Search Results: Investment Advisers

SEC Eyeing Rulemaking to Combat Market Volatility, Modernize Market Structure

On January 26, 2022, SEC Chairman Gary Gensler issued a brief statement noting the agency’s efforts to address the market volatility in January 2021 and beyond.  The statement referenced the SEC staff report on volatility and market structure conditions and a request for comment related to digital engagement practices or…

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SEC Charges 27 Firms with Form CRS Failures

Word to the wise: when a regulator kindly reminds you on multiple occasions that you need to comply with its rules, you should probably heed those warnings.  On July 26, 2021, the SEC announced settlements with 21 investment advisers and 6 broker-dealers that apparently did just the opposite.  In particular,…

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Climate Clash at the Commission?

A flurry of recent climate-related announcements from the SEC forecasts an upcoming policy battle at the agency.  Acting Chair Allison Herren Lee has signaled that “ESG” will clearly be in focus across the SEC’s various divisions, including Examinations, Corporation Finance, and Enforcement.  Presumptive incoming SEC Chairman Gary Gensler also indicated…

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SEC to Wyoming (Division of Banking): Interpreting Federal Securities Laws and Rules is Our Domain

In early November 2020, the staff of the U.S. Securities and Exchange Commission (“SEC”) Division of Investment Management (“IM Division”), in consultation with the SEC’s “FinHub” staff, issued a statement in response to a No-Action Letter from the Wyoming Division of Banking purporting to provide interpretive guidance on both Wyoming and federal securities laws,…

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SEC’s OCIE Issues Risk Alert Regarding Select COVID-19 Compliance Risks and Considerations for Broker-Dealers and Investment Advisers

On August 12, the SEC’s OCIE issued a risk alert regarding its observations pertaining to COVID-19-related issues, risks and practices, including market volatility and higher risks of misconduct, relevant to SEC-registered investment advisers and broker-dealers (collectively, Firms). OCIE’s observations and recommendations fall broadly into the following six categories: (1) protection of investors’…

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SEC Adopts Final Proxy Advisor Amendments and Supplemental IA Guidance

On July 22, the SEC finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and accountability. The rule amendments, which were the subject of a vigorous comment process, were approved by a 3-1 vote. The effective date will be 60…

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U.S. SEC Chairman Confirms June 30 Deadline and Areas of Focus for Regulation Best Interest and Form CRS

In a public statement issued on June 15, 2020, U.S. Securities and Exchange Commission (SEC) Chairman Clayton confirmed the June 30, 2020, deadlines for compliance with Regulation Best Interest (Reg. BI) and the Form CRS requirements, echoing his statements from April that the implementation of Reg. BI and Form CRS…

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