IAR CE Requirements Now in Effect in Several More States
IARs in states that are now subject to the CE requirements must complete the required credit hours by December 31.
January 13, 2023
Tags: Continuing Education, IAR, NASAA
Few Big Changes in New Regulatory Agendas, Ambitious Rulemakings to Persist
Federal agencies issue Fall Reg Flex agendas, reflecting continuation of ambitious agendas; Custody Rule and anti-money laundering for advisers still planned.
January 09, 2023
Tags: Money Market Funds, AML, CFTC, Custody, Cybersecurity, DOL, ESG, Private Funds, Proxy Voting, Regulatory Agents, SEC Investment Management
First of Two IAA Letters on the SEC’s Outsourcing Proposal Filed
The IAA submitted a comment letter to the SEC reflecting our general views on the recent adviser outsourcing proposal. Our comments were developed with the input of our dedicated member workstream that is focusing on this proposal. We have significant concerns with the proposal and have urged the SEC not to move forward and instead to consider alternative approaches to achieve its goals.
January 02, 2023
Tags: Due Diligence, Outsourcing, Oversight, Service Providers, Vendors
SEC proposes sweeping market structure changes, calls for enhanced disclosure, pricing, order routing requirements and new best execution rule for brokers; adopts amendments to safe harbor rule for trading plans for insiders.
December 16, 2022
Tags: Best Execution, Trading
SEC Staff Risk Alert Highlights Common Deficiencies in Identity Theft Prevention Programs
SEC Risk Alert highlights common exam deficiencies in identity theft red flags programs.
December 06, 2022
SEC Extends Relief on Fixed Income Disclosure to 2025
Buyside concerns around a 2020 amended rule that would require dealers to receive and review certain public information before they can publish quotes on fixed income securities were temporarily allayed by a welcome November 30, 2022, SEC no-action letter.
December 02, 2022
Tags: Fixed Income, SEC, Trading
Highlights from the SEC’s Outreach Program for Advisers and Funds
Summary of the SEC’s 2022 Investment Adviser/Investment Company National Seminar: Compliance Outreach Program.
November 17, 2022
Tags: SEC Enforcement, SEC Examinations, SEC Investment Management, SEC Outreach
SEC Finalizes Say-on-Pay Rules, Proposes New Registered Fund Liquidity Rules
Institutional managers that vote proxies on say-on-pay (executive compensation) votes will be required to file Form N-PX in 2024, including the number of shares loaned but not recalled and, therefore, not voted by the manager. The SEC also proposed significant amendments to the liquidity risk management program rule for registered funds and related reporting and disclosure.
November 03, 2022
Tags: Form N-PX, Proxy Voting
SEC Proposes Service Provider Oversight Requirements for Investment Advisers
Our initial take: the proposed rules are overly burdensome and prescriptive, fail to recognize how little leverage firms have over many service providers, and provide an unrealistic compliance period.
October 27, 2022
Tags: Due Diligence, Oversight, Service Providers, Vendors
The IAA Recommends Changes to Proposed QPAM Exemption
The DOL’s proposed new QPAM Exemption requirements would significantly narrow the availability of the exemption and make it more difficult for advisers to use. While we support efforts to protect the interests of plans and plan participants and beneficiaries, we are concerned that the QPAM Exemption proposal’s potential impacts will have negative consequences.
October 19, 2022