Investment Advisers Content

On May 7, 2024, the Securities and Exchange Commission published a notice to solicit comments on a proposed rule change filed, pursuant to Securities Exchange Act Rule 19b-4, by the Financial Industry Regulatory Authority to adopt a new rule series to require reporting of securities...

On April 23, 2024, the Department of Labor (DOL) released a final version of its regulatory package on fiduciary investment advice ("Final Package"). The Final Package includes an amendment to the regulation defining who is a "fiduciary" under section 3(21) of ERISA and section 4975(e...

On April 12, the SEC announced that it had charged five investment advisers[1] with violations of Rule 206(4)-1 under the Investment Advisers Act ("Marketing Rule") for "advertis[ing] hypothetical performance to the general public on their websites without adopting and implementing...

On April 17, the staff ("staff") of the SEC's Division of Examinations ("Division") published a risk alert ("Risk Alert") setting forth the staff's observations regarding compliance with the Investment Advisers Act Marketing Rule (Rule 206(4)-1).[1] The Risk Alert states that the...

On April 8, 2024, a group of ICI staff participated in a telephone meeting with representatives from the White House's Office of Management and Budget (OMB) and the Department of Labor (DOL) to discuss DOL's fiduciary investment advice package.

On March 18, 2024, the SEC announced that it settled separate charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., each for making false and misleading statements about their alleged use of artificial intelligence ("AI") to inform their investment...

The SEC's Investor Advisory Committee ("IAC") held a meeting on March 7, 2024 which featured a continued discussion on the draft recommendations of its Disclosure Subcommittee (the "Subcommittee") regarding digital engagement practices ("DEPs"), including the SEC's predictive data...

On January 18, 2024, Robinhood Financial LLC settled charges brought by the Massachusetts Securities Division in connection with an August 2023 Massachusetts Supreme Judicial Court decision upholding a Massachusetts rule, finalized in 2020, that imposes a fiduciary duty on broker...

Parts of the rules package proposed by Wyoming Secretary of State Chuck Gray on Environmental, Social, and Governance ("ESG") investment disclosure and consent went into immediate effect on February 27, 2024 and require compliance as of that date.

On February 8, 2024, the Securities and Exchange Commission (SEC or the "Commission") adopted amendments to Form PF, the confidential reporting form for certain registered investment advisers to private funds including those that also are registered with the Commodity Futures Trading...