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Investment Adviser Investment Advisers Act of 1940 Financial Industry Regulatory Authority (FINRA)

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: Presidential Election Campaign Donations May Trigger Investment Adviser “Pay to Play” Rule

Overview: Investment advisers that seek to manage public money need to consider the SEC’s “pay to play” rule, which restricts election-related contributions by the firms or their “covered associates” to elected state...more

Royer Cooper Cohen Braunfeld LLC

Advisers and AI

Earlier this year, the SEC, NASAA, and FINRA issued an Investor Alert cautioning investors about the rise of investment fraud involving artificial intelligence (AI) and other emerging technologies. The overarching concern:...more

BCLP

Regulators Impose Extraordinary Fine Amounts in Recent Off-Channel Communications Enforcement Actions

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The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have, in two separate recent settled enforcement actions involving off-channel communications (“OCC”), imposed fine...more

Morrison & Foerster LLP

SEC Targets "AI Washing" With Two New Settled Cases

On March 18, 2024, the SEC announced—in videos posted on YouTube and Twitter—regulatory actions against two investment advisers for “AI washing,” a practice defined by the SEC as “making false artificial intelligence-related...more

Dechert LLP

SEC Division of Examinations Releases 2024 Priorities

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The SEC’s Division of Examinations (EXAMS) published its report on 2024 Examination Priorities on October 16, 2023. The 2024 Examination Priorities continue to reflect an examination program that is vigorous and broad...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - November 2023

...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more

BCLP

SEC Division of Examinations Publishes 2024 Examination Priorities

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On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual Examination Priorities for 2024 (the “Exam Priorities”). Consistent with the...more

Dechert LLP

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

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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

Morrison & Foerster LLP

Marketing Private Funds to U.S. Investors — A Practical Guide for Asia-Based Managers

As the private equity (“PE”) and venture capital (“VC”) funds industry grows and matures in Asia, managers are increasingly looking to market interests in their funds to U.S.-based investors. However, many Asia-based managers...more

Tonkon Torp LLP

SEC Division of Examinations Announces 2023 Priorities

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On February 7, 2023, the Securities and Exchange Commission’s Division of Examinations announced its fiscal year 2023 examination priorities. This year, the Division continues its focus on protecting investors by prioritizing...more

Seward & Kissel LLP

Memo to Clients 2023 - Annual Reminders

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This Memorandum is intended to remind you of certain U.S. annual requirements that may be applicable to your business and is divided into five sections. All investment advisers (whether or not registered with the Securities...more

Goodwin

DOL Finalizes Rule Opening Door to ESG Investing in Retirement Plans

Goodwin on

Regulatory Developments - CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies - On November 22, the DOL announced a final rule under the Employee Retirement Income Security Act (ERISA) to...more

Lowenstein Sandler LLP

2020 and Q1 2021 Developments And Annual Compliance Checklists

Summaries of recent legislative and regulatory developments with respect to: •The SEC’s Examination Priorities for 2021- •The SEC’s Focus on Digital Asset Securities- •The SEC’s New Marketing Rule... ...more

Alston & Bird

Investment Management Updates - February 2020

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SEC Proposes to Modernize Advertising Rules for Investment Advisers - On November 4, 2019, the Securities and Exchange Commission (SEC) issued a proposal to modernize the advertising rules under the Investment Advisers Act...more

Proskauer - The Capital Commitment

U.S. Supreme Court Denies Bid to Review Dismissal of Challenge to Pay-To-Play Rule

On January 13, 2020, the United States Supreme Court denied certiorari to an appeal of a June 2019 order from the United States Court of Appeals for the D.C. Circuit that dismissed an action seeking to invalidate certain...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – Fiduciary investment advice: The patchwork emerges

In this Bottom Line videocast, Issa Hanna and Pooja Kohli discuss what to expect in 2020 on standard of conduct developments for broker-dealers and investment advisers, including: Anticipated developments relating to the...more

Latham & Watkins LLP

SEC Approves Amendments to FINRA’s New Issue Rules

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The amendments expand certain exemptions and provide additional guidance under Rules 5130 and 5131 with respect to equity IPO allocations. On December 19, 2019, the Financial Industry Regulatory Authority (FINRA) issued...more

Winstead PC

It’s the Final Countdown: Being Prepared for Regulation Best Interest

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Last year the U.S. Securities and Exchange Commission (“SEC”) approved Regulation Best Interest (“Reg BI”). Reg BI requires broker-dealers and their associated persons to act in “the best interest” of a retail customer when...more

A&O Shearman

Amended FINRA IPO Allocation Rules to Take Effect on January 1, 2020

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On July 26, 2019, FINRA announced proposed changes to FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and FINRA Rule 5131 (New Issue Allocations and Distributions) to exempt...more

A&O Shearman

SEC Proposes Solicitation Rule Amendments

A&O Shearman on

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

A&O Shearman

SEC To Overhaul Investment Adviser Advertising Rule

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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

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #13

Regulation Best Interest: The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of...more

Vedder Price

Investment Services Regulatory Update - June 2019

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Investment Services Regulatory Update – New Rules, Proposed Rules, Guidance and Alerts – New Rules – SEC Adopts Rules and Interpretations Concerning the Standard of Conduct for Broker-Dealers and Investment Advisers - ...more

King & Spalding

The SEC Approves Regulation Best Interest: The Broker-Dealer Standard of Conduct

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On June 5, 2019, the Securities and Exchange Commission (“SEC”) voted to adopt Regulation Best Interest: The Broker-Dealer Standard of Conduct (hereinafter, “Regulation BI”), requiring broker-dealers and their associated...more

Dechert LLP

OCIE Publishes Risk Alert regarding Safeguarding of Customer Information Stored on Cloud and Other Network Storage Solutions

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The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a National Exam Program Risk Alert on May 23, 2019, which identifies security risks and best practices associated with the...more

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