Category: Legal and Regulatory Updates
IM Division Director Discusses E-Delivery, Increasing Public Access to Private Markets
Dalia Blass, Director of the SEC’s Division of Investment Management, recently gave a speech in which she focused on key past and future developments, and changes within the Division.
August 11, 2020
Tags: Advertising Rule, AMAC, Coronavirus, COVID-19, Dalia Blass, E-Delivery, Electronic Delivery, Private Funds, SEC Investment Management
In a welcome move, the European Commission published draft legislation on July 24 to reverse requirements under MiFID II to unbundle research from commissions for small and mid-cap companies and fixed income instruments.
August 11, 2020
Tags: MiFID II, Research, Soft Dollars
The SEC has fined a Texas-based investment adviser regarding failures to disclose certain practices by the adviser in connection with teacher retirement plans and certain benefits received in connection with mutual fund share class selection practices.
August 11, 2020
Tags: 12b-1 Fees, Best Execution, Conflicts of Interest, Jay Clayton, Mutual Funds, Retirement Plans, Revenue Sharing, SEC Enforcement, Share Class Disclosure, Wrap Fees
SEC Creates New Event and Emerging Risk Examination Team Within OCIE
In July, the SEC announced the creation of the Event and Emerging Risks Examination Team (EERT) in the Office of Compliance Inspections and Examinations (OCIE).
August 11, 2020
Tags: OCIE, Risk Management
The SEC has charged two affiliated investment advisers in connection with material misrepresentations to boards of their mutual fund and ETF clients.
August 10, 2020
Tags: Disclosure, ETFs, Mutual Funds, SEC Enforcement, Trading
SEC Charges Adviser in Connection with Trade Allocations to Day-Trading Clients
The SEC has charged a Connecticut-based investment adviser in connection with its allocation of trades to clients.
August 10, 2020
Tags: Allocation, Compliance, Disclosure, SEC Enforcement, Trading
FinCEN released additional FAQs about customer due diligence (CDD) requirements for covered “financial institutions” under the Bank Secrecy Act.
August 10, 2020
Tags: AML, Coronavirus, COVID-19, FinCEN
Co-Director of Enforcement Steven Peikin to Leave SEC
The SEC has announced that Steven Peikin is leaving the SEC on August 14, 2020.
August 10, 2020
IAA Comments on SEC’s Proposed Rule for Fair Value Determinations by Fund Boards
The IAA recently submitted a comment letter in response to the SEC’s proposed rule that specifies how the boards of registered investment companies (funds) would determine the “fair value in good faith” of fund investments under the Investment Company Act.
July 23, 2020
Tags: Subadviser , Fair Value
The SEC’s Asset Management Advisory Committee held a special meeting on July 16 that included two panel discussions, the first on diversity and inclusion in the asset management industry and the second on data privacy and technology’s impact on investment advice.
July 23, 2020
Tags: FinTech, Privacy, AMAC, Dalia Blass, Diversity & Inclusion, Elad Roisman, Jay Clayton
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