Category: Legal and Regulatory Updates
FinCEN Issues Financial Trend Analysis on Elder Financial Threats
A new analysis by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) shows that family members and caregivers are most often responsible for financial exploitation of the elderly. In Elders...
December 18, 2019
SEC Reproposes Rules for Use of Derivatives by RICs, Business Development Companies
On November 25, the SEC voted without an open meeting to propose a new rule governing the use of derivatives and other transactions in mutual funds. This proposal supersedes an...
December 01, 2019
Tags: Derivatives, Mutual Funds
Federal agencies recently released the Fall update to their regulatory agendas. Each agency’s agenda is divided into up to four sections: (i) the pre-rule stage, which includes actions that agencies...
November 27, 2019
Tags: Advertising Rule, AML, CFTC, Custody, DOL, FinCEN, Regulatory Agendas
The SEC’s Office of Compliance Inspections and Examinations (OCIE) has published a Risk Alert that provides examples of the most common deficiencies cited in examinations of registered investment companies, money...
November 25, 2019
Tags: OCIE, Investment Company, Money Market Fund, Risk Alert, Target Date Fund
The SEC has approved amendments to FINRA Rules 5130 and 5131, which contain restrictions on participating in and allocating shares of initial public offerings. In order to promote fairness in...
November 25, 2019
CFTC Adopts Select Amendments to CPO and CTA Registration and Reporting Rules
The CFTC adopted rules on November 25 that codify certain no-action relief and amend registration and compliance requirements for commodity pool operators (CPOs) and commodity trading advisors (CTAs), which had...
November 25, 2019
Tags: CFTC, CPO, CTA, Dan M. Berkovitz, Family Office, Heath Tarbert, Rostin Behnam
SEC Co-Director of Enforcement Outlines Additional Areas of Undisclosed Conflicts
In a recent speech, Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement, discussed the Division’s focus on identifying material conflicts of interest that are harmful to investors. When Enforcement...
November 25, 2019
IRS Increases Contribution Limits: The IRS recently announced increases for tax year 2020 to contribution limits for 401(k), 403(b), and most 457 plans from $19,000 to $19,500. The limit for SIMPLE...
November 25, 2019
Tags: IRS, Retirement
In a case that will have ramifications for investment advisers, the SEC charged a large broker-dealer with fraudulent misrepresentations relating to its mutual fund share class selection process. The broker...
November 25, 2019
The SEC filed a complaint against a Massachusetts-based dual-registrant for failing to disclose material conflicts of interest related to mutual funds with 12b-1 fees and for engaging in principal trading...
November 25, 2019
Tags: Dual Registrant, Massachusetts, SEC Enforcement, Share Class Disclosure
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