Compliance Content

On February 15, 2023, the SEC approved a proposal that would expand the scope of the current Investment Advisers Act custody rule (Rule 206(4)-2) and impose significant new requirements on qualified custodians and investment advisers that have custody of client assets under the rule.

The Investment Company Institute invites your organization to participate in the 2023 Mutual Fund Transfer Agents Trends and Billing Practices Survey. This study, which the Institute will conduct in conjunction with the accounting firm of PwC and Nick D’Angelo, Managing Principal of...

Earlier this week, the SEC settled a case against a registrant that could have, but did not, self-report to the SEC pursuant to its 2018 Share Class Selection Disclosure Initiative of the SEC's Enforcement Division. The facts of this case are very similar to the fact pattern the...

On February 15, 2023, by a 4-1 vote, the SEC approved a proposal that would amend rule 206(4)-2 under the Investment Advisers Act to enhance investor protections relating to the safeguarding of advisory client assets. The proposal would:

Attached please find ICI's comment letter on the SEC's liquidity, swing pricing, hard close, and Form N-PORT proposal, which we filed last night. The proposal would radically change the liquidity risk management requirements for open-end funds (i.e., mutual funds and ETFs), impose on...

For the eleventh year in a row, the SEC's Division of Examinations (EXAMS) has published its priorities for the coming year. Highlights of the Priorities are briefly described below.

The staff of the SEC's Division of Investment Management recently issued a reminder to mutual funds and their boards that fee waiver and expense reimbursement arrangements that are long-term or permanent (or effectively long-term or permanent) and that result in different advisory...

On December 16, 2022, the Board of Governors of the Federal Reserve System (the "Board") issued a final rule ("Final Rule") implementing the US Adjustable Interest Rate (LIBOR) Act, which was enacted on March 15, 2022. The Final Rule establishes the benchmark replacements that will...

Last month, the Securities and Exchange Commission adopted amendments that will impact certain insider trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 and related disclosure.

On January 11, 2023, the Securities and Exchange Commission Division of Investment Management staff issued a new FAQ regarding the presentation of gross and net performance of a single investment or a group of investments in a private fund under the Investment Adviser Marketing Rule.