC’s Standard of Conduct for Investment Advisers

The SEC’s interpretation of the investment adviser standard of conduct appears to refine the contours of the fiduciary duty that investment advisers owe their clients under the Advisers Act, enhance disclosure obligations,...more

In Focus: SEC Form CRS Roadmap – How to Navigate Its Operational Challenges

To help retail investors better understand the services, fees, costs, conflicts of interest, and required standards of conduct that apply to relationships with broker-dealers (Broker-Dealers), federally registered investment...more

SEC Adopts Standards of Conduct For Retail Advice

The US Securities and Exchange Commission voted on June 5 to adopt its long-awaited rules governing retail advice. These new standards of conduct include the adoption of Regulation BI and Form CRS, as well as interpretive...more

SEC Proposes Interpretation of Standard of Conduct for Investment Advisers

This LawFlash describes the key questions raised by the US Securities and Exchange Commission’s new proposed interpretation of the standard of conduct for investment advisers and discusses its potential impact on the existing...more

SEC Proposes Rules of the Road for Brokers Giving Advice to Retail Investors

This LawFlash analyzes the key aspects and questions raised by proposed Regulation Best Interest, including its impact on broker-dealers from disclosure, compliance, and operational perspectives....more

SEC Proposes Standards of Conduct for Broker-Dealers, Investment Advisers

In a first step toward developing standards for advice to retail customers, the Securities and Exchange Commission recently proposed rules and interpretive guidance intended to enhance investor protections while preserving...more

SEC Proposes Business Continuity and Transition Plan Requirements for Investment Advisers; Staff Issues Guidance for Registered...

On June 28, 2016, the US Securities and Exchange Commission (SEC) proposed new Rule 206(4)-4 (Proposed Rule) under the Investment Advisers Act of 1940, as amended (Advisers Act) and also proposed amendments to certain...more

Sub-Advisers Get Relief from Custody Rule’s Surprise Exam Requirement

Recent SEC staff no-action letter allows certain sub-advisers to avoid the burdensome surprise examination requirement under the Custody Rule. On April 25, the US Securities and Exchange Commission (SEC) staff provided...more

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