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Investment Management Update - November 2023

Skadden, Arps, Slate, Meagher & Flom LLP on 11/16/2023

...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

Crypto Products Launch; NFTs Allowed for Political Fundraising; Bank Regulators Address Crypto Risk; DOJ/SEC Target Crypto Fraud;...

BakerHostetler on 1/9/2023

Crypto Apps Launch New Features, Custody Firm Achieves CCSS Certificate - According to recent reports, Uniswap V3 was the most used Ethereum contract in 2022, seeing over 15.5 million transactions throughout 2022 and using...more

Agencies Issue Joint Proposal to Strengthen and Modernize CRA Regulations

Goodwin on 5/16/2022

Regulatory Developments - Agencies Issue Joint Proposal to Strengthen and Modernize CRA Regs - On May 5, the FDIC, the FRB and the OCC issued a joint Notice of Proposed Rulemaking (NPR) to “strengthen and modernize” the...more

Greenwashing: A survey of recent litigation

Eversheds Sutherland (US) LLP on 10/18/2021

As climate change jurisprudence continues to evolve, an offshoot of “greenwashing” claims has generated a series of headline-grabbing lawsuits. The definitions vary but most references to greenwashing include claims...more

The SEC Staff Takes On ESG Investing

Morgan Lewis on 4/16/2021

In the US Securities and Exchange Commission staff’s most recent guidance addressing environmental, social, and governance (ESG) investing, the staff of the Division of Examinations released an April 9 Risk Alert noting...more

Blockchain Week in Review - March 2021 #2

Perkins Coie on 3/22/2021

U.S. Developments - Legislation - Congress Members Propose Legislation Aimed at Better Clarifying Digital Asset Regulation - House Representatives Patrick McHenry (R-N.C.) and Stephen Lynch (D-Mass.) introduced legislation...more

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on 1/7/2021

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

OCIE Issues Second Cybersecurity Risk Alert of Q3-2020

Kilpatrick on 10/14/2020

On September 15, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a cybersecurity risk alert highlighting the increased use of “credential stuffing” attacks against investment advisers and...more

OCIE Issues Cybersecurity Risk Alert on the Risk of Credential Stuffing Attacks

Dechert LLP on 9/28/2020

The Risk Alert makes clear that OCIE has observed an increase in the frequency of credential stuffing attacks against Registrants, including some successful credential stuffing attacks that resulted in the loss of customer...more

SEC Issues New Risk Alert on “Credential Stuffing” Attacks

Faegre Drinker Biddle & Reath LLP on 9/18/2020

On September 15, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert highlighting the recent uptick in “credential stuffing” cyber-attacks against SEC-registered investment advisors...more

SEC Office of Compliance Inspections and Examinations Issues COVID-19 Risk Alert to Broker-Dealers and Investment Advisers

Foley Hoag LLP on 9/16/2020

On August 12, 2020, the SEC Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert that identifies potential issues related to the COVID-19 pandemic for SEC-registered investment advisers and...more

OCIE Publishes Risk Alert on COVID-19 Compliance Risks and Considerations for Broker-Dealers and Investment Advisers

Dechert LLP on 8/26/2020

The staff of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (staff) issued a National Exam Program Risk Alert on August 12, 2020 (Risk Alert). The Risk Alert is intended to share...more

SEC Risk Alert Highlights on COVID-19-Related Compliance Risks and Considerations for Investment Advisers and Broker-Dealers

Akin Gump Strauss Hauer & Feld LLP on 8/21/2020

- The OCIE of the SEC highlights that responses to COVID-19 present important regulatory and compliance issues for SEC registrants, including “heightened risks of misconduct” tied to recent market volatility. - The Risk...more

OCIE Raises Concerns Regarding Physical and Cyber Security, Supervision, and Business Continuity

Perkins Coie on 8/19/2020

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (the SEC) issued a risk alert (the risk alert) on August 12, 2020, highlighting COVID-19 pandemic-related risks and...more

Cybersecurity Preparedness and the Growing Importance of Operational Resiliency

Pillsbury Winthrop Shaw Pittman LLP on 8/18/2020

Creation of a new rapid response team signals regulators may turn today’s cyber examination priorities into tomorrow’s enforcement priorities. The Securities and Exchange Commission, New York State Department of Financial...more

SEC and FINRA Provide Guidance Regarding Cybersecurity, Artificial Intelligence, and Digital Assets

Perkins Coie on 8/14/2020

The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) made several regulatory announcements this summer relating to cybersecurity, artificial intelligence (AI), and digital...more

SEC’s Examination Function Warns Its Registrants of Risks Associated with Dangerous Malware

Akin Gump Strauss Hauer & Feld LLP on 7/16/2020

- In the age of broad corporate teleworking brought on by COVID-19, OCIE of the SEC has observed during recent examinations that investment advisers, broker-dealers and investment companies are subject to an increased threat...more

Financial Services Weekly Roundup: Gone Phishing – The SEC’s OCIE Addresses Ransomware Attacks

Goodwin on 7/16/2020

In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more

Investment Management Update - October 2019

Troutman Pepper on 10/23/2019

SEC Adopts ETF Rule - On September 25, 2019, the Securities and Exchange Commission (SEC) unanimously adopted Rule 6c-11 under the 1940 Act to modernize the regulation of exchange-traded funds by establishing a clear and...more

On Cybersecurity, Grab the Low-Hanging Fruit

Carlton Fields on 7/19/2019

SEC Tells Firms to Stop Missing the Basics on Cybersecurity - The SEC’s Office of Compliance Inspections and Examinations (OCIE) reported in a recent Risk Alert that many investment advisers and broker-dealers are failing to...more

Investment Management Update - June 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 6/18/2019

In the inaugural issue of Investment Management Update, we summarize regulatory, litigation and industry developments from February 2019 to May 2019 impacting the investment management sector....more

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

Dechert LLP on 6/10/2019

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

Privacy & Cybersecurity Update - May 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 6/3/2019

In this month's edition of our Privacy & Cybersecurity Update, we examine expanded data breach notification laws in New Jersey and Washington state, as well as the SEC's risk alert regarding cloud-based storage solutions. We...more

U.S. Securities and Exchange Commission Issues Risk Alert Regarding Safeguarding Customer Records and Information Stored on...

Faegre Drinker Biddle & Reath LLP on 5/29/2019

On May 23, 2019, the United States Securities and Exchange Commission (“SEC”)’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert entitled “Safeguarding Customer Records and Information in Network...more

Imposter Websites Prompt Regulatory Warning to Financial Industry

King & Spalding on 5/15/2019

On April 29, 2019, FINRA published an Information Notice alerting to a potential increase in member firms falling victim to imposter websites – websites designed to appear legitimate but that actually serve as a vehicle to...more

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