February 15, 2019

SEC’s Division of Investment Management Issues Information Update Regarding Updated Forms

On February 1, 2019, the staff of the SEC’s Division of Investment Management issued an Information Update to indicate that several forms (e.g., Forms N-1A, N-2, N-14 and N-CSR) on the SEC website have been updated to reflect amendments recently adopted by the SEC.

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February 15, 2019

Former SEC Economists File Comment Letter Criticizing Economic Analysis Underlying Regulation Best Interest Rule Proposal

On February 6, 2019, a group of 11 former SEC senior economists filed a comment letter criticizing the economic analysis underlying the SEC’s Regulation Best Interest Rule Proposal, which consists of three related rules aimed at reforming the way registered investment advisers and broker-dealers service retail customers.

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February 15, 2019

Federal Court Dismisses Excessive Fee Case Against Blackrock

On February 8, 2019, a U.S. federal court in New Jersey dismissed a lawsuit filed in 2014 alleging that BlackRock breached its fiduciary duty by receiving excessive investment advisory fees from two mutual funds, in violation of Section 36(b) of the Investment Company Act of 1940. The suit by shareholders…

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February 15, 2019

SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert Highlighting Risks and Issues Associated With Transfer Agents Also Serving as Paying Agents

On February 13, 2019, the staff of the SEC’s Office of Compliance Inspections and Examinations issued a Risk Alert that (1) highlights risks and issues associated with paying agent1 activities, (2) identifies significant exam deficiencies related to the safeguarding of funds and securities by paying agents and (3) provides a listing of some common features of robust safeguarding policies, procedures and controls for paying agents

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