Although the U.S. Department of Labor’s (DOL) new Fiduciary Duty Rule is set to become effective on April 10, 2017, President Trump has taken action that may delay and possibly prevent the rule from becoming effective. On Feb. 3, 2017,
Regulatory & Compliance Update
News, insight and market knowledge on regulatory and compliance issues from Schulte Roth & Zabel
Regulatory & Compliance Update, published by Schulte Roth & Zabel LLP, covers developments in financial regulation and compliance, focusing on securities laws, investment company regulations, and sanctions programs. The blog addresses regulatory changes affecting exchange-traded funds (ETFs), private funds, and banking entities, including updates on the Volcker Rule and SEC rulemakings. It also reports on enforcement trends, cybersecurity and data protection requirements, and international sanctions impacting jurisdictions such as Iran and Venezuela. The blog provides summaries of regulatory agency guidance, rule proposals, and final rules relevant to investment advisers, broker-dealers, and financial institutions.
Latest from Regulatory & Compliance Update - Page 5
Cyber-SARs: Anti-Money Laundering and Cybersecurity Rules
Investment advisers may soon have a new cybersecurity reporting requirement from a federal regulator. Anti-money laundering (“AML”) requirements have recently been interpreted to include cybersecurity suspicious activity reporting (“SAR”) requirements, so if AML obligations – which are on the horizon…
Brian Daly Discusses Commodities-Related Litigation with Corporate Disputes Magazine
By Bryan Daly
In an interview with Corporate Disputes Magazine, partner Brian Daly discusses key issues facing commodities markets, including the impact of the current regulatory environment and common types of commodities-related litigation. He also discusses the steps companies can take when facing…
Recent CFTC Rule Changes That Affect Hedge and Private Equity Fund Managers
In recent weeks, the U.S. Commodity Futures Trading Commission has issued several final rules and rule proposals that directly affect hedge fund managers that trade in futures contracts (and in other commodity interests) and private equity fund managers with portfolio…
Short Selling Update: New Disclosure Rules in Norway
Fund managers and investors should be aware that new Norwegian short selling rules are expected to come into force on 1 Jan. 2017 (the ‘New Rules’). The New Rules are Norway’s implementation of European Union (‘EU’) Regulation No 236/2012 on…
SEC Whistleblower Update: New Enforcement Actions for ‘Chilling’ Language in Severance Agreements
The Securities and Exchange Commission (“SEC”) continues to actively enforce Rule 21F-17 under the Securities Exchange Act of 1934, which provides that “no person may take any action to impede an individual from communicating directly with the Commission staff about…
Schulte Investment Management Partners Discuss Fund Agreements Between LPs and GPs with Private Funds Management
In a recent interview with Private Funds Management, partners Stephanie Breslow, Omoz Osayimwese, Phyllis Schwartz and Joseph Smith discuss fund agreements between LPs and GPs, which are under constant scrutiny. The partners discuss recent changes, co-investment rights and key terms…
New Form ADV: The Impact on Private Fund Advisers
On Aug. 25, 2016, the U.S. Securities and Exchange Commission adopted a final rule that amends Form ADV — the filing that investment advisers registered with the SEC use to apply for and maintain their registration and that exempt reporting…
Further Delay Likely Before the AIFMD Marketing Passport Is Extended to Non-EU Jurisdictions
The European Securities and Markets Authority (‘ESMA’) published its first set of advice to the European Parliament, the Council and the Commission in July 2015 on the extension of the AIFMD marketing passport to six non-EU countries (Guernsey, Hong Kong, Jersey,…
U.S. CLOs: Past and Present
By Craig Stein
After the financial crisis, 2011 saw a revival in the United States of offerings of collateralized loan obligations (CLOs), one of the structured credit products that proved resilient during the financial crisis. CLOs primarily invest in loans to non-investment-grade commercial…