IAA Today Archive

Dealing with the New Derivatives Rule: A Guide for Legal and Compliance Professionals

In October 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 18f-4 under section 18 of the Investment Company Act of 1940 (the “1940 Act”) to regulate the...

September 09, 2021

Keywords: Columns, Compliance Corner, Derivatives

Categories & Topics: Compliance, Compliance Programs

SEC Chair Addresses Systemic Risk Council on Money Market Funds, LIBOR; CFTC Receives Recommendation for Best Practice Benchmark to Replace LIBOR

In his first remarks to the Financial Stability Oversight Council (FSOC) since becoming SEC Chair, Gary Gensler reiterated his agency’s focus on enhancing the resiliency of money market funds. Gensler...

June 15, 2021

Keywords: CFTC, Derivatives, FSOC, Gary Gensler, Libor, Money Market Fund, Regulatory Agendas, Rostin Behnam

Categories & Topics: Bank Regulation/FSOC, Business Ops/HR, CFTC, Compliance, Industry-Level, Registered Funds

SEC’s “Dear CFO” Letter Discusses Combined Financial Statements Under Custody Rule, Includes Updates to Reflect Fund Valuation, Derivatives Rules

The Chief Accountant of the SEC’s Division of Investment Management has issued a “Dear CFO Letter” to assist funds, advisers, and their independent public accountants “in addressing certain accounting, auditing,...

May 04, 2021

Keywords: Custody, Derivatives, Mutual Funds, SEC Investment Management, Valuation

Categories & Topics: Business Ops/HR, Compliance, Custody, Private Funds, Registered Funds, Valuation

SEC Investment Management Withdraws, Modifies Staff Letters to Implement New Derivatives Rule

The SEC Division of Investment Management has announced in an Information Update that it is withdrawing or modifying over 30 SEC staff letters or statements relating to Sections 12(a) and...

April 13, 2021

Keywords: Derivatives, Mutual Funds

Categories & Topics: Business Ops/HR, Registered Funds

SEC Investor Advocate Offers Harsh Critique of Regulator in Report to Congress

SEC Investor Advocate Rick Fleming has submitted a scathing Report on Activities for fiscal year 2020, charging that the agency rulemakings aimed at modernizing regulations often hurt investors, while the...

January 13, 2021

Keywords: Accredited Investor, Allison Herren Lee, Caroline Crenshaw, Derivatives, ESG, ETFs, Form CRS, Private Offerings, Proxy Advisory Firms, Proxy Voting, Rick Flemming, SEC Investor Advocate

Categories & Topics: Business Ops/HR, Compliance, Form ADV & CRS, Private Funds, Proxy Voting, Reporting, Senior Client Matters

FSOC Expresses Concerns with Fund Leverage and Redemptions

Not surprisingly, the 2020 annual report of the Financial Stability Oversight Council (FSOC) looks at the risk to the U.S. financial system through the lens of the unprecedented economic turmoil...

December 09, 2020

Keywords: Coronavirus, COVID-19, Derivatives, ETFs, FSOC, Hedge Funds, Mutual Funds

Categories & Topics: Business Ops/HR, Industry Trends, Industry-Level, Private Funds, Registered Funds

In a Win for the IAA, SEC Declines to Adopt Sales Practice Rule for Advisers, Adopts New Approach to Derivatives Use by Registered Funds

Updated November 18, 2020 After some trial and error, the SEC has adopted an “updated and more comprehensive” rule to govern the use of derivatives by registered funds and has...

November 18, 2020

Keywords: Derivatives, Fiduciary

Categories & Topics: Compliance, Fiduciary

IAA Supports SEC’s Reproposal of Fund Derivatives Rule, Strongly Opposes Related Sales Practice Rule as “Troubling”

IAA Supports SEC’s Reproposal of Fund Derivatives Rule, Strongly Opposes Related Sales Practice Rule as “Troubling” May 6, 2020   While generally supporting the SEC’s comprehensive approach to modernizing regulation around...

May 06, 2020

Keywords: Derivatives, Fiduciary

Categories & Topics: Compliance, Fiduciary