SEC Adopts Summary Prospectus for Variable Insurance Products
The SEC has adopted a new rule that permits, on a voluntary basis, the use of a summary prospectus for variable annuities and variable life insurance contracts.
March 23, 2020
The SEC’s Division of Investment Management has issued two Information Updates regarding no-action letters and other staff statements that have been modified or withdrawn.
March 23, 2020
Tags: No-Action Letter, SEC Investment Management, Variable Insurance Products
SEC Fines New York-Based Dual Registrant for Misleading Disclosures on Adviser Compensation
A New York-based dual registrant is paying $725,000 to settle charges that it misrepresented how it compensated its dual-registered investment adviser representatives (IARs).
March 23, 2020
Tags: SEC Enforcement
European Commission Seeks Feedback on Changes to Research Unbundling Rules for Small Companies
The European Commission recently published a consultation on MiFID II seeking feedback on research unbundling rules and the effect on small and medium-size enterprises (SMEs).
March 16, 2020
Tags: European Commission, MiFID II, Research
The SEC has issued two orders providing targeted relief from filing and delivery deadlines for Form ADV and Form PF, from in-person board meetings for registered funds, and certain other funds.
March 14, 2020
Tags: Coronavirus, COVID-19
Dual-Registrants to Pay $35 Million for Unsuitable Recommendations Regarding Single-Inverse ETFs
The SEC fined two affiliated dual-registrants a total of $35 million in connection with unsuitable recommendations to retail investors to buy and hold single-inverse exchange-traded funds, including in retirement accounts.
March 11, 2020
Tags: Dual Registrant, SEC Enforcement
SEC Fines Two Advisers for Undisclosed Conflicts Related to Investments in the Same Enterprise
The SEC has settled charges with New Jersey– and California-based investment advisers.
March 11, 2020
SEC Requests Comment on Fund Names Rule
The SEC has published a request for comment regarding Rule 35d-1 under the Investment Company Act (the Names Rule).
March 11, 2020
Tags: Mutual Funds, Names Rule
The SEC has censured and fined a Connecticut-based investment adviser and its founder for engaging in a series of principal transactions without making the proper disclosures and without obtaining client consent as required under Section 206(3) of the Advisers Act.
March 11, 2020
Tags: Disclosure, SEC Enforcement
SEC Implements Registration Exemptions for Advisers to RBICs
The SEC has amended certain rules to implement legislation that exempts from investment adviser registration advisers to rural business investment companies (RBICs).
March 11, 2020
Tags: Private Funds