Category: Legal and Regulatory Updates
UK Regulators to Asset Managers Prepare for the End of LIBOR
The UK’s Financial Conduct Authority has sent a letter to all UK asset management firms telling them to “prepare now for the end of LIBOR.” With the expected cessation of...
March 25, 2020
Tags: International, Libor
SEC’s Investor Advisory Committee Considers LIBOR Transition, Accounting and Auditing Trends
The potential investor impact of the transition away from LIBOR was addressed by an expert panel at the February 27 meeting of the SEC’s Investor Advisory Committee (IAC). The LIBOR...
March 25, 2020
Tags: Libor
The SEC has voted to propose amendments to simplify, harmonize, and improve certain aspects of the exempt offering framework. In its proposing release, the Commission says the proposals are designed...
March 23, 2020
Tags: Reg D, Private Offerings
Bureau of Economic Analysis Collecting Data on U.S. Direct Investments Abroad
The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) is collecting information in its BE-10 benchmark survey of U.S. direct investment abroad for fiscal years ending in 2019. The...
March 23, 2020
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. The rule provides...
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has issued two Information Updates regarding no-action letters and other staff statements that have been modified or withdrawn. The first update regards withdrawn staff...
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). The SEC found that beginning in 2013,...
March 23, 2020
Tags: SEC Enforcement
European Commission Seeks Feedback on Changes to Research Unbundling Rules for Small Companies
The European Commission (EC) recently published a consultation on MiFID II seeking feedback on research unbundling rules and the effect on small and medium-size enterprises (SMEs). The EC recognized that...
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...
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
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