News & Analysis as of

Investment Adviser

Calm Before the Storm: Investment Advisers Face Changes to the Advertising Rule, GIPS, and Performance Portability Standards

by K&L Gates LLP on

In recent months, a series of regulatory developments have clarified current guidance and signaled the potential for significant future changes to the rules that govern performance presentations by investment advisers. ...more

DOL Provides Clarity & Relief after 5th Circuit Vacates Fiduciary Rule

by Miles & Stockbridge P.C. on

For over two years, employers and financial institutions (specifically broker-dealers) that managed investments for retirement plans have been dealing with compliance and administration of the Department of Labor (DOL)...more

US Department of Labor Issues Guidance on Fiduciary Rule Compliance

by Shearman & Sterling LLP on

The U.S. Department of Labor issued a Field Assistance Bulletin regarding an anticipated mandate by the United States Court of Appeals for the Fifth Circuit effectuating its opinion that vacates the Fiduciary Rule and related...more

Advisors can’t care about fiduciary duty and recommend bad TPAs

by Ary Rosenbaum on

When the cheaters were caught cheating at a game of blackjack, Sam “Ace” Rothstein wanted to make an example of them at the Tangiers Hotel in Casino. He had the security guards use a hammer on one cheater’s hand and then told...more

FCA Sets Expectations for Robo-Advisers

by Latham & Watkins LLP on

Many auto advisers and automated discretionary investment managers risk poor outcomes for customers by falling short of FCA expectations. The Financial Conduct Authority (FCA) has issued a statement outlining its...more

The SEC Issues Howey Coins through an Exclusive ICO

The SEC has consistently demonstrated concern over the marketing of cryptocurrency trading and investments in initial coin offerings (“ICOs”), which SEC Chairman Jay Clayton has called “fertile ground for bad actors to take...more

Division of Investment Management of the SEC Issues No-Action Letter to SSB

On May 8, 2018, the Chief Counsel’s Office of the Division of Investment Management (“IM“) of the Securities and Exchange Commission (the “Commission“) issued a “no-action” letter to South State Bank (“SSB“) with respect to...more

Is the SEC’s Proposed “Best Interest” Standard for Broker-Dealers in Anyone’s Best Interest?

by Latham & Watkins LLP on

Proposal seeks to clarify and enhance obligations applicable to a broker-dealer’s retail customer interactions, but may raise more questions than answers. The Securities and Exchange Commission (SEC) proposed for public...more

OCIE Releases Risk Alert Regarding the Fees and Expenses that Investment Advisers Charge Clients

by Bracewell LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) recently released a Risk Alert that highlights the most common compliance deficiencies relating to fees and expenses...more

SEC Proposes Rules of the Road for Brokers Giving Advice to Retail Investors

by Morgan Lewis on

This LawFlash analyzes the key aspects and questions raised by proposed Regulation Best Interest, including its impact on broker-dealers from disclosure, compliance, and operational perspectives....more

Sometimes, change is anyone’s guess

by Ary Rosenbaum on

An advisor asked me a very interesting question that had me thinking: since a good chunk of what an advisor does is helping a plan sponsor minimize their fiduciary duty, is it a proper plan expense to use assets to pay for...more

The DOL Rolls Over, Fiduciary Rule Effectively Dead

by Ary Rosenbaum on

The Department of Labor (DOL) said it’s not going to pursue enforcement actions against investment advice fiduciaries “who are working diligently and in good faith to comply” with requirements of the fiduciary rule that was...more

UK Competition and Markets Authority Consults Further on Aspects of the Investment Consultants Market Investigation

by Shearman & Sterling LLP on

The U.K. Competition and Markets Authority has published three more consultative working papers as part of its Investment Consultants Market Investigation. The CMA is assessing the supply and acquisition of investment...more

Recent Developments Toward A Fiduciary Standard For Brokers

by Womble Bond Dickinson on

Much has happened since we last reported on the Department of Labor’s Fiduciary Rule. The compliance deadline was extended 18 months to July 1, 2019. A federal appellate court vacated the Fiduciary Rule in its entirety. The...more

US Securities and Exchange Commission Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers’ Fiduciary...

by Shearman & Sterling LLP on

The U.S. Securities and Exchange Commission published three proposed rules with request for public comment that would seek to enhance and clarify the standards of care applicable to broker-dealers and investment advisers when...more

SEC Proposes Fiduciary Rule for Broker-Dealers

On April 18, concurrently with its publication for comment of a proposed set of enhanced investment adviser regulations, the Securities and Exchange Commission (SEC) published a separate proposal related to the conduct...more

Truly RIA-Friendly Broker-Dealers on the Horizon?

FINRA recently proposed a rule (the “Proposed Rule”) addressing FINRA-registered broker-dealer’s (“Broker-Dealers”) responsibilities to supervise the outside business activities of their registered representatives...more

Lessons Learned from Recent SEC and FINRA Cases: May 2018

SEC Nails Three Advisors for Fiduciary Failures when Selecting Mutual Fund Share Classes. The SEC released three settlement orders where investment advisers failed “to disclose conflicts of interest and violated their duty...more

U-Turn Valuations, Insider Trading Yield Adviser SEC Sanctions

by Dorsey & Whitney LLP on

The valuation of assets held by advisers has been a key issue for the Commission. Likewise, insider trading on political intelligence is also a focus of SEC Enforcement. ...more

OCIE Issues Risk Alert Regarding Adviser Fees and Expenses

On April 18, 2018, the Office of Compliance Inspections and Examinations (the “OCIE”) released a Risk Alert on the most frequent compliance issues relating to advisory fees and expenses. As a general matter, the OCIE...more

SEC Proposes Clarification Regarding Fiduciary Duties Owed by Investment Advisers

by Cozen O'Connor on

In a series of three proposed regulations1 with requests for comments, the Securities and Exchange Commission (SEC) seeks to enhance and clarify the standards of conduct and duties owed by broker-dealers and investment...more

Ding Dong - The Amended Fiduciary Rule Is (Almost) Dead

by Dechert LLP on

Fiduciary rule, we hardly knew ya. The death knell for the DOL’s amended rule appears to be sounding this week with the expected mandate from the Fifth Circuit effectuating the vacatur of the amended rule in the case of...more

New DOL FAB Further Delays Enforcement of Fiduciary Rule, But Does Not Undo The Rule In Its Entirety

On May 7, 2018, the DOL issued a Field Assistance Bulletin (“FAB”) addressing the Department’s enforcement policy on the fiduciary rule that was recently vacated by the Fifth Circuit. Although the DOL has elected not to...more

DOL Issues Temporary Enforcement Policy For Fiduciary Advice Rule

by Seyfarth Shaw LLP on

On May 7, 2018, the Department of Labor (the “DOL”) issued a temporary non-enforcement policy regarding its investment advice fiduciary regulation (the “Fiduciary Rule”) in Field Assistance Bulletin 2018-02. This guidance was...more

SEC Proposes New Best Interest Standard for BDs, Conduct Standards for RIAs, Warns Advisers about Bad Billing Practices, and the...

SEC Proposes “Regulation Best Interest” for Broker-Dealers: In an attempt to “enhance the quality and transparency of investors’ relationships with investment advisers and broker dealers,” the SEC has proposed and is...more

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