On July 25, 2024, in the case of Federation of Americans for Consumer Choice, Inc., et al. v. United States Department of Labor, et al., (“Federation of Americans”) the United States District Court for the Eastern District of Texas issued an order staying the effective date of the DOL’s final fiduciary rule (and related amendments
US SEC adopts wide-reaching rules for private fund advisers
On August 23, 2023, the Securities and Exchange Commission adopted highly controversial new rules and rule amendments to the Investment Advisers Act of 1940 in an effort to further regulate the private funds industry. These new rules attempt to “increase transparency, competition and efficiency in the private funds market.” Our client update can be found
New briefing note: SEC adopts heightened reporting requirements for private funds
In our latest briefing note we look at the SEC’s adoption of new amendments enhancing disclosure requirements for private funds.
The amendments are designed to ‘enhance the ability of the Financial Stability Oversight Council (FSOC) to assess systemic risk and to bolster the Commission’s oversight of private fund advisers and its investor protection
Podcast – Global regulation and conduct series – Cross border distribution of funds: five topics to consider
In the second in our global series of regulatory podcasts focusing on conduct issues, financial services partners from Australia, Hong Kong, Luxembourg, Germany, United Kingdom and the United States consider the cross border distribution of funds by focussing on the following five topics:
- What trends or industry developments are you seeing in your jurisdiction as
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
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
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
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
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
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