On July 24, 2017, the U.S. Court of Appeals for the Eighth Circuit affirmed a district court ruling that a shareholder of a fund of funds lacks standing under Section 36(b) of the Investment Company Act of 1940, as amended
IM Insights
Providing securities and derivatives regulatory updates for investment management industry participants
IM Insights, published by Morrison & Foerster LLP, focuses on regulatory and compliance issues affecting financial services and investment management sectors. The blog covers topics such as SEC regulations, FINRA guidance, fund of funds rules, valuation practices for registered investment companies, and implementation of regulations like Regulation Best Interest and Form CRS. It provides updates on enforcement trends, compliance best practices, and legal developments relevant to broker-dealers, investment advisers, and fund managers. The content aims to assist industry participants in navigating complex regulatory frameworks and addressing operational risks associated with securities laws and investment company regulations.
Latest from IM Insights - Page 10
Howey Got Here: SEC Issues Guidance on Token Offerings
The Howey test lives on—now in a lesson in what not to do when it comes to token offerings.
Token offerings, also known as “initial token offerings,” “token launches,” “token sales,” “initial coin offerings,” or “ICOs,” represent a new capital-raising method being
…
IAWatch Webinar – CCO Liability: What Risks Remain and What You Can Do to Minimize Them
Tuesday, July 25, 2017
2:00 p.m. – 3:00 p.m. EDT
Some signs from the SEC suggest compliance officers now have less to worry about in terms of being named in an enforcement action than they have had for years. But…
2017 Independent Counsel Roundtable
Monday, July 24, 2017
Investment Company Institute
1401 H St. NW
David Silver Conference Room
Suite 1200
Washington, DC 20005
IDC and ICI will host the annual Independent Counsel Roundtable, an informal discussion on the issues most important to the…
FINRA Publishes “Frequently Asked Questions” on New Pricing Disclosure Rules for Securities Confirmations
On July 12, 2017, FINRA issued guidance on its recent amendments to Rule 2232. The new requirements, which are scheduled to take effect on May 14, 2018, apply to transactions with retail (and not institutional, as defined in Rule 4512(c))…
DOL Issues Request for Information Regarding Fiduciary Rule
By Paul Borden & Hillel Cohn
On June 29, 2017, the Department of Labor (“DOL”) issued a Request for Information (“RFI”) in connection with its examination of the Final Fiduciary Rule, which was published on April 8, 2016, and became applicable on June 9, 2017. The…
House Passes Regulatory Reform That Would Loosen Restrictions on BDCs and Other Funds
By Jay G. Baris
On June 8, 2017, the U.S. House of Representatives, by a vote mostly along party lines, approved a bill that would repeal many of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) requirements and significantly reduce the regulatory burden…
PLI Webinar – Packaged Retail and Insurance-based Investment Products: Final Preparations
Wednesday, July 26, 2017
12:00 p.m. – 1:00 p.m. EDT
After one false start, the PRIIPs Regulation will finally become effective at the beginning of 2018 and will herald a new approach for pre-contractual disclosure in the form of a Key…
IFLR Webinar – Regulatory Burden Relief: What to Anticipate
Tuesday, July 25, 2017
10:00 a.m. – 11:30 a.m. EDT
Join us as presenters share their views and predictions regarding:
- the Presidential Orders relating to deregulation;
- the Treasury Department’s initial report regarding the core principles of financial regulation;
- the Financial
…
FINRA Permits Related Performance Information in Institutional Communications for Registered Closed-End Funds
Introduction
In an interpretive guidance letter issued to a registered closed-end fund on June 9, 2017, FINRA permitted the use of “related performance information” in communications that are distributed solely to institutional investors.
For purposes of the interpretive letter, “related…