Investment Advisers Content

On August 12, 2024, ICI submitted the attached comment letter to the U.S. Department of the Treasury's ("Treasury") on the "Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector" (the "RFI"). Treasury issued the RFI on...

The Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) recently filed with the Securities and Exchange Commission (SEC) amended proposed rule changes related to reducing the trade reporting timeframe for certain transactions reported...

In late July, the SEC approved, then shortly thereafter stayed, amendments to FINRA Rule 2210. The amendments would allow a FINRA member firm to project investment performance or provide a targeted return in limited circumstances and subject to certain conditions.

On July 30, 2024, ICI submitted the attached comment letter to the Securities and Exchange Commission on the Financial Industry Regulatory Authority's proposed FINRA Rule 6500 series that would implement FINRA's Securities Lending and Transparency Engine.

In May, the Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) jointly proposed new rules (Adviser CIP Proposal) requiring SEC-registered investment advisers and exempt reporting advisers (collectively, investment advisers) to establish...

In Securities and Exchange Commission v. Jarkesy, the Supreme Court held that when the SEC seeks civil penalties against a defendant for securities fraud, the Constitution's Seventh Amendment entitles the defendant to a jury trial.

On June 28, the Financial Crimes Enforcement Network proposed amendments that would enhance anti-money laundering/countering the financing of terrorism program requirements for financial institutions already subject to AML/CFT rules, including mutual funds.

The Office of Information and Regulatory Affairs released the Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions on July 8, 2024. The agenda includes regulatory actions that the Securities and Exchange Commission and Commodity Futures Trading Commission expect to take...

On June 26th, the Fifth Circuit Court of Appeals vacated those 2022 SEC proxy advice amendments that rescinded the 2020 amendments—called the "notice-and-awareness" conditions.

On June 5th, 2024, a three-judge panel of the United States Fifth Circuit Court of Appeals issued a unanimous decision to vacate the SEC's Private Fund Adviser Rule in its entirety on the grounds that the Commission lacked statutory authority to adopt the rule.