Compliance Advisory Content

The SEC's Division of Examinations has published a Risk Alert summarizing its review of more than 50 fund complexes (covering more than 200 funds and/or series of funds) and nearly 100 advisers. These examinations targeted the following six categories that had been announced by the...

Last week, the European Banking Authority (EBA) published its final report containing regulatory technical standards (RTS) on disclosure of investment policy by investment firms, substantially as proposed.[2] The RTS are meant to gather from investment firms disclosures designed to...

The UK Financial Conduct Authority (FCA) recently issued a consultation soliciting feedback on which legacy contracts and financial instruments it should permit to use the synthetic UK sterling and Japanese yen LIBOR rates and whether to prohibit most new uses of US dollar LIBOR after...

Yesterday, ICI provided additional information in response to the SEC staff's request for feedback on funds' cross trading practices under Rule 17a-7 of the Investment Company Act (the "cross trading rule"). The attached report further informs the SEC's rulemaking efforts by providing...

Earlier this week, the SEC sanctioned eight firms in three actions for failures in their data security practices relating to cloud-based email accounts. While the respondents in these actions neither admitted nor denied the alleged violations, below are the findings from the SEC's...

On August 18, the Securities and Exchange Commission, pursuant to delegated authority, issued an order ("Order") disapproving the New York Stock Exchange's (NYSE) proposed rule change on maximum fees to be charged by member organizations for forwarding proxy and other materials to...

On July 29, the ARRC issued a formal recommendation for the use of forward-looking term SOFR rates as part of market transition from USD LIBOR. Most tenors of USD LIBOR will cease on June 30, 2023.

The SEC's Division of Examinations has published a Risk Alert highlighting its observations from conducting twenty examinations focused on ensuring that, in connection with the investment advisers' fixed income principal and cross trades, the advisers: (1) made trades that were in the...

In late March, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on disclosure of investment policy by investment firms under Article 52 Regulation (EU) 2019/2033 on the prudential requirements of investment firms (IFR)...

The Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions on June 11. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...