Updated November 18, 2020 After some trial and error, the SEC has adopted an “updated and more comprehensive” rule to govern the use of derivatives by registered funds and has...
November 18, 2020
Tags: Derivatives, Fiduciary
Signaling an intention to focus on suitability of adviser and broker-dealer recommendations to place retail clients in complex products, the SEC on November 13 brought and settled its first actions...
November 17, 2020
Tags: OCIE, Compliance Policies, SEC Enforcement
Commissioner Lee Calls for SEC to Focus on Climate Change
Warning of the “market consequences of waiting until a crisis is upon us to respond,” Commissioner Allison Herren Lee is calling on the SEC to treat climate risk as a...
November 17, 2020
Tags: Allison Herren Lee, Disclosure, ESG
Investment Adviser Industry Set Records in 2019, According to New Evolution Revolution Report
The Investment Adviser industry continued to experience record-level growth through 2019, including in number of registered advisers and assets under management, according to the 2020 Evolution Revolution report. The annual...
November 10, 2020
PPP Borrowers’ Names and Loan Amounts Must be Released, Says U.S. District Court
In a lawsuit brought by news organizations and others, the U.S. District Court for the District of Columbia has ordered the Small Business Administration (SBA) to publicly release the names,...
November 06, 2020
Tags: Coronavirus, COVID-19, PPP Loans
SEC Enforcement Breaks Records for Total Disgorgement, Penalties, and Whistleblower Awards
The SEC’s Division of Enforcement’s 2020 annual report shows a record in total monetary remedies during the fiscal year (FY) ended September 30, 2020 of $4.680 billion, as compared to...
November 05, 2020
Tags: Fees and Expenses, Insider Trading, MNPI, SEC Enforcement, Share Class Disclosure, Wrap Fees
DOL Adopts Rule Amendments to Address ESG Investing
Following almost unanimous opposition, the DOL has adopted amendments to its ERISA investment duties regulation regarding ESG investments that make significant changes to the rule as originally proposed. Despite these changes,...
November 03, 2020
Tags: Retirement Savings, Active Management, DOL, ERISA, Retirement Plans
SEC, FINRA Share Initial Form CRS, Reg BI Observations in Virtual Roundtable
The SEC and FINRA held a virtual roundtable on October 26 to discuss initial observations on compliance with Regulation Best Interest (Reg BI) and Form CRS. Reg BI and Form...
October 28, 2020
Tags: Disciplinary History, Form CRS, Reg BI, Retail Clients
SEC Study Finds Credit Markets Largely Absorbed COVID-19 Risk, But Still Have a Way to Go
A new report by SEC staff seeks to identify the extent to which interconnectedness and related interdependencies in the U.S. credit markets contributed to or mitigated risk – including systemic...
October 27, 2020
Tags: Coronavirus, COVID-19, Dalia Blass, DERA, Jay Clayton
SEC’s Peirce Calls for Framework to Provide Guidance on CCO Personal Liability
SEC Commissioner Hester Peirce has once again raised concerns about personal liability of CCOs and the lack of SEC guidance in this area, this time urging development of a framework...
October 27, 2020
Tags: CCO, Compliance, Hester Peirce, SEC Enforcement