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Fiduciary Duty Dodd-Frank Wall Street Reform and Consumer Protection Act Securities and Exchange Commission (SEC)

McNees Wallace & Nurick LLC

Bond Issue Fundamentals: A Guide to the Participants and the Process - Updated

A bond issue (a debt obligation of a local government) is often perceived as a mystery for many Pennsylvania local government officials and solicitors. The securities and tax regulations governing municipal bonds have grown...more

BCLP

Call for Vacatur of Massachusetts’ Fiduciary Duty Standard for Broker/Dealers

BCLP on

On August 25, 2023, Justice Wendlandt of the Massachusetts Supreme Judicial Court issued a ruling in Robinhood Financial, LLC v. Secretary of the Commonwealth which upheld the legality of the fiduciary duty standard imposed...more

Dechert LLP

SEC Proposes New Regulatory Framework for Use of AI by Broker-Dealers and Investment Advisers

Dechert LLP on

The SEC has proposed new rules designed to regulate potential conflicts of interest associated with broker-dealers’ and investment advisers’ use of certain AI-related technologies in their interactions with investors. The...more

Goodwin

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

Goodwin on

On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

ArentFox Schiff

Swap Transactions: What Is an IRMA? When Are IRMAs Necessary?

ArentFox Schiff on

Many nonprofits are presented by lenders with an option to enter into an interest rate swap or cap when pursuing long-term financing or modifications to existing long-term financing. Mainly in response to abusive...more

Burr & Forman

Regulation Best Interest is Good Enough: The Second Circuit Upholds Regulation BI in XY Planning Network

Burr & Forman on

In XY Planning Network, LLC, et al. v. SEC, et al., the United States Court of Appeals for the Second Circuit rejected a challenge to Regulation Best Interest brought by an organization of investment advisers, an individual...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Proposal 3.0

More than 3,500 days have passed since the US Department of Labor (DOL) upended the financial services industries with its first, self-initiated proposal to redefine “investment advice fiduciary” for purposes of the Employee...more

Manatt, Phelps & Phillips, LLP

Tuning Out Harmony: The Second Circuit Upholds Regulation Best Interest

Last year, a group of state attorneys general (AGs) filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s Regulation BI (Best Interest), enacted in June 2019. Regulation Best Interest...more

Dechert LLP

Asset Management Litigation/Enforcement Flash Report

Dechert LLP on

Especially in today’s economic and work environment, we find it helpful – and we therefore thought our clients would also find it helpful – to keep track of the important litigation and regulatory enforcement developments...more

Foley Hoag LLP

Massachusetts Adopts Fiduciary Rule for Broker-Dealers

Foley Hoag LLP on

States Seek to Expand upon SEC Regulation Best Interest - In a rebuke of the U.S. Securities and Exchange Commission (the “SEC”), the Massachusetts Securities Division recently announced its own fiduciary rule for...more

Orrick, Herrington & Sutcliffe LLP

SEC Proposes New Guidance on Role of Municipal Advisers in Private Placements

In response to the proliferation of direct placements of municipal securities with financial institutions over the past decade, the Securities and Exchange Commission (SEC) has proposed a regulatory change to clarify the role...more

Carlton Fields

Multiple Plaintiffs Take Shot at SEC Regulation Best Interest

Carlton Fields on

The Securities and Exchange Commission’s Regulation Best Interest faces a bumpy road in the wake of recent lawsuits challenging the appropriateness and effectiveness of the rule....more

Ballard Spahr LLP

State Attorneys General Seek Injunction Against SEC’s Implementation of Regulation Best Interest

Ballard Spahr LLP on

In a very unusual lawsuit, attorneys general from seven states and the District of Columbia recently sued the SEC, and its chair, Jay Clayton, for declaratory and injunctive relief seeking to block the effectiveness of...more

WilmerHale

SEC’s Final Rules and Guidance on the Standards of Conduct for Broker-Dealers and Investment Advisers

WilmerHale on

On June 5, 2019, the Securities and Exchange Commission (“SEC” or “Commission”) in a divided 3-1 vote, approved a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’...more

Allen Matkins

Will Regulation "Best Interest" Preempt State Law?

Allen Matkins on

Yesterday's post concerned possible arguments that federal law preempts Nevada's fiduciary standard for broker-dealers. At present, any preemption would have to be based on the National Securities Markets Improvement Act...more

Allen Matkins

Is Nevada's Broker-Dealer Fiduciary Standard Constitutional?

Allen Matkins on

Recently, I wrote about the Nevada Secretary of State's proposal to adopt regulations implementing legislation that imposes a fiduciary standard on brokers. See Nevada Secretary Of State Unveils Proposed Broker-Dealer...more

Jones Day

Regulation Best Interest: The Next Big Thing for Broker-Dealer Cross-Border Private Wealth

Jones Day on

In April 2018, the U.S. Securities and Exchange Commission ("SEC") released Regulation Best Interest, or Reg BI, a proposed rule that will require broker-dealers to operate in the best interest of their customers. Under Reg...more

Dorsey & Whitney LLP

SEC Proposes Broker-Dealer and Investment Adviser Standard of Conduct Rules and Interpretations to Enhance Retail Investor...

Dorsey & Whitney LLP on

On April 18, 2018, the SEC proposed a package of rulemakings and interpretations aimed at increasing transparency in the relationships of clients with their broker-dealers and investment adviser and address investor confusion...more

Dechert LLP

Fifth Circuit Opinion Vacates DOL Fiduciary Rule

Dechert LLP on

The U.S. Court of Appeals for the Fifth Circuit on March 15, 2018 issued an opinion (Opinion) vacating the Department of Labor (DOL) fiduciary rule and related applicable exemptions. The DOL had promulgated the rule and...more

Troutman Pepper

Treasury Report Addresses Regulatory Approaches Affecting Investment Companies and Their Advisers

Troutman Pepper on

As required by President Trump’s Executive Order 13772, the U.S. Department of the Treasury issued a report, “A Financial System That Creates Economic Opportunities, Asset Management and Insurance,” addressing the regulatory...more

Burr & Forman

SEC Returns to the Fiduciary-Rule Arena

Burr & Forman on

On June 1, new SEC Chair Clayton returned the SEC to the arena in the policy debate surrounding the DOL’s Fiduciary Rule. Clayton’s public statement responded to a direct invitation for SEC participation by DOL Secretary...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Key Takeaways: Recent Investment Management Litigation and Regulatory Developments"

On February 28, 2017, Skadden hosted a webinar titled “Recent Investment Management Litigation and Regulatory Developments.” The Skadden panelists were litigation partners Eben Colby and Seth Schwartz, securities enforcement...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Change in Administration Presents Opportunity to Revisit DOL Fiduciary Rule"

In 2016, regulatory developments introduced fundamental changes in the legal standards that govern the relationship of broker-dealers with their customers. Although the changes are not applicable until April 10, 2017, most in...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Inside the Courts: An Update from Skadden Securities Litigators"

We are pleased to present Inside the Courts (Volume 8, Issue 4), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Franczek P.C.

A Trump Presidency: Potential Impact on Employee Benefits Law and Policy

Franczek P.C. on

For many months, we have been speculating about how the results of the 2016 presidential election would impact employee benefits policy going forward. Now that Donald Trump has won the election and Republicans have secured a...more

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