Category: Legal and Regulatory Updates
SEC Charges Adviser for Failing to Disclose Financial Conflicts of Interest
The SEC has filed a complaint against a California-based investment adviser and its former co-owners for failing to disclose side compensation arrangements when recommending investments to clients. The complaint alleges...
February 27, 2020
Tags: Conflicts of Interest, Disclosure, Private Funds, SEC Enforcement
LIBOR Update– ARRC Creates Transition Checklist for Asset Managers, Owners
The Federal Reserve Board’s Alternative Reference Rates Committee (ARRC) has created a checklist to assist asset managers and asset owners with issues raised by the transition from LIBOR to the...
February 20, 2020
Tags: Federal Reserve Board, House Financial Services, Libor
NASAA Requests Comment on Proposed IAR CE Requirement
The North American Securities Administrators Association (NASAA) has requested comment on a proposed continuing education requirement for investment adviser representatives (IAR CE). It would apply to IARs associated with SEC-...
February 20, 2020
Tags: Continuing Education, NASAA
SEC Investor Advisory Committee: Revise, Republish Proxy Proposals
The SEC’s Investor Advisory Committee (IAC) responded strongly to the SEC’s proposals regarding proxy voting advice and shareholder proposals. In a 10-5 vote, with two abstentions, the IAC made the...
February 10, 2020
Tags: Proxy, Proxy Advisory Firms
The five agencies charged with implementing the Volcker Rule – which is designed to limit risk taking by banks and their affiliates – are proposing additional revisions to their regulations...
February 07, 2020
SEC Fines Adviser for Failing to Establish and Enforce Restricted List Policies and Procedures
The SEC has censured and fined a Wyoming-based investment adviser $150,000 for failures in connection with its written policies and procedures to prevent the misuse of material nonpublic information (MNPI...
February 07, 2020
The SEC plans to issue an order exempting a series of mutual funds and the funds’ investment adviser from the Investment Company Act’s requirement for board members to meet in...
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. The...
February 07, 2020
DOL Offers New Search Tool for Form 5500 Filings
The Department of Labor’s Employee Benefits Security Administration released a new search tool, available at https://5500search.dol.gov, that allows users to search for Form 5500 filings made by retirement plans since...
February 07, 2020
The SEC’s new Asset Management Advisory Committee (AMAC) held its first meeting on January 14. As noted in the November 2019 IAA Newsletter, the SEC announced last fall the formation...
January 27, 2020
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