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The staff of the SEC’s Office of Compliance Inspections and Examinations has announced its 2017 examination priorities. In 2017, the SEC will focus on: *Retail Investors—Protecting retail investors from product and service risks, roboadvisers and wrap fee programs *Senior Investors and Retirement Investments—Focusing on variable insurance products, ETFs and target-date funds *Market-Wide Risks—Focusing on compliance with the SEC’s Regulation SCI and anti-money laundering rules, particularly for money market funds *FINRA—Enhancing oversight of FINRA by…
In a recent, ground-breaking federal district court case, Robert Kenny v. PIMCO (Western District of Washington, Case No. C14-1987-RSM), Chief District Judge Ricardo Martinez issued a court order on November 21, 2016, that required the independent mutual fund trustees of the PIMCO Total Return Fund to divulge all of their confidential deliberations concerning their PIMCO advisory contract review. In so doing, Judge Martinez applied the “fiduciary exception” to the attorney-client privilege because he found the independent…