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Securities and Exchange Commission (SEC) State and Local Government Investment Adviser

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - December 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Post-Election Considerations for Inaugurations, Transitions, Special Elections and Personnel Entering or Leaving Government

Now that the 2024 election has passed, individuals and organizations must be mindful of special legal issues that arise from contributions made to, and expenses incurred for, federal, state or local inaugural or transition...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Penalizes Adviser in New Rule 206(4)-5 Proceeding

On April 15, 2024, the U.S. Securities and Exchange Commission (SEC) censured and imposed a $60,000 civil penalty on Wayzata Investment Partners LLC (Wayzata) for violating SEC Rule 206(4)-5 (the Pay-to-Play Rule). Under the...more

Foley Hoag LLP

Massachusetts Issues Marketing Rule Reminder

Foley Hoag LLP on

On November 4, 2022, the U.S. Securities and Exchange Commission (the “SEC”) began enforcing its updated advertising requirements for federally registered advisers. Those rules, described in greater detail here, represented a...more

Faegre Drinker Biddle & Reath LLP

Recent State Fiduciary and Best Interest Developments

To date, 27 states have adopted rules that follow the Suitability in Annuity Transactions Model Regulation issued by the National Association of Insurance Commissioners (NAIC). Recent additions reflected in the following...more

J.S. Held

Crosscurrents: J.S. Held’s Environmental, Social & Governance Observations (Fiduciary Duties Become Political)

J.S. Held on

The Attorneys General for both Indiana and Louisiana have issued opinions that environmental, social, and governance (ESG) criteria violate the fiduciary duty owed to corporate investors absent full disclosure of the use of...more

McDermott Will & Emery

The Significance of Recent Delaware Court of Chancery SPAC Opinions

Highlighted below are several recent opinions from the Delaware Court of Chancery relating to special purpose acquisition companies (SPACs) that provide helpful guidance to sponsors, investors and practitioners. These cases...more

Faegre Drinker Biddle & Reath LLP

State Fiduciary and Best Interest Developments: Texas, Virginia and Montana

Texas, Virginia and Montana are the latest states to enact legislation or rules setting forth a best interest standard for annuity producers in recommending annuities to their customers. Each state has designed its rule to...more

Lowenstein Sandler LLP

New Registration And Examination Requirements For New York Investment Adviser Representatives

Lowenstein Sandler LLP on

Effective February 1, 2021, amendments to the New York Investment Advisory Act (the “Amendments”) require supervised persons representing certain New York-registered investment advisers, and, to a lesser degree, investment...more

Holland & Hart LLP

10th Circuit Affirms FINRA Arbitration Award—Adopts Face-of-the-Award Rule

Holland & Hart LLP on

On April 14, 2020, the 10th Circuit U.S. Court of Appeals adopted the “face-of-the-award” rule for dealing with arbitrator errors in damage calculations under Section 11(a) of the FAA, affirming the district court’s refusal...more

Miller Canfield

Michigan's Securities Regulator Issues New Rules, Including a New Private Fund Adviser Registration Exemption

Miller Canfield on

The Corporations, Securities, & Commercial Licensing Bureau of the Michigan Department of Licensing and Regulatory Affairs ("the Bureau") has issued new Securities Rules interpreting and enforcing the Michigan Uniform...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Political Law: What to Consider When Providing Investment Fund Services to US State and Local Government...

With heightened attention to investment and depository rules as well as increased enforcement of federal and state pay-to-play rules, registered investment advisers (RIAs) and broker-dealers should address the unique legal...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - September 2015

Adviser to European Court of Justice Says US-EU Safe Harbor Should Be Declared Invalid - An advisory opinion issued by the advocate general to the European Court of Justice states that the U.S.-EU Safe Harbor should be...more

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