Category: Legal and Regulatory Updates
IAA Comments on Proposal for Registration Exemption for Offshore Pools Operated by Non-U.S. Operator
The IAA and other buy-side trade associations filed a letter on August 11 on the CFTC’s proposed amendments to the registration exemption in CFTC Rule 3.10(c)(3) for offshore commodity pool operators of offshore pools.
August 20, 2020
Adviser Pays $750,000+ to Settle Share Class Selection, Revenue Sharing Charges
The SEC has brought an enforcement action against a California-based investment adviser in connection with share class selection practices and undisclosed revenue sharing agreements.
August 20, 2020
Tags: Revenue Sharing, SEC Enforcement, Share Class Disclosure
SEC Fines PE Fund Adviser $350,000 for Misallocating Expenses to Fund Clients
The SEC has settled charges with a Florida-based private equity fund adviser for misallocating costs and expenses to its real estate fund clients.
August 20, 2020
Tags: Compliance, Fees and Expenses, Private Equity, SEC Enforcement
BEA Collecting Data on Transactions with Foreign Persons
Investment advisers that had financial services transactions with foreign persons in the 2019 fiscal year may be required to complete the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) Form BE-180.
August 20, 2020
Crenshaw, Peirce Sworn In as SEC Commissioners
Hester Peirce was sworn in to serve a second term as an SEC Commissioner and Caroline Crenshaw was sworn in to fill the Commission’s vacant Democratic seat on August 17.
August 17, 2020
Tags: Caroline Crenshaw, Hester Peirce
The President’s Working Group on Financial Markets (PWG) has issued a “Report on Protecting United States Investors from Significant Risks from Chinese Companies,” in response to a June memorandum from President Trump.
August 13, 2020
Tags: ETFs, Index Funds, Mutual Funds
SEC Staff Issues Statement on Form CRS Filings
On July 27, the SEC staff published a statement regarding their initial observations on Form CRS filings.
August 11, 2020
New Reg BI FAQs Focus on Use of “Adviser” and “Advisor,” Dual-Hatted Employees
SEC staff issued several new FAQs on August 4 on the application of Regulation Best Interest (Reg BI) to dual registrants and dual-hatted employees that may be of interest to IAA members.
August 11, 2020
Tags: Dual Registrant, Fiduciary, Reg BI
SEC Proposes Updates to Fund Disclosure Framework
As part of its investor experience initiative, the SEC has proposed an updated disclosure framework for mutual funds and ETFs.
August 11, 2020
Tags: Disclosure, ETFs, Mutual Funds
On July 23, the CFTC voted 3-2 to adopt a final rule that addresses the cross-border application of the registration thresholds for and certain requirements applicable to swap dealers and major swap participants.
August 11, 2020
Tags: CFTC, Cross Border
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