Steven Howard (US)

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Regulation Around the World focusing on horizon scanning – out now

What’s on the regulatory horizon for financial services firms? In the latest instalment of our Regulation Around the World series we focus on horizon scanning with members of our global financial services team exploring some of the key upcoming regulatory trends. Our global updater focussing on horizon scanning is accompanied by further analysis in our … Continue Reading

SEC Proposes New Framework for Fund Valuation Practices

On April 21, 2020, the Securities and Exchange Commission (“SEC”) proposed new Rule 2a-5 under the Investment Company Act of 1940 (the “1940 Act”) to “modernize” the framework for fund valuation practices applicable to mutual funds, business development companies and other “registered investment companies” under the 1940 Act (each, a “fund”). This framework has not … Continue Reading

SEC provides further COVID-19 relief relating to investment advisers regarding temporary locations and inadvertent adviser custody

On March 16, 2020, the Securities and Exchange Commission’s Division of Investment Management announced additional COVID-19 related relief. This relief is available on the SEC’s COVID-19 page, available here, and summarized below. Operation of Business From Temporary Locations. The conduct of business from temporary locations, such as an employee’s home, as part of a firm’s … Continue Reading

Coronavirus | COVID-19: US SEC provides temporary relief to assist funds and advisers by permitting virtual board meetings and providing reporting relief

On March 13, 2020, the Securities and Exchange Commission (“SEC”) announced conditional, temporary relief for funds (available here) and both registered and exempt reporting investment advisers (available here) impacted by COVID-19. The relief covers in-person board meetings by fund boards and certain filing and delivery requirements for both advisers and funds. Funds and advisers that … Continue Reading

SEC Adopts Regulation Best Interest Increasing Broker-Dealer Standards of Care and Disclosure Obligations

On June 5, 2019, the Securities and Exchange Commission (“SEC”) announced it had adopted a number of rulemakings and interpretations aimed at tightening the standards of care governing broker-dealers and investment advisers and clarifying the duties of broker-dealers and investment advisers in providing investment advice. Rulemaking The SEC issued two final rules: (i) the new … Continue Reading

SEC Examination Priorities for 2017

The staff of the SEC’s Office of Compliance Inspections and Examinations has announced its 2017 examination priorities. In 2017, the SEC will focus on: *Retail Investors—Protecting retail investors from product and service risks, roboadvisers and wrap fee programs *Senior Investors and Retirement Investments—Focusing on variable insurance products, ETFs and target-date funds *Market-Wide Risks—Focusing on compliance … Continue Reading

Federal Judge finds no attorney-client privilege for independent mutual fund trustees

In a recent, ground-breaking federal district court case, Robert Kenny v. PIMCO (Western District of Washington, Case No. C14-1987-RSM), Chief District Judge Ricardo Martinez issued a court order on November 21, 2016, that required the independent mutual fund trustees of the PIMCO Total Return Fund to divulge all of their confidential deliberations concerning their PIMCO … Continue Reading
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