Proposed Amendments to Form 13F Would Increase the Reporting Threshold from $100 Million to $3.5 Billion, Among Other Changes
On July 10, 2020, the U.S. Securities and Exchange Commission (SEC) issued a proposed rule (the...more
As the world responds to COVID-19, we have identified a wide variety of compliance and legal considerations for asset managers. We previously summarized a select list of these considerations on March 18, 2020. Given the...more
As the world responds to COVID-19, we have identified a number of compliance and legal considerations for asset managers. We summarize a select list of these in our note below....more
3/20/2020
/ Asset Management ,
Broker-Dealer ,
Chief Compliance Officers ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
Compliance ,
Coronavirus/COVID-19 ,
Cyber Threats ,
Financial Industry Regulatory Authority (FINRA) ,
Force Majeure Clause ,
Futures ,
Information Security ,
Investment Adviser ,
Investment Companies ,
Liquidity ,
NFA ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Telecommuting ,
Valuation
On September 26, 2019, the Securities and Exchange Commission (the SEC) adopted a final rule under the Investment Company Act of 1940 (the “Investment Company Act”) that will enable most exchange-traded funds (“ETFs”) to...more
11/26/2019
/ Amended Rules ,
Disclosure Requirements ,
ETFs ,
Exchange-Traded Products ,
Exemptive Orders ,
Final Rules ,
Investment Company Act of 1940 ,
Open-Ended Fund Companies (OFCs) ,
Rule 6c-11 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On November 4, 2019, the U.S. Securities and Exchange Commission (SEC) proposed amendments to rules governing investment adviser advertisements and payment to solicitors under the Investment Advisers Act. The comment period...more
11/18/2019
/ Broker-Dealer ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
General Solicitation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
No-Action Letters ,
OCIE ,
Proposed Amendments ,
Proposed Rules ,
Reasonable Care ,
Securities and Exchange Commission (SEC)
Two facts may come as a surprise about the U.S. Securities and Exchange Commission’s existing investment adviser advertising rule: that it literally fits on one page, and that it has not been updated since 1961. These facts...more
11/18/2019
/ Advertising ,
Broker-Dealer ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
General Solicitation ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
Proposed Amendments ,
Proposed Rules ,
Securities and Exchange Commission (SEC)
On June 5, 2019, the Securities and Exchange Commission (the “SEC”) released a long-anticipated interpretation of investment adviser fiduciary duty under Section 206 of the US Investment Advisers Act of 1940 (“the Advisers...more
6/28/2019
/ Best Interest Standard ,
Broker-Dealer ,
Duty of Care ,
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
In what will be a welcome reprieve, the Securities and Exchange Commission eased compliance burdens for most mutual funds, ETFs and closed-end funds to file portfolio holdings reports on Form N-PORT. The SEC pushed back the...more
The Securities and Exchange Commission (the SEC) has proposed rules that would modernize the “fund of funds” rules. The rules would replace a patchwork of exemptive rules and orders, with the goal of a “consistent and...more
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) has issued its examination priorities for 2019. In it, OCIE points out that its examination program covers some 13,200...more
1/15/2019
/ Anti-Money Laundering ,
Broker-Dealer ,
Cryptoassets ,
Cybersecurity ,
ETFs ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
MSRB ,
Mutual Funds ,
OCIE ,
Popular ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
In a new Risk Alert, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) highlighted common compliance issues involving Rule 206(4)-3 under the U.S. Investment Advisers Act of 1940, as amended, otherwise...more
On June 8, 2017, the House of Representatives passed an amended version of H.R. 10, the Financial CHOICE Act of 2017, or CHOICE Act 2.0, which scales back or eliminates many of the post-crisis financial reforms that were...more