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Regulatory Compliance & Enforcement Actions

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Withdrawal of SEC Staff Guidance and Letters Related to Fund Fair Valuation Rule and Adviser Marketing Rule

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FASB Issues Accounting Guidance on Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

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SEC Settles Charges Against Investment Adviser for Failing to Disclose SPAC-Related Conflicts

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SEC Publishes Accounting and Disclosure Information Bulletin Regarding SEC Yield for Funds that Invest in TIPS

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IM Director Birdthistle Speech On Swing Pricing, LIBOR and MiFID/Broker-Dealer IA Relief

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SEC Settles Charges with Insurance Company in Connection with Fraud Against Variable Annuity Investors

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SEC Approves First Single-Stock ETFs in US; More Are in the Pipeline

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SEC Adopts Amendments to Proxy Voting Advice Rules

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Investment Adviser and CCO Failed to Respond to Red Flags Surrounding Investment Adviser Representative’s Outside Business Activities

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SEC Imposes Largest Audit Firm Penalty Ever of $100 Million for Cheating on CPA Exams

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SEC Adopts Rule Amendments Requiring Electronic Filing of Certain Documents and Form Amendments to Modernize Form 13F

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SEC Seeks Public Comment on Whether Information Providers Are Acting as Investment Advisers

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

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

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

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

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

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SEC Announces 2022 Examination Priorities

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U.S. District Court Rules That “Control Share Acquisition” Provision of Closed-End Fund Bylaws Violates the Investment Company Act of 1940

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Financial Services Company Fined $100 Million and Agrees to Pursue Registration of its Crypto Lending Product

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SEC Charges Founder of Registered Investment Adviser with Fraud

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SEC Proposes Amendments to Modernize Rules Governing Beneficial Ownership Reporting

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SEC Proposes Rules and Amendments to Enhance Cybersecurity Preparedness of Investment Advisers and Investment Companies

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SEC Chair Gary Gensler Highlights Opportunities to Strengthen Cybersecurity Practices of Investment Companies and Advisers in Speech

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Broker-Dealer Fined for Electronic Communication and Recordkeeping Failures

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SEC Proposes Amendments to Rule 10b5-1 and Enhanced Disclosures Relating to Rule 10b5-1 Trading Plans in Issuer Reports and Certain Section 16 Reporting Forms

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SEC Proposes Rule to Increase Transparency for Securities Lending Transactions

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SEC Division of Examinations Issues Risk Alert on Investment Adviser Fee Calculations

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SEC Division of Examinations Staff Issues Risk Alert for Advisers that Provide Electronic Investment Advice

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SEC Proposes Amendments to Update Electronic Filing Requirements

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SEC Staff Issues Bulletin Setting Forth Views on Shareholder Proposal Rule; New Approach Expected to Result in More ESG Proposals

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SEC Charges Former Executives of Registered Investment Adviser with Fraud

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SEC Approves NYSE Arca Rule Change That Allows Semi-Transparent Active ETFs to Use Custom Baskets

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SEC and CFTC File Civil Complaints Against Fund Sponsor and its Portfolio Managers and Enter into Settlement Agreement with Chief Risk Officer on Related Allegations

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NYSE Arca Receives Approval for Proposed Rule Change to Exempt Funds from Shareholder Approval Requirements in Connection with Certain Acquisitions

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SEC Issues Statement on Funds Investing in Bitcoin Futures

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SEC Publishes New FAQ on Form N-CEN

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SEC Withdraws and Modifies Certain Staff Letters in Light of Rule 18f-4

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SEC Publishes New FAQ on Valuation Rule

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SEC Issues Statement on Investment Company Cross Trading Practices Potentially Impacted by the Valuation Rule

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Additional Semi-Transparent ETF Sponsor Receives Amended Exemptive Relief to Use “Custom Baskets”

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SEC Releases FAQs on New Rules Establishing Updated Regulatory Framework for Fund Valuation Practices

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SEC Issues Statement on Insurance Product Fund Substitution Applications

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SEC Releases Primer on Money Market Funds and The Repo Market

