News & Analysis as of

Exemptions Investment Adviser

New Developments on the Scope of the Registered Investment Adviser Exemption under Section 16 of Exchange Act

by Proskauer Rose LLP on

Hedge funds and other private investment funds can take advantage of the exemption for registered investment advisers (RIAs) under Exchange Act Rule 16a-1(a)(1)(v), the "RIA Exemption." While the exemption can be helpful, it...more

DOL Announces New Enforcement Policy on BIC Arbitration Limitation Class Actions

by Carlton Fields on

In order for fiduciaries to receive compensation that varies based on their investment advice (e.g., commissions) or from third parties in connection with their advice (e.g., revenue sharing), they must comply with a...more

Colorado to Enact Private Fund Exemption to Investment Adviser Registration

by Bryan Cave on

Colorado is catching up with many other states that have adopted state-level investment adviser registration exemptions for certain private fund advisers. Under new rules Colorado’s Division of Securities adopted on May...more

ERISA's Fiduciary Rule – Not Dead Yet, Not Dead . . . Ever?

by Dechert LLP on

It has been a long and winding road for the amended fiduciary regulation (the "Regulation") of the U.S. Department of Labor (the "DOL") under the Employee Retirement Income Security Act of 1974 ("ERISA"). The highly...more

Certain Companies that May be Subject to FDIC Orderly Liquidation Authority under Dodd-Frank are Now Subject to Qualified...

by Dechert LLP on

Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their...more

How the DOL’s Impartial Conduct Standard Affects Exemptions Used by Financial Services Companies

by Goodwin on

In conjunction with its issuance in April 2016 of a new regulation redefining the concept of “investment advice” for purposes of fiduciary status under ERISA and Section 4975 of the Code, the Department of Labor amended a...more

House Debate Scheduled for Bills Relating to Capital Access for Small Business

Next week, the House is scheduled to debate two bills designed to reduce regulatory burden on small businesses in order to facilitate access to capital. H.R. 5424, the Investment Advisers Modernization Act, was approved by...more

DOL Releases Final Fiduciary Investment Adviser Regulations

by Holland & Knight LLP on

On April 6, 2016, the U.S. Department of Labor (DOL) released its long-awaited final regulations defining who is a fiduciary investment adviser (the Final Rule), along with related prohibited transaction class exemptions and...more

U.S. DOL To Issue Final Rule and Exemptions on Fiduciary Standards

On April 6, 2016, the U.S. Department of Labor will release its highly-anticipated Final Rule and Exemptions addressing when a person providing investment advice with respect to an employee benefit plan or individual...more

Annual Reports & Best Practices for VCs and Other Exempt Reporting Advisers

by Bryan Cave on

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) created a new classification called “exempt reporting advisers” (ERAs) for advisers who are exempt from investment adviser registration as...more

Proposed Changes to Quebec Derivatives Regulation Will Impact Dealers, Advisers and Hedgers

This Bulletin highlights the impact of proposed amendments to the Quebec Derivatives Regulation (QDR) on dealers and advisers that are not registered in Quebec to trade standardized derivatives, on persons who intend to rely...more

OCIE Extends Exams to Exempt Reporting Advisers

by Dechert LLP on

Marc Wyatt, Director of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE), indicated on November 20, 2015 that the OCIE staff is now examining “Exempt Reporting Advisers”...more

SEC Proposes to Ease Intrastate Offering Exemption to Facilitate Crowdfunding

The SEC has proposed amendments to Rule 147 under the Securities Act of 1933, which currently provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings....more

SEC Provides Guidance on Venture Capital Fund Advisers Exemption

Investment advisers to venture capital funds are exempt from registration under the Investment Advisors Act if certain requirements are met. Amongst those requirements is that certain investments be made in qualifying...more

Proposed FinCen Anti-Money Laundering Rules: Implications for Life Settlement Investment Fund Managers

by Locke Lord LLP on

On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, issued for public comment proposed rules requiring investment advisers registered with the Securities and...more

Quebec Blanket Decision Affording Relief for Certain Derivatives Activities to be Revoked in June 2016

The Quebec Autorité des marchés financiers (Authority) is revoking a long-standing blanket decision (Blanket Decision) that exempts persons conducting dealer or adviser activities with accredited investors in respect of...more

A Summary of Comments From the DOL Hearing on the Proposed Conflict of Interest Rule

by Shearman & Sterling LLP on

On August 13, 2015, the Department of Labor (the “DOL”) concluded a four day public hearing on its proposed conflict of interest rule (the “Proposed Rule”). The approximately 75 witnesses generally fell into two groups: the...more

Commenters React to DOL’s Proposed Expansion of Fiduciary-Duty Rules

by Ropes & Gray LLP on

Four months after proposing a significantly expanded definition specifying when “investment advice” to employee plans and IRAs would give rise to fiduciary status under the Employee Retirement Income Security Act of 1974, the...more

CFTC Staff Exempts Certain Commodity Trading Advisors from Form CTA-PR Reporting

by Morgan Lewis on

The reporting relief applies to commodity trading advisors that do not “direct” trading of any client commodity interest trading accounts. On July 23, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued...more

Non-U.S. Investment Funds and Managers: Regulatory Framework for Raising Capital in the United States

by Allen & Overy LLP on

U.S. regulation of money managers, including non-U.S. managers, and the funds they manage is a complex regime that has changed significantly since the implementation of the Dodd-Frank Reform and Consumer Protection Act of...more

DOL's Proposed Best Interest Contract Exemption Could Require Dramatic Changes for Financial Institutions

by Faegre Baker Daniels on

The U.S. Department of Labor (DOL) has proposed a new “Best Interest Contract” prohibited transaction exemption, which is a standards-based exemption that applies to the receipt of compensation by advisers and their financial...more

Securities Regulators in British Columbia, New Brunswick and Saskatchewan Propose Prospectus Exemption for Certain Distributions...

by Bennett Jones LLP on

On April 16, 2015, the securities regulatory authorities in British Columbia, New Brunswick and Saskatchewan (the Participating Jurisdictions) published Multilateral CSA Notice 45-315 Proposed Prospectus Exemption for Certain...more

Department of Labor Proposes New Fiduciary Regulation and Prohibited Transaction Exemption Relief for Investment Advice...

On April 20, 2015, more than three years after withdrawing a similar proposal that was staunchly opposed by the financial services industry, the U.S. Department of Labor (DOL) published in the Federal Register a proposed...more

Commissioner Ponders Whether To Exempt Real Estate Brokers From Investment Adviser Registration

by Allen Matkins on

Last week, the Commissioner of Business Oversight issued an invitation for comment on whether to exempt real estate brokers from the investment adviser certification requirement under the Corporate Securities Law of 1968....more

SEC Issues Guidance on Proxy Voting

The Security and Exchange Commission’s Divisions of Investment Management and Corporation Finance issued Staff Legal Bulletin No. 20 (IM/CF) on June 30 (SLB 20). SLB 20 provides guidance regarding proxy voting...more

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