Compliance Advisory Content

In late December, the New York Department of Financial Services issued an industry letter (Letter) requesting public comment on the presumption of control that applies to certain financial institutions regulated under the New York Banking Law. Comments must be submitted to the...

On December 23, 2022, the ICI filed a comment letter with the Securities and Exchange Commission on its proposal entitled "Outsourcing by Investment Advisers." The SEC has proposed a new rule, Rule 206(4)-11, under the Investment Advisers Act of 1940 (the "Advisers Act"), that would...

On December 15, 2022, the Financial Crimes Enforcement Network ("FinCEN") issued a proposed rule ("Proposed Rule") regarding access to beneficial ownership information ("BOI"). The Proposed Rule follows a recently adopted BOI reporting rule ("BOI Reporting Rule") and is the second of...

On December 23, ICI filed a comment letter with the Securities and Exchange Commission on its proposed rules ("Proposal") that would mandate the clearing and settlement of certain secondary market transactions in US Treasury securities in which one of the counterparties is a direct...

As we previously informed you, on August 26, 2022, the Public Company Accounting Oversight Board (PCAOB) announced that it signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China regarding the PCAOB's...

In a settled enforcement action, the SEC sanctioned an investment adviser for failing to establish and follow established policies and procedures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance ("ESG")...

On November 2, 2022, by a 3-2 vote, the SEC approved a proposal that would: amend Rule 22e-4 (the "liquidity rule"), which applies to open-end funds; require mutual funds to adopt swing pricing; and change all Form N-PORT filers' reporting obligations

Last week, the SEC adopted a new incentive-based compensation "clawback" rule (the "rule") and related amendments by a 3-2 vote. The final rule could require certain listed registered management investment companies ("funds") to adopt clawback policies as required by their exchanges...

On September 29, 2022, the Financial Crimes Enforcement Network ("FinCEN") issued a final rule regarding beneficial ownership information reporting ("Rule"). FinCEN proposed the Rule in December 2021 to implement Section 6403 of the Corporate Transparency Act ("CTA"), which was...

Earlier this week, the Securities and Exchange Commission adopted amendments that will require open-end funds to (1) create and transmit summary shareholder reports highlighting key information to investors and (2) tag the contents of shareholder reports in a structured data language.