Asset Management ADVocate
Asset Management ADVocate
The Asset Management ADVocate provides unique analysis and insight into legal developments affecting asset managers in the United States.
SEC Adopts Amendments to Expand Accredited Investor Definition
On August 26, 2020, the SEC adopted amendments to update the definition of "accredited investor" in Rule 501(a) of the Securities Act, adding new categories of individuals who may qualify as accredited investors based on measures of knowledge, experience, or certifications, and expanding the list of entities that can qualify as accredited investors.
As Pandemic Lingers, SEC Has Not Forgotten About Advisers’ Share Class Selection and Compensation Practices
In an October 2019 update, we highlighted that the SEC's attention to Rule 12b-1 fees for over 40 years, along with more recent initiatives, enforcement activities, and FAQs suggested that the Commission would likely continue to closely scrutinize investment advisers' share class selection and related compensation practices at least for the foreseeable future.
FINRA Issues Guidance on Virtual Business Entertainment
Re-Proposed Rule 18f-4: Commitment Agreements—Putting it all Together
Re-Proposed Rule 18f-4: Features of Loan Commitments that May Prevent “Leveraging Effects"
Re-Proposed Rule 18f-4: What Features of Loan Commitments May Preclude “Leveraging Effects”—Prepayments
Our last post used a comparison of loan commitments, which re-proposed Rule 18f-4 would trea
Re-Proposed Rule 18f-4: Using Morphology to Delineate Commitment Agreements
Re-Proposed Rule 18f-4: Unfunded Loan Commitments
Re-Proposed Rule 18f-4: Why Some Commitment Agreements may not have “Leveraging Effects”
Re-Proposed Rule 18f-4: Not Reinventing the Derivatives Wheel
OCIE Issues Risk Alert on LIBOR Transition Preparedness
FINRA and CFTC Staff Issue COVID-19 Advisories on Commodity-Linked ETPs and Funds
New York State Proposes to Regulate “Finders” as Broker-Dealers
The Investor Protection Bureau of the New York Attorney General's Office ("IPB") recently proposed a series of changes to its rules regulating broker-dealers. The proposal would require "finders" in New York to register as broker-dealers and pass broker-dealer examinations.
SEC to Amend National Market System Plan Governing Consolidated Audit Trail
SEC Orders Equity Exchanges and FINRA to Modernize Consolidated Market Data
On May 6, 2020, the U.S. Securities and Exchange Commission ("SEC") issued an order that required equity exchanges and FINRA to submit a new National Market System ("NMS") plan with a modernized governance structure for the production of public consolidated equity market data and the dissemination of trade and quote data.