Investment Advisers Content

The Department of the Treasury published in the Federal Register a request for information on uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. The RFI uses a broad definition AI, which Treasury views as encompassing "a wide range of...

On May 16, 2024, the SEC unanimously adopted amendments to Rule 248.30 in Regulation S-P (the "amendments"). Since its adoption in 2000, Regulation S-P has required the safeguarding of customer records and information and the disposal of consumer report information.

On May 13, the Financial Crimes Enforcement Network and Securities and Exchange Commission proposed new rules (Joint CIP Proposal or proposal) requiring SEC-registered investment advisers and exempt reporting advisers (collectively, investment advisers) to establish Customer...

As part of the SEC's Conference on Emerging Trends in Asset Management, Chair Gensler delivered a keynote address titled, "Jack Bogle, Haystacks, and Putting the Interest of the Clients First." His remarks covered a number of subject areas, including the growth of investment products...

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...

Last week, the Board of Directors (Board) of the Federal Deposit Insurance Corporation (FDIC) met to discuss proposed resolutions related to the Change in Bank Control Act (CIBC Act). This discussion was prompted in part by an FDIC Director's public statements expressing concern about...

On Thursday, April 25, 2024, ICI submitted a comment letter to the Federal Energy Regulatory Commission in response to initial comments regarding its Notice of Inquiry on Federal Power Act Section 203 Blanket Authorizations for Investment Companies.