News & Analysis as of

Investment Funds Securities & Exchange Commission

Top 10 Topics for Directors in 2018

EXECUTIVE SUMMARY - 1. Cybersecurity threats. Cybersecurity preparedness is essential in 2018 as the risk of, and associated adverse impact of, breaches continue to rise. The past year redefined the upward bounds of the...more

The SEC’s Cyber Unit Files Its First Complaint Against an “Initial Coin Offering”

by Burr & Forman on

Implemented in September, the Securities Exchange Commission’s (“SEC”) Cyber Unit has brought its first enforcement action against an “Initial Coin Offering” (“ICO”) called PlexCoin. ICOs, which are listed on digital...more

SEC Investor Advisory Committee Discusses Blockchain’s Effect on Markets

The effect of Bitcoin on securities markets and enhanced measures related to retail investors were the focus at the October meeting of the Securities and Exchange Commission’s (SEC) Investor Advisory Committee (Committee)....more

The FAIR Act: Providing a Safe Harbor for ETF Research Reports

by K&L Gates LLP on

Investor demand for transparent, diversified, low-cost, passive investment products has accelerated over the last decade, and exchange-traded funds (“ETFs”) have been among the primary beneficiaries of this demand. Assets...more

Asset Management Regulatory Roundup - November 2017 - Issue 9

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on SEC’s no action letters and Commission’s FAQs on “hard dollar” research payments under...more

SDNY Rules SEC Investigation Is A “Claim” Within Pending And Prior Acts Exclusion

by Carlton Fields on

The U.S. District Court for the Southern District of New York has held that a long-running investigation by the SEC constituted a “Claim” triggering the pending and prior claims exclusion in an excess directors and officers...more

President Trump Signs Bill Directing SEC to Expand Safe Harbor for Certain Investment Fund Research Reports

by Dechert LLP on

President Trump signed into law on October 6, 2017 the Fair Access to Investment Research Act of 2017. The Act directs the U.S. Securities and Exchange Commission (SEC) to amend Rule 139 under the Securities Act of 1933 (1933...more

OCIE Lessons From Cybersecurity 2 Initiative

by Carlton Fields on

On August 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert containing observations from its Cybersecurity 2 Exam Initiative. As a follow-up to the 2014 Cybersecurity 1 initiative, the...more

SEC Focuses on Initial Coin Offerings: Tokens May Be Securities Under Federal Securities Laws

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) has recently taken several actions to make clear that it is focused on and actively monitoring the rapidly growing market for so-called “token sales” or “initial coin...more

SEC Sanctions Adviser For Failing To Follow Its Procedures

by Dorsey & Whitney LLP on

It is axiomatic that investment advisers are required to the follow dictates of firm operating documents, internal procedures and disclosed policies and procedures. OCIE, when conducting inspections, focuses on such issues....more

Investment Services Regulatory Update - August 2017

by Vedder Price on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

Investment Services Regulatory Update - July 2017

by Vedder Price on

In remarks to the Economic Club of New York on July 12, 2017, SEC Chairman Jay Clayton outlined eight guiding principles for his chairmanship and identified certain areas in which such principles could be put into practice. ...more

Financial Services Weekly News - June 2017 #2

by Goodwin on

Editor's Note - Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more

The 2017 Southern California Private Fund Advisers Roundtable

by Bryan Cave on

On May 24, 2017, Bryan Cave LLP, ALPS Alternative Investment Services, LLC, and RSM US LLP co-hosted the inaugural Southern California Private Fund Advisers Roundtable in Santa Monica, California. With more than 40 industry...more

SEC Staff Reports On “Real Estate Funds”, But What Exactly Are They?

by Allen Matkins on

Yesterday, the SEC staff announced that it had published a suite of new data and analyses of private fund statistics and trends. These data include information with respect to “real estate funds”. But what exactly is a...more

SEC Staff Relaxes Limitations under 1940 Act to Permit Certain Global “Master-Feeder” Arrangements, Although Obstacles Remain

by Dechert LLP on

The Staff of the U.S. Securities and Exchange Commission (SEC) on March 8, 2017 issued a no-action letter (Staff Letter) in response to a request from Dechert LLP for assurance under Section 12(d)(1) of the Investment Company...more

What Do the SEC’s Recent Bitcoin Disapproval Orders Really Mean for Investors?

by Latham & Watkins LLP on

Regulators responded to a narrow question about trading bitcoin-based securities, with orders that should not limit innovation in bitcoin technologies. On March 10, 2017, the US Securities and Exchange Commission (SEC)...more

Capital Formation Bills Approved by House and Senate Committees

On March 9, 2017, a number of bipartisan bills designed to promote capital raising for companies were approved by the House Financial Services Committee and the Senate Committee on Banking, Housing and Urban Affairs. ...more

The Bitcoin Blockchain: SEC May Approve Winklevoss Twins’ Bitcoin ETF

by Poyner Spruill LLP on

Blockchain has been compared to the early days of the Internet: nearly everyone believes that it’s a world-changing technology with tremendous potential, but no-one can predict who the ultimate winners will be or what impacts...more

Interval Funds - at the Intersection of Liquidity, Transparency, and Valuation DLA Piper's handbook

by DLA Piper on

As yet another demonstration of the investment management industry's ability to develop products to meet the demands of investors and their advisers, we have the "interval fund." These funds are SEC-registered closed-end...more

SEC Staff Issues Guidance Regarding Open-End Fund Investments in Closed-End Funds

by Dechert LLP on

The staff of the U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management (Staff) recently issued guidance regarding open-end fund investments in closed-end funds....more

DOL Fiduciary Rule Compliance—SEC Says Brokers Can Impose Their Own Commissions on Sales of “Clean” Fund Shares

by Ropes & Gray LLP on

On January 11, 2017, the SEC staff issued a no-action letter (the “Letter”) to Capital Research and Management Company in which the staff confirmed that the restrictions of Section 22(d) of the 1940 Act do not apply to a...more

SEC Staff Announces 2017 OCIE Examination Priorities

On January 12, 2017, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more

Global Private Equity Newsletter - Winter 2017 Edition: Use by Private Equity Funds of Subscription Credit Facilities as a Form of...

by Dechert LLP on

Subscription credit facilities, or subscription lines, are typically revolving credit facilities secured on the capital commitments of investors. Interest rates on subscription lines are often similar to those for first lien...more

The Only Color in Gambling is Green—Why Staking is a Security

by Burr & Forman on

The Securities Act of 1933’s catchall for defining a security is the “investment contract.” The landmark case, SEC v Howey, explained that “an investment contract for the purposes of the Securities Act means a contract,...more

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Cybersecurity

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