Congress included in the National Defense Authorization Act several amendments to Section 21(d) of the Securities Exchange Act of 1934.
January 05, 2021
Tags: Congress
OFAC Issues FAQs, List Related to Exec Order on 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 are designed to provide investment exposure to “Communist Chinese military companies."
January 05, 2021
Tags: ETFs, Mutual Funds, Securities, Trading, Treasury Department
Dual-Registrant Pays Over $20 Million to Settle Share Class, Cash Sweep, and Illiquid Alt
The SEC has fined an Iowa-based dual-registrant over $20 million in connection with “disclosure failures and misleading statements to clients” arising from share class selection, revenue sharing, and compensation practices relating to illiquid alternative investments.
December 28, 2020
Tags: 12b-1 Fees, Conflicts, Disclosure, Registered Funds, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Trading
SEC Requests Feedback on Money Market Fund Report
The SEC’s Division of Investment Management is seeking feedback on a report by the President’s Working Group on Financial Markets on the effects of the March 2020 market volatility on money market funds and short-term funding markets.
December 28, 2020
Tags: Coronavirus, COVID-19, Dalia Blass, Industry Trends, Money Market Fund, SEC Investment Management
Blass, Kothari to Depart SEC in January; SEC Names Acting Directors
After a little over three years at the helm of the SEC’s Division of Investment Management, Dalia Blass is set to leave the SEC in January. The SEC has also announced the departure in January of its chief economist and Director of the Division of Economic and Risk Analysis, S.P. Kothari.
December 22, 2020
Tags: Dalia Blass, DERA, Sarah ten Siethoff, SEC Investment Management
Federal Agencies Issue Fall 2020 Regulatory Agendas; Custody Moves to Long-Term Agenda
An update on the SEC’s, FinCEN’s, DOL’s, and CFTC’s regulatory agendas as they relate to investment advisers.
December 21, 2020
Tags: AML, CFTC, Custody, SEC Investment Management
OCIE’s New Name: Division of Examinations
The SEC has given its Office of Compliance Inspections and Examinations (OCIE) a new name.
December 21, 2020
Tags: OCIE, SEC Examinations
CFTC Releases Digital Assets Primer
The Commodity Futures Trading Commission’s LabCFTC has published a Digital Assets Primer, which builds on a primer on virtual currencies that LabCFTC put out in 2017.
December 21, 2020
Tags: CFTC, Digital Assets
Regulators Release Advance Copies of Form 5500 Annual Report
The DOL and other regulators have released advance copies of the 2020 Form 5500 annual report that is filed by retirement plans, and related instructions.
December 21, 2020
Tags: DOL, Retirement Plans, SECURE Act
President Trump has signed into law the Holding Foreign Companies Accountable Act to restrict the ability of foreign issuers to trade on U.S. exchanges if their auditors are not inspected by the Public Company Accounting Oversight Board.
December 21, 2020
Tags: Disclosure, Jay Clayton, Mutual Funds, PCAOB, SEC Investment Management