While an SEC proposal to exempt “finders” from broker-dealer registration requirements is promising, potential hazards remain and interpretive questions may persist. ...more
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
8/20/2020
/ Brokers ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Financial Transactions ,
Investment ,
Investment Adviser ,
Investment Funds ,
Investor Protection ,
OCIE ,
Risk Alert ,
Securities and Exchange Commission (SEC)
The European Commission recently launched a consultation on a proposal that would allow investment firms to rebundle payments for research on small- and mid-cap issuers and fixed income instruments, to aid in the recovery...more
Firms will need to separately engage with the US Securities and Exchange Commission on delays related to the coronavirus (COVID-19) pandemic....more
Two orders from the US Securities and Exchange Commission amend previous regulatory relief for certain investment advisers and investment funds affected by the coronavirus (COVID-19), provide such investment advisers and...more
The US Securities and Exchange Commission and the Financial Industry Regulatory Authority recognize the significant impact of the coronavirus (COVID-19) pandemic on broker-dealers, investors, and other stakeholders, and have...more
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
3/18/2020
/ China ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Disclosure Requirements ,
Emergency Management Plans ,
Filing Deadlines ,
Filing Requirements ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Publicly-Traded Companies ,
Relief Measures ,
Required Forms ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Investors and investment managers around the globe are seeing increasing rules and regulations on how they can deploy their money, how they can advertise their services, and how they have to report to regulators.
...more
2/3/2020
/ Advertising ,
Anti-Bribery ,
Anti-Corruption ,
Anti-Money Laundering ,
Banks ,
Bribery ,
Consumer Financial Products ,
Corruption ,
Equity Markets ,
Fair Access to Credit ,
False Claims Act (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fraud and Abuse ,
Investment ,
Investors ,
Japan ,
Loans ,
Mutual Funds ,
Private Funds ,
Proposed Rules ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Solicitation ,
United Arab Emirates (UAE) ,
Volcker Rule ,
White Collar Crimes
On November 4, 2019, the US Securities and Exchange Commission (SEC) proposed amendments to Rule 206(4)-1 (the Advertising Rule) and Rule 206(4)-3 (the Solicitation Rule) under the Investment Advisers Act of 1940. The...more
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
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
6/28/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Duty of Loyalty ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
The SEC’s Regulation Best Interest requires that recommendations be in the retail customer’s best interest, creates a more explicit and broader disclosure obligation for broker-dealers, and requires broker-dealers to mitigate...more
The Securities and Exchange Commission (SEC) has adopted a package of rules and interpretations on the provision of advice to retail customers. Some of these rules come with tight compliance dates, and firms that will be...more
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
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
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
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
The European General Data Protection Regulation, which will come into force on May 25, 2018, requires companies, including investment managers, funds, banks, and broker-dealers, with operations in Europe or information about...more
4/18/2018
/ Banks ,
Broker-Dealer ,
Data Breach ,
Data Protection ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
Investment Management ,
Personal Data ,
UK
But do landmines remain?
On October 26, 2017, the staff of the Securities and Exchange Commission (SEC), following consultation with European authorities, issued three coordinated no-action letters to, in the words of one...more
The MiFID II regime will have significant ramifications for US investment managers and their use of client commissions to obtain research—especially as cross-border impacts have yet to be addressed by global regulators....more
The MiFID II regime will have ramifications for buy-side global asset managers and sell-side research providers relating to use of dealing commissions and cost allocation for research expenditures....more
The SEC’s Guidance recognizes that robo-advisers are fiduciaries, and provides suggestions on how they can meet the substantive requirements of the Investment Advisers Act of 1940. ...more
If adopted as proposed, the rules will largely expand supervisory resources needed to oversee compliance.
After a two-year silence, the Financial Industry Regulatory Authority (FINRA) has proposed amendments to Rule 3220...more
On August 18, 2016, the US Securities and Exchange Commission (SEC) approved a new Financial Industry Regulatory Authority (FINRA) rule series intended as a “lite” framework for the registration and regulation of brokers that...more
9/1/2016
/ Anti-Money Laundering ,
Arbitration ,
Associated Persons ,
Broker-Dealer ,
Capital Acquisition Broker (CAB) ,
Carve Out Provisions ,
Chief Compliance Officers ,
Duties & Responsibilities ,
Financial Industry Regulatory Authority (FINRA) ,
Institutional Investors ,
Net Capital Rule ,
No-Action Letters ,
Private Placements ,
Prohibited Transactions ,
Securities and Exchange Commission (SEC)
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