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Independent Directors Council Submits Comment Letter on Federal Trade Commission’s Proposed Amendments to Premerger Notification Requirements

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SEC Staff Grants No-Action Relief from Section 17(f) of the 1940 Act and Rule 17f-2 Thereunder with Respect to Self-Custody of Loan Interests

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SEC Amends Rules to Facilitate Electronic Submission of Documents

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Pricing Service to Pay $8 Million to Settle SEC Charges

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SEC’s Investment Management Division Issues Guidance on Funds’ Risk Disclosure Regarding Investments in Emerging Markets

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SEC Adopts Rule to Modernize Fund Valuation Practices

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SEC Settles Charges Against Investment Advisory Firms and Dually-Registered Broker-Dealer and Investment Adviser Firms Related to Sales of Complex Exchange-Traded Products

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Compliance and Effective Dates Set for Final Rule and Related Amendments for Fund-of-Funds Arrangements

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SEC Adopts Modernized Regulatory Framework for Derivatives Use by Registered Investment Companies and Business Development Companies

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SEC Staff’s Latest Dear CFO Letters Rescind or Modify Certain Existing Staff Positions and Express New Staff Positions

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SEC Adopts Final Rule and Related Amendments for Fund-of-Funds Arrangements

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SEC Reaches Settlement with Investment Adviser Regarding Recapture of Waived Fees and Reimbursed Expenses from Money Market Funds

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SEC Settles Charges Against Investment Adviser for Unlawful Cross Trades

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SEC Proposes Modernizations to Fund Shareholder Reports and Disclosures

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Director of SEC’s Division of Investment Management Discusses Easing Restrictions on Certain Registered Fund Investments in Private Funds

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Registered Fund Adviser and Affiliate Censured and Fined for Violations of Section 12(d)(1)(A) (Fund of Funds Limitations) and Compliance Rules

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Department of Labor Proposes Rule Affecting ESG Plan Investments

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SEC Extends In-Person Meeting Relief for Fund Boards

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Federal Reserve Announces Updates to Secondary Market Corporate Credit Facility

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SEC Staff Issues No-Action Letter for Funds Participating in TALF 2020

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CFTC Issues Customer Advisory Regarding Commodity ETPs and Funds

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SEC Staff Withdraws Prior No-Action Guidance on State Control Share Acquisition Statutes

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FINRA Issues Notice Reminding Firms of Sales Practice Obligations for Certain Exchange-Traded Products

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SEC Charges Three Former Audit Firm Partners for Exam Sharing Misconduct

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ETF Sponsors Submit Letters to Major Exchanges Regarding ETP Categorization

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Major Exchanges for ETFs Receive Approval for Generic Listing Standards for ETFs that Can Rely on Rule 6c-11

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SEC Fines Fund Adviser for Overvaluing its Securities and Misleading Performance Disclosures

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SEC Adopts Rule Clarifying Fair Value Determinations

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SEC’s Division of Investment Management Issues Statement on Importance of Delivering Timely and Material Information to Investment Company Investors

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SEC Provides Temporary Relief to Business Development Companies Related to COVID-19

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SEC Staff Grants Temporary Relief to Support Open-End Funds

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SEC Provides Revised Relief to Assist Registered Funds Affected by the Coronavirus

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SEC Staff Grants Temporary Relief to Support Money Market Funds

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Federal Reserve Opens Expanded Money Market Fund Liquidity Facility

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Federal Reserve Creates Money Market Fund Liquidity Facility

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Broker-Dealer Entities Fined $35 Million for Violations Relating to Inverse ETF Recommendations to Retail Investors

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SEC Requests Comment on Fund Names Rule; Seeks to Eliminate Misleading Fund Names

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Blackstone Receives Order on Novel Exemptive Application under the 1940 Act

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Blackstone Receives Notice on Novel Exemptive Application under the 1940 Act

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Major Exchanges for ETFs Have Filed Proposed Rule Changes to Establish Generic Listing Standards for ETF Shares Permitted to Rely on Rule 6c-11

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SEC Proposes to Modernize Auditor Independence Rules

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The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.