Investment Advisers Content

On April 21, the Financial Stability Oversight Council (FSOC or Council) voted to issue two proposals: (i) revised guidance on the Council's process for potential designation of a nonbank financial company as a systemically important financial institution (SIFI); and (ii) a new...

Late last week, ICI responded to the New York Department of Financial Services' December 2022 industry letter (NYDFS Letter) on the presumption of control that applies to certain financial institutions regulated under the New York Banking Law. ICI's response is attached.

On March 27, ICI filed a comment letter on the SEC's re-proposal of a rule that was initially proposed in September 2011 to implement the prohibition under Section 621 of the Dodd-Frank Act on material conflicts of interest in connection with certain securitizations (the "Re-Proposed...

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.

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:

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.

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...

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.

The Office of Information and Regulatory Affairs released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions on January 4, 2023. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...