The U.S. Department of the Treasury (“Treasury Department” or “Treasury”) issued its second report (of four reports), titled “A Financial System that Creates Economic Opportunities, Capital Markets” (the “Report”). The Report was issued in response to Presidential Order 137772 setting
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 8
Complimentary Teleconference – Financing Fintech: ILC Charters
Thursday, October 19, 2017
5:00 p.m. – 5:45 p.m. EDT
Join us for one of our upcoming monthly telephone briefings led by members of our Fintech team.
Topics will include: What is an ILC?; What laws apply to an ILC…
SEC Chairman Clayton Addresses Senate Committee
On September 26, 2017, SEC Chairman Jay Clayton delivered to the U.S. Senate Committee on Banking, Housing and Urban Affairs his first testimony as Chairman. A copy of his prepared remarks may be found here.
Mr. Clayton’s testimony was…
The Fiduciary Rule Poll
By Hillel Cohn & Anna Pinedo
The US Department of Labor’s (DOL) fiduciary standard rule has been befuddling the financial services industry for the past seven years. In its simplest form, it increases accountability for the brokers, planners and insurance agents that handle US retirement accounts.…
Form ADV Amendments: Ready to Go?
By Kelley Howes
As summer recedes and we head into the autumn, investment advisers are in the home stretch of preparations for Form ADV reporting and disclosure changes that become effective October 1, 2017. The amendments, which were adopted in August 2016, require…
California Court Applies “Tracing” Requirement to ETF Shareholders Who Sue under Section 11
By Jay G. Baris
A California state court held that shareholders of exchange-traded funds (ETFs) have standing to sue under Section 11 of the Securities Act of 1933 (“1933 Act”) for an alleged prospectus misstatement only if they can trace their ETF shares back…
Auditor Independence No-Action Relief Extended
By Kelley Howes
In a letter dated September 22, 2017, the SEC staff agreed to extend previous relief that enables registered fund groups to fulfill regulatory requirements under Regulation S-X if the accounting firm auditing the funds’ financial statements is not in…
NASAA Survey Finds Seniors Are Most Vulnerable to Financial Fraud
By Lailey Rezai
On August 21, 2017, the North American Securities Administrators Association (“NASAA”) released a survey on senior citizens and financial exploitation. The survey of the state securities regulators highlighted, among other things, the need for the securities regulators to take a…
PLI Webinar – Shadow-Boxing in 2017: An Update on Shadow Banking Reform
Tuesday, September 26, 2017
12:00 p.m. – 1:00 p.m. EDT
5:00 p.m. – 6:00 p.m. BST
The Financial Stability Board has been spearheading a review of “shadow banking” entities and activities since the onset of the financial crisis. Pursuant to…
OCIE Spots Issues and Alerts Registered Advisers on Most Frequent Advertising Compliance Problems
On September 14, 2017, the National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert outlining registered investment adviser compliance issues relating to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the…