Category: Legal and Regulatory Updates
SEC Appoints NJ AG Gurbir S. Grewal as Director of Enforcement
The Securities and Exchange Commission today announced that Gurbir S. Grewal has been appointed Director of the Division of Enforcement, effective July 26, 2021.
June 29, 2021
Tags: Gurbir Grewal, SEC Enforcement
SEC Continues to Bring Share Class Enforcement Cases
The SEC recently brought enforcement actions against two investment advisers and an investment adviser representative in connection with share class disclosures.
June 29, 2021
SEC Increases AUM, Net Worth Thresholds for Qualified Clients as of August 16
The SEC has published an order that makes an inflation adjustment to the assets-under-management and net worth tests in the definition of “qualified client” under the Advisers Act.
June 29, 2021
Tags: Fees and Expenses
IAA Recommends SEC Develop a Framework for Corporate Issuer ESG Disclosures
The IAA has submitted a letter to the SEC in response to a request for input on corporate issuer climate change disclosure stating that investors and investment advisers would benefit from consistent, comparable, and reliable disclosures of material information by corporate issuers on climate and other ESG matters.
June 16, 2021
Tags: ESG
Federal Agencies Release Spring 2021 Regulatory Agendas
Federal agencies recently released the spring 2021 update to their regulatory agendas. These agendas are the first issued under the Biden Administration and reflect this administration’s policy priorities.
June 16, 2021
Tags: Accredited Investor, CFTC, Custody, DOL, ESG, Marketing Rule, Money Market Fund, Proxy Voting, Regulatory Agendas, SEC Investment Management
Equity Market Structure Review High on SEC Chair’s Agenda
SEC Chair Gary Gensler announced in a June 9 speech that he has directed the SEC staff to provide recommendations to update outdated rules governing the equity markets to more fully reflect today’s technology.
June 15, 2021
Tags: Commissions, Gary Gensler, Market Structure, Trading
In his first remarks to the Financial Stability Oversight Council (FSOC) since becoming SEC Chair, Gary Gensler reiterated his agency’s focus on enhancing the resiliency of money market funds.
June 15, 2021
Tags: CFTC, Derivatives, FSOC, Gary Gensler, Libor, Money Market Fund, Regulatory Agendas, Rostin Behnam
Roisman Outlines Options to Reduce Cost, Burdens of ESG Disclosures
SEC Commissioner Elad Roisman nevertheless offered suggestions recently on how the SEC could tailor new ESG disclosure requirements to balance the benefits with the associated costs.
June 15, 2021
Tags: Elad Roisman, ESG
BDC Adviser Fined Over $800,000 for Accepting Fees Without Board Knowledge or Approval
The SEC has settled charges against a California-based investment adviser and its co-principal and managing member in connection with their failure to disclose or seek approval for material conflicts of interest in relation to their management of a business development company.
June 15, 2021
Tags: Conflicts of Interest, Enforcement, Fees and Expenses, Fiduciary, Investment Company Act
SEC Fines Digital Adviser Nearly $25,000 for “Blogger” Arrangements, False Marketing Materials
The SEC has settled charges against a Canadian-based SEC-registered digital adviser for violating Advertising and Cash Solicitation Rules.
June 15, 2021
Tags: SEC Enforcement, Solicitation Rule
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