SEC Offers Guidance on ‘Fast-Growing Trend’ of Robo-Advisers

As technology and robo-advisers become increasingly common options for asset managers and investors alike, the SEC is taking a closer look at some of the unique opportunities and challenges they may present.

SEC No-Action Letter Offers Clarity Into ‘Custody Rule’ Interpretation

In a recent no-action letter, the SEC issued custody rule guidance relevant to investment advisers acting pursuant to a standing letter of instruction.

New Ruling Questions Whether Fund Trustees May Rely on Attorney-Client Privilege

A federal court ruling applied a trust law “fiduciary exception” in a manner that is unique in the mutual fund industry, prompting trustees to exercise additional circumspection in their communications with their attorneys.

SEC Settles Administrative Proceeding Against Unregistered Broker-Dealer

A consultant who sold a fund’s promissory notes received a large fine and industry ban for failing to register as a broker-dealer.
 

Client Asset Protection at Prime Brokers Under US and UK Rules:
Comparison Chart

Although the U.S. and U.K. are home to the most popular prime brokerage markets, several significant differences exist between the two countries’ client asset protection regimes that should be considered.