May 31, 2022

SEC Proposes Amendments to Fund “Names Rule” and Proposes Amendments Concerning ESG Investment Practices

On May 25, 2022, the SEC proposed amendments to the fund “Names Rule,”1 (Names Rule Amendments) and, separately, proposed amendments to several rules and forms that would require additional disclosure for funds and advisers that consider environmental, social, and governance (ESG) factors in their investment processes…

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May 27, 2022

SEC Settles Charges with Broker-Dealer in Connection with Improper Switching of Variable Annuities

On May 25, 2022, the SEC announced that it settled charges against a registered broker-dealer (Broker-Dealer) in connection with improper switching or replacing of variable annuities for which it was a principal underwriter. Without admitting or denying SEC findings, the Broker-Dealer consented to, among other things, a finding…

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May 25, 2022

SEC Settles Charges with Investment Adviser in Connection with ESG Misstatements and Omissions

On May 23, 2022, the SEC announced that it settled charges against an investment adviser (Adviser) in connection with misstatements and omissions about environmental, social, and governance (ESG) considerations in making investment decisions for certain mutual funds that it managed (Funds). Without admitting or denying SEC findings, the…

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May 23, 2022

SEC Charges Investment Adviser and Three Portfolio Managers in Connection with Multibillion Dollar Securities Fraud

On May 17, 2022, the SEC charged an investment adviser (Adviser) and three former senior portfolio managers in connection with a scheme, conducted over several years, to mislead investors about the significant downside risks of a complex options trading strategy (Strategy) used in seventeen unregistered private funds (Funds),…

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May 4, 2022

SEC Division of Examinations Issues Risk Alert on Investment Adviser MNPI Compliance Deficiencies

On April 26, 2022, the staff of the SEC’s Division of Examinations (Staff) issued a Risk Alert (Alert) regarding deficiencies observed related to Section 204A of the Investment Advisers Act of 1940 (Advisers Act) and Rule 204A-1 (Code of Ethics Rule) thereunder. Section 204A of the…

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