On Monday, November 16, 2020, SEC Chairman Jay Clayton announced his intention to depart from the agency by the end of 2020. News of Clayton’s decision comes as no surprise to most in the industry, as it is typical for the SEC Chair to hand the reigns to a successor…
On November 17, the SEC adopted rules and rule amendments permitting the use of electronic signatures in authentication documents, and facilitating electronic service and filing in the SEC’s administrative proceedings. The rules and amendments are permanent and not limited to the duration of the pandemic or national emergency, and will…
On October 28, the SEC adopted new Rule 18f-4 (the Derivatives Rule) under the Investment Company Act of 1940 (1940 Act) relating to registered funds’ (excluding money market funds) use of derivatives. Under the Derivatives Rule, funds using derivatives generally will have to: (i) adopt a derivatives risk management program administered by…
On November 2, the SEC adopted a series of amendments that will significantly change existing rules governing (1) the integration of offerings, (2) offering/investment limits, (3) communication limitations and (4) eligibility for Regulation Crowdfunding and Regulation A. The amendments will also make various changes that will improve access to offerings under Regulation…
On October 22, the SEC and CFTC held their first-ever joint open meeting to vote on a final rule. Never before in the 45-year history of the CFTC has the CFTC formally voted together with the SEC to adopt a joint rule. The joint final rule adopted by the CFTC and SEC…
On October 7, the SEC voted 3-2 to propose a conditional exemption (“Exemption”) to permit natural persons to engage in limited securities activities as “finders” on behalf of private issuers without registering as brokers under Section 15 of the Securities Exchange Act of 1934, as amended (“Exchange Act”). The proposed…
On October 7, the SEC adopted Rule 12d1-4 (the Rule) under the 1940 Act and related amendments designed to put in place a comprehensive and streamlined regulatory framework for fund-of-funds arrangements. Read the client alert for an overview of the recently adopted Rule and related rule and form amendments.
On October 16, the SEC announced that it adopted final amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X. The final amendments are based on recurring fact patterns that the SEC staff has observed over years of consultations in which certain relationships and services triggered technical independence rule violations…
On October 7, 2020, the Securities and Exchange Commission (the “SEC”) adopted Rule 12d1-4 under (the “Rule”) the Investment Company Act of 1940 (the “1940 Act“) and related amendments designed to put in place a comprehensive and streamlined regulatory framework for fund-of-funds arrangements.[1] This alert provides an overview of the recently adopted Rule…
On October 7, 2020, the U.S. Securities and Exchange Commission (“SEC”) voted 3-2 to propose a conditional exemption (“Exemption”)1 to permit natural persons to engage in limited securities activities as “finders” on behalf of private issuers without registering as brokers under Section 15 of the Securities Exchange Act of 1934,…