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MiFID II and the U.S. Investment Adviser Regime

The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more

MiFID II: An Update on the Rules for Unbundling of Research

The issue of how investment research should be paid for by investors is controversial, long-standing and seemingly perennially the subject of legislative iterations, failure and unintended consequence and more reform. Before...more

SEC’s Division of Examinations Issues Risk Alert Regarding MNPI-Related Compliance Issues for Investment Advisers

On April 26, 2022, the Division of Examinations (the “Division”) of the Securities and Exchange Commission issued a Risk Alert listing notable examples of deficiencies that its staff has identified regarding investment...more

SEC Proposes to Increase Form 13F Reporting Threshold

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

SEC Issues Risk Alert Identifying Deficiencies of Private Fund Advisers

On June 23, 2020, the U.S. Securities and Exchange Commission (the SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert (the “Risk Alert”) highlighting several problem areas that it has identified...more

SEC Proposes Rule for Funds in Making Good-Faith Fair Value Determinations

On April 21, 2020, the U.S. Securities Commission (the “SEC”) proposed a new rule under the Investment Company Act of 1940 (the “1940 Act”) to govern the valuation practices and the role of boards of directors regarding the...more

SEC Extends Securities Offering Reforms to Closed-End Funds and Business Development Companies

On April 8, 2020, the Securities and Exchange Commission (SEC), adopted amendments that would allow business development companies (BDCs) and registered closed-end funds (CEFs), to use the securities offering rules that are...more

Updated: Covid-19 Compliance And Legal Considerations For Asset Managers

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

Updated: SEC Extends Temporary Exemptions From Form ADV And Form PF Filing And Delivery Requirements

In an Order dated March 25, 2020, the Securities and Exchange Commission offered an exemption to investment advisers that are confronting COVID-19-related disruptions with respect to certain filing obligations. The Order...more

UPDATED: SEC Extends Sweeping Temporary Exemptions Granted to Funds to Comply with Voting, Reporting and Prospectus Delivery...

In an Order dated March 25, 2020, the Securities and Exchange Commission extended the exemptions offered to investment companies, business development companies (BDCs) and investment advisers grappling with challenges to the...more

SEC Emergency Order Bolsters Fund Liquidity by Expanding Ability to Borrow From Affiliates, Enter Into Interfund Lending...

In response to the outbreak of the COVID-19 coronavirus disease, the Securities and Exchange Commission took extraordinary action to bolster liquidity for registered investment companies through at least June 30, 2020. In an...more

SEC Temporarily Exempts Investment Advisers From Form ADV and Form PF Filing and Delivery Requirements

In an Order dated March 13, 2020, the Securities and Exchange Commission offered an exemption to investment advisers that are confronting COVID-19-related disruptions with respect to certain filing obligations....more

SEC Grants Sweeping Temporary Exemptions to Funds to Comply With Voting, Reporting and Prospectus Delivery Requirements

In an Order dated March 13, 2020, the Securities and Exchange Commission offered an exemption to investment companies, business development companies (BDCs) and investment advisers grappling with challenges to the routine...more

A Summary: Changes to Exemptive Relief and Disclosure Requirements under the New ETF Rule

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

OCIE to Fund Boards: We Are Watching Your Contract Renewal Process

In a Risk Alert dated November 7, 2019, the SEC’s Office of Compliance Inspections and Examinations reminded investment company advisers and boards that examiners are looking carefully at how firms approach and document the...more

SEC Proposes Solicitation Rule Amendments

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

SEC To Overhaul Investment Adviser Advertising Rule

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

SEC Adopts Rule to Allow Most ETFs to Operate without an Order (With Strings Attached)

The Securities and Exchange Commission adopted a long-awaited exemptive rule that will allow most exchange-traded funds (ETFs) to operate without an exemptive order, subject to various conditions. The final rule, which the...more

SEC Adopts Interpretive Guidance on Investment Adviser Fiduciary Duty

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

SEC Modifies Form N-PORT Filing Timeline

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

SEC Proposes Changes to Regulatory Framework of Fund of Funds Arrangements

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

SEC’s Office of Compliance Inspections and Examinations Announces 2019 Examination Priorities

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

OCIE Highlights Investment Adviser Compliance Issues Related to the Cash Solicitation Rule

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

SEC Staff Eases Fund Director Burdens

For decades, mutual fund directors have turned to quarterly reports on affiliated cross trades, participation in affiliated underwritings and affiliated brokerage; the reports themselves state that the trades are in...more

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