The SEC proposed amendments to performance fee and interval fund rules aimed at expanding retail investor access to private market strategies.
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U.S. Appeals Court Vacates SEC Private Fund Adviser Rule
On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit unanimously vacated a rule the Securities and Exchange Commission (SEC) enacted in August 2023 that was intended to protect investors who invest in certain private funds and prevent fraud by the investment advisers to Private Funds.
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SEC Risk Alert to Investment Advisers: Assessing Risks, Scoping Examinations, and Requesting Documents
On Sept. 6, 2023, the Securities and Exchange Commission’s Division of Examinations issued a Risk Alert detailing the Division’s examination selection process for SEC-registered investment advisers (Advisers). The Risk Alert
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Updating and Improving the UK Asset Management Regime: An FCA Discussion Paper
The UK’s Financial Conduct Authority (FCA) released a Discussion Paper (DP23/2: Updating and improving the UK regime for asset management) in February 2023 which recognises that, as a consequence
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SEC Issues Risk Alert Regarding Registered Investment Companies
On Oct. 26, 2021, the Securities and Exchange Commission (SEC) Division of Examinations issued a Risk Alert in which it identified observations from examinations under its registered investment company initiative,
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SEC Staff Issues No-Action Relief for Custody of Certain Loan Interests Under the Investment Company Act
On Jan. 13, 2021, the Division of Investment Management staff (Staff) of the Securities and Exchange Commission (Commission) issued a no-action letter advising that it would not recommend enforcement action
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The SEC’s 2020 Amendments to Proxy Rules and Supplemental Guidance to Investment Advisers on Proxy Voting Responsibilities
Proxy advisory firms (Proxy Firms) have long provided institutional investors advice and recommendations with respect to management and shareholder proxy proposals. In recent years, the Securities and Exchange Commission (SEC)
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2020 SEC Exam Priorities for Securities Industry Registrants
The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released its annual list of 2020 Examination Priorities on Jan. 7, 2020. Many of
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SEC Publishes OCIE 2020 Examination Priorities
On Jan. 7, the SEC announced the publication of the annual Office of Compliance Inspections and Examinations (OCIE) 2020 Examination Priorities. In addition to the examination priorities themselves, the 28-page
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When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?
On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD)
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