Investment Advisers Content

On October 13, the Securities and Exchange Commission adopted new Rule 10c-1a ("Final Rule") under the Securities Exchange Act of 1934 ("Exchange Act"), which is intended to increase transparency and efficiency in the securities lending market. We were pleased that the Final Rule was...

On October 10, the SEC adopted final amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Final Rules"). We are pleased that the Final Rules reflect many of ICI's comments. The Final Rules were approved by the Commission by a 4-1 vote...

On October 10, ICI filed a comment letter with the Securities and Exchange Commission (SEC or "Commission") on its proposal regarding conflicts of interest associated with the use of predictive data analytics (PDA) and other "covered technologies" by broker-dealers and investment...

On August 25, 2023, the SEC's Division of Enforcement announced that it had settled a case brought against two affiliated dually registered broker-dealers and investment advisers ("Respondents") for violating the anti-fraud provisions of the Investment Advisers Act (the "Act") by...

On September 28, 2023, ICI submitted a letter regarding proposed amendments to the Wyoming Secretary of State's Securities Rules that would "require disclosure of Environmental, Social, and Governance ('ESG') investment strategies by requiring investment advisers [and their...

A shutdown of the federal government could begin if Congress cannot agree on new appropriations beyond September 30, 2023.

On September 11, the SEC's Division of Enforcement announced that it had charged nine investment advisers with violations of Rule 206(4)-1 under the Investment Advisers Act ("Marketing Rule") for "advertising hypothetical performance on their websites without adopting and/or...

On September 11, 2023, ICI, along with 13 other trade associations, filed a letter with the Securities and Exchange Commission (SEC or "Commission") raising serious concerns regarding the Commission's recent proposal on conflicts of interest associated with the use of predictive data...

On August 23, 2023, the SEC adopted new rules and rule amendments under the Investment Advisers Act of 1940 ("Advisers Act") to reform the regulation of private fund advisers ("Private Fund Rules") and update the existing compliance rule that applies to all investment advisers (...

On July 27, 2023, the SEC issued an order (the "2023 Order") approving FINRA's proposed amendments to FINRA Rule 4210 related to margin requirements for "Covered Agency Transactions" (defined below) in the to-be-announced (TBA) market. The amendments: (1) eliminate the two percent...