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INTRODUCTION - Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation...more
Securities and Exchange Commission. Customer ID requirements. On May 13, 2024, SEC and FinCEN proposed a rule designed to make it more difficult for criminal actors to establish customer relationships with investment...more
Every year compliance officers face the unenviable job of performing their compliance program's annual review under Advisers Act Rule 206(4)-7). An essential element of that review is updating the firm's compliance policies...more
Start Planning Now to Reduce Your Increased Money Laundering, Sanctions, and Conflicts of Interest Risks The introduction and use of generative artificial intelligence (GenAI) and predictive data analytics (PDAs) by...more
As of today, March 12, 2024, a New York state statute, in certain circumstances, restricts employers “from requesting or requiring that an employee or applicant disclose any . . . means for accessing a personal account...more
Since December 2021, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have levied almost $3.0 billion in penalties for longstanding failures by 39 broker-dealers, swap dealers,...more
Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental,...more
It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more
Investment advisers offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental, social, and governance...more
While most financial institutions profile clients and perform the suitability or appropriateness test on the basis of an average risk score, a recent decision rendered by the AMF (the French Financial Markets Authority)...more
At an open meeting on May 25, 2022, the US Securities and Exchange Commission (“SEC” or “Commission”) approved two new proposals that will impact the fund and investment management industry. One of the proposals is directed...more
In July 2017, the SEC issued its landmark DAO Report, which clarified, among other things, its view that digital tokens with characteristics akin to those of an "investment contract" as established in SEC v. W.J. Howey Co....more
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02 (Part 15): Mitigation Strategies - This series focuses on the DOL’s new fiduciary “rule”. This post is the 15th in a subseries discussing special or unique compliance...more
As anticipated, a number of fiduciary and best interest investment advice regulations advanced at both the federal and state levels last year. As we begin 2021, firms subject to these regulations face challenges in dealing...more
It appears that the SEC has initiated a “sweep” examination to inquire into the sales practices applicable to retirement plans for teachers and state and local government employees. We understand that multiple SEC regional...more
The Securities and Exchange Commission (the “SEC”) on June 5, 2019 released an interpretation of the standard of conduct required by the Investment Advisers Act of 1940 (the “Advisers Act”) of investment advisers as...more
I teach securities regulation at the University of California, Irvine and so have a toe hold in academia. In my view, law schools are placed on the "isthmus of a middle state". As such, they must continually wrestle with the...more
On June 5, 2019, the SEC published an interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940. The objective of the Proposed and Final Interpretations was to reaffirm and...more
The Securities and Exchange Commission (the “SEC”) on June 5 adopted Regulation Best Interest: The Broker-Dealer Standard of Conduct (“Reg BI”), which requires that broker-dealers act in the “best interest” of their “retail...more
On June 5, 2019, the SEC adopted a package of rules and interpretations (the Adopted Rules) to clarify and further articulate the relationship between retail investors and their broker-dealers or investment advisers....more
At yesterday's open meeting, the Securities and Exchange Commission adopted a final Regulation Best Interest, as well as additional guidance. Final action relating to the broker-dealer standard of conduct had been...more
The Securities and Exchange Commission posted an Open Meeting Agenda for June 5, 2019, when the Commission will vote on whether to adopt Regulation Best Interest, the related Form CRS Relationship Summary and a standard of...more
States continue to puzzle together the duty of care financial professionals owe, or disclosures financial professionals make, to consumers. Ideally, states would ensure that the pieces fit together. However, as reflected in...more
In its Fall 2018 regulatory agenda, the Securities and Exchange Commission (“SEC”) announced that final rulemaking on the Best Interest Regulation is set for September 2019, before the close of the federal government’s fiscal...more
On April 18, the SEC voted to propose major rule changes to reconcile and clarify the standards of conduct that apply to broker-dealers and investment advisers. ...more