Category: Legal and Regulatory Updates
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 for failing to adequately disclose material conflicts of interest related to their clients’ investments in an issuer whose...
March 11, 2020
SEC Requests Comment on Fund Names Rule
The SEC has published a request for comment, asking whether Rule 35d-1 under the Investment Company Act (the Names Rule) “is effective in prohibiting funds from using names that are...
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...
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). The SEC added RBICs to the definition of...
March 11, 2020
Tags: Private Funds
SEC Announces 2020 National Compliance Outreach Seminar on April 21
The SEC announced that its 2020 National Compliance Outreach Seminar for investment companies and investment advisers will take place on April 21 from 8:30 a.m. to 5:30 p.m. ET at...
March 11, 2020
Tags: Compliance
SEC Names New Head of Philadelphia Regional Office
The SEC announced that Kelly L. Gibson has been named director of the SEC’s Philadelphia Regional Office. She succeeds G. Jeffrey Boujoukos, who left the agency after nearly 11 years...
March 11, 2020
Tags: SEC
In response to the coronavirus, the SEC’s Division of Investment Management extended no-action relief that it provided in February 2019 from certain in-person voting requirements for fund directors. The February...
March 04, 2020
SEC Finds Breaches of Fiduciary Duty and Duty of Best Execution in Connection with Mutual Fund Share
A Pennsylvania-based dual registrant agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling $927,107 for insufficient disclosure of conflicts of interest associated with its receipt of 12b-1 fees...
February 27, 2020
Tags: Conflicts of Interest, SEC Enforcement, Share Class Disclosure
The SEC and the CFTC have settled charges against an investment adviser of a mutual fund that is also registered as a commodity pool operator for materially misleading investors about...
February 27, 2020
Tags: CFTC, CPO, SEC Enforcement
CFTC Proposes New Rules on Position Limits for Derivatives (Again)
After several false starts and the reversal by a federal court of an early rulemaking attempt, the CFTC has reproposed long-awaited amendments to its regulations on speculative position limits in...
February 27, 2020
Tags: CFTC, Derivatives
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