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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

Deciphering FinCEN’s New Anti-Money Laundering Rules for Advisers

On August 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted a final rule that subjects investment advisers to anti-money laundering/countering the financing of terrorism...more

Financial Regulation in a Post-Chevron World: What’s Next?

The US Supreme Court’s decision in Loper Bright Enters. v. Raimondo and Relentless v. Department of Commerce has raised questions regarding the future of financial services regulation, including by the US Securities and...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

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

FINRA Proposes Amendments to Customer Account Statement Requirements

The US Securities and Exchange Commission (SEC) published for comment on September 30 a proposed rule change by the Financial Industry Regulatory Authority (FINRA) that would amend FINRA Rule 2231—the customer account...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

2020 Year in Review and a Look Forward: Select SEC and FINRA Developments and Enforcement Cases

The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement and examination developments, and summarizes...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

Common and Collective Investment Funds: SEC Action Warrants Attention but Offers Limited Guidance

A recent enforcement action (Proceeding) by the US Securities and Exchange Commission (SEC) against a state-chartered trust company (Trust Company) has attracted attention in the banking and asset management industries. ...more

New SEC Rule Will Regulate Registered Fund Investments in Derivatives

On October 28, 2020, the US Securities and Exchange Commission (SEC) voted 3–2 to adopt Rule 18f-4 (the Rule) under the Investment Company Act of 1940 (the Investment Company Act), which will replace decades-old SEC and staff...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 Maintains June 30 Compliance Date for Regulation Best Interest and Form CRS

Firms will need to separately engage with the US Securities and Exchange Commission on delays related to the coronavirus (COVID-19) pandemic....more

SEC Extends and Amends Conditions for Relief for Funds and Advisers Impacted by COVID-19

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

COVID-19: FINRA and SEC Relief and Guidance for Broker-Dealers

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

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

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