The five agencies charged with implementing the Volcker Rule are proposing additional revisions to their regulations to ease some of the restrictions on activities of bank-affiliated asset managers.
February 07, 2020
SEC Fines Adviser for Failing to Establish and Enforce Restricted List Policies and Procedures
The adviser invests in thinly-traded securities and frequently communicates with company insiders and enters into nondisclosure agreements with companies.
February 07, 2020
Tags: SEC Enforcement
Instead, board members could approve these agreements “by any means of communication that allows them to hear each other simultaneously during the meeting.”
February 07, 2020
IRS Provides Relief for RMD Notifications in Connection with the SECURE Act
The SECURE Act increased the age at which individuals are required to take a required minimum distribution (RMD) from their retirement plan or IRA from 70 ½ to 72.
February 07, 2020
Tags: IRAs, IRS, SECURE Act
DOL Offers New Search Tool for Form 5500 Filings
The tool allows users to search for Form 5500 filings made by retirement plans since January 1, 2010.
February 07, 2020
Tags: DOL
The SEC’s new Asset Management Advisory Committee (AMAC) held its first meeting on January 14.
January 27, 2020
Supreme Court Leaves SEC’s Pay-to-Play Rule Intact
The state parties’ petition claimed that the rule exceeds the SEC’s statutory authority and violates the Administrative Procedure Act and the First Amendment.
January 21, 2020
Tags: Pay-to-Play, Supreme Court
Second Circuit Insider Trading Decision Likely to Make Criminal Convictions Easier
The Second Circuit issued an opinion in United States v. Blaszczak (Dec. 30, 2019), affirming wire fraud, securities fraud, and conversion of property convictions.
January 17, 2020
Tags: Insider Trading
Takeaways for Advisers from SEC FAQs on Regulation Best Interest
The FAQs address questions related to a broker’s (i) communications and account “recommendations” that are subject to Reg BI; (ii) disclosure obligations; (iii) care obligation; and (iv) conflict of interest obligations.
January 16, 2020
Tags: Conflicts of Interest, Form CRS, Reg BI
Massachusetts Holds Hearing on Fiduciary Proposal
Massachusetts Governor Charlie Baker called on the Securities Division to defer action on the proposal, citing a number of concerns, including that moving forward could adversely affect the availability of investment services and products in Massachusetts.
January 16, 2020
Tags: Fiduciary, Massachusetts, Preemption, States