Category: Legal and Regulatory Updates
EC Agrees to Equivalence Recognition for SEC-Registered Central Clearing Counterparties
The European Commission recently issued a decision that recognizes equivalence of the SEC’s regulatory framework for SEC-registered central clearing counterparties to the European Market Infrastructure Regulation rules.
February 10, 2021
Tags: European Commission, International
IAA Urges FTC to Withdraw Unworkable Aggregation Rule Proposal
The IAA has called on the Federal Trade Commission to withdraw a proposal that would amend the definition of “person” in the premerger notification rules under the Hart-Scott-Rodino Act.
February 05, 2021
Tags: Antitrust, Mutual Funds
IAA Comments on Delegation and ESG in EU AIFMD Consultation
The IAA has submitted comments on a consultation from the European Commission on the Alternative Investment Fund Managers Directive (AIFMD).
February 02, 2021
Tags: ESG, European Commission, Private Funds
Update to Executive Order on Investments in Chinese Military Companies and New Guidance
President Trump issued amendments to an executive order that prohibits U.S. investors from investing in publicly traded securities of, securities that are derivative of, or securities that are designed to provide investment exposure to “Communist Chinese military companies.”
February 02, 2021
Tags: Treasury Department
New Rule Questions? Join the IAA’s Marketing Implementation Group!
The IAA has launched a number of initiatives to assist members with understanding and implementing the new Investment Adviser Marketing Rule – and we are encouraging interested members to join our newly created Marketing Implementation Group.
February 01, 2021
Tags: Advertising, Advertising Rule, Compliance, Marketing Rule, Workshop
DOL Issues Guidance to Reduce Number of Missing Plan Participants
The DOL has issued guidance that describes best practices for plan fiduciaries to help reduce the number of missing participants and ensure that plan participants and beneficiaries “receive promised benefits when they reach retirement age.”
January 25, 2021
Tags: DOL, ERISA, Retirement Plans
SEC No-Action Letter Allows Funds to Custody Loan Interests
The SEC’s Division of Investment Management has issued a no-action letter that allows registered funds to self-custody interests in term or delayed draw corporate loans that are originated, negotiated, and structured by one or more primary lenders.
January 25, 2021
Tags: Custody, Investment Company Act, Mutual Funds, SEC Investment Management
OFAC, SEC Issue Guidance Related to Executive Order on Investments in Chinese Military Companies
OFAC has issued several FAQs related to an executive order that prohibits U.S. investors from investing in publicly traded securities of, securities that are derivative of, or securities that are designed to provide investment exposure to “Communist Chinese military companies.”
January 12, 2021
Tags: OCIE, ETFs, Mutual Funds, SEC Examinations, Treasury Department
Pricing Data Services Company Pays $8 Million to Settle Compliance Failure Charges
The SEC has fined a registered investment adviser for failing to adopt and implement written policies and procedures reasonably designed to detect problems with its securities pricing.
January 05, 2021
Tags: Compliance, Compliance Policies, SEC Enforcement, Valuation
Dual-Registrant Pays Over $18 Million to Settle Charges Related to Wrap Fee Program Fees, Monitoring
The SEC has fined a New Jersey-based dual-registrant over $18 million for breaches of fiduciary duty to advisory clients that participated in the firm’s wrap fee programs.
January 05, 2021
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Disclosure, Fees and Expenses, Mutual Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees
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