DOL Proposes Updated Definition of Investment Advice Fiduciary

The Department of Labor (DOL) has issued a proposal to update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). The updated definition of an investment advice fiduciary would apply when a financial service provider gives investment advice for a fee to retirement plan participants, IRA owners and others.

SEC Small Business Advisory Committee Discusses Accredited Investor and Diversity in the Investment Process

The SEC’s Small Business Capital Formation Advisory Committee met to discuss the definition of “accredited Investor” and diversity in the investment process.

IAA Submits Additional Comments on SEC’s Safeguarding Proposal

The IAA has submitted a comment letter urging the SEC to make additional changes to its proposed rule relating to the safeguarding of advisory client assets.

SEC Publishes 2024 Examination Priorities

SEC’s 2024 examination priorities include fiduciary duty, disclosure of material facts relating to conflicts of interest, advertising practices, and more.

IAA Opposes SEC Predictive Data Analytics Proposal

The IAA submitted a comment letter to the SEC requesting that the agency withdraw its proposed rules regarding potential conflicts of interest associated with the use of predictive data analytics and other technologies by advisers in investor interactions.

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Get Involved

It has been a very active period for SEC proposed rulemaking. We encourage you and your colleagues to get involved in the following IAA comment letter workstreams.

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2023 IAA Compliance Workshops Takeaways – Off-Channel Communications, AI

A big thank you to everyone who helped make the 2023 IAA Compliance Workshops a success. If you didn't make it to a Compliance Workshop this year, here's what you missed.

Webinar Recap: What’s Driving Growth in Active ETFs?

After years in the shadows, active ETFs are having their day in the sun. Recently, experts from three IAA member firms gathered to discuss what’s behind the proliferation and rapid adoption of active ETFs. Here’s what you might have missed.

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The Proposed DOL Fiduciary Rule: Significant Changes for Advisers

By Fred Reish and Joan Neri, Faegre Drinker Biddle & Reath LLP*

This article discusses the DOL’s November 2023 proposed fiduciary rule amendments, including proposed amendments to Prohibited Transaction Exemption (PTE) 2020-02, and their impact on SEC-registered investment advisers.

Investment Adviser Management of ESG Strategies – Practical Considerations in Establishing a Compliance Program

By Clifford Kirsch and Ethan Corey, Eversheds Sutherland (US) LLP*

This article highlights the challenges advisers face around the current state of ESG investing and regulation and the considerations of disclosure, data, and portfolio management issues.

Legal and Regulatory Updates

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SEC Charges Five Private Fund Advisers with Custody Rule and Form ADV Violations

The SEC charged five private fund advisers with custody and Form ADV deficiencies.

Massachusetts Supreme Judicial Court Upholds Fiduciary Duty Rule for Broker-Dealers

The regulation, challenged by Robinhood, requires broker-dealers to act as fiduciaries when providing investment advice to clients.

SEC Settles First Enforcement Action Under the Marketing Rule

SEC settles first enforcement action under new Marketing Rule; charges relate to misleading hypothetical performance in advertisements and several other compliance failures.

SEC Brings New Off-Channel Communications Cases, More to Come

SEC and CFTC enforcement cases for recordkeeping and supervision failures involving off-channel electronic communications on personal devices.

Private Fund Adviser Charged for Excessive Fees and Conflict Disclosure

SEC charges private fund adviser for miscalculating and not disclosing fees related to permanent impairment criteria.

SEC Declines to Weigh In On Whether Syndicated Loans are Securities

The case in question is on appeal before the Second Circuit Court of Appeals following a lower court decision that the syndicated loan at issue in that case is not a security.