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Asset Management ADVocate

Financial Services & Investments

Asset Management ADVocate

The Asset Management ADVocate provides unique analysis and insight into legal developments affecting asset managers in the United States.

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May 7, 2020

SEC Approves MEMX as a new National Securities Exchange

On May 4, 2020, the U.S. Securities and Exchange Commission (SEC) approved MEMX LLC (MEMX), standing for "Members Exchange," as a new national securities exchange under Section 6 of the Securities Exchange Act of 1934.

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May 5, 2020

SEC Proposes Regulations for Determining Fair Value of Securities Held by Investment Companies

The Securities and Exchange Commission recently provided a long-promised and needed update, in the form of a proposed rule, to guidance on determining the fair value of securities held by registered investment companies.

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May 1, 2020

What Rule 2a-7 Tells Us about Re-Proposed Rule 18f-4

My previous post tried to explain how Rule 2a-7 limits the "leveraging effects" of "firm commitments" made by money market funds.

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April 30, 2020

SEC Alleges COVID-19 Related Fraud by a Company after Suspending Trading

On April 28, 2020, the U.S. Securities and Exchange Commission ("SEC") filed a complaint against a company and its chief executive officer ("CEO") for alleged fraud in connection with the company's stated response to the COVID-19 pandemic.

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April 29, 2020

Money Market Funds and Re-Proposed Rule 18f-4

This post continues my consideration of why certain "unfunded commitment agreements" should be carved out of the valuation at risk limitations of re-proposed Rule 18f-4. View blog post
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April 29, 2020

SEC’s Use of Trading Suspensions During the COVID-19 Pandemic and Considerations for Issuers and Broker-Dealers

The SEC has the authority under the Securities Exchange Act of 1934 to suspend trading in a given security if it deems it necessary for the public's interest. It has been exercising its authority to suspend trading with increased frequency for potentially false and misleading statements made in connection with the COVID-19 pandemic.

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April 27, 2020

Emerging Markets Risks: Disclosure Considerations for Funds and Advisers

In a previous post we covered the April 14, 2020 statement from the SEC's Division of Investment Management e View blog post
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April 23, 2020

Re-Proposed Rule 18f-4: How Not to Distinguish Commitments from Derivatives

This post continues my assessment of the proposed treatment of unfunded commitments under re-proposed Rule 18f-4.

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April 22, 2020

Does Re-Proposed Rule 18f-4 Have Commitment Issues?

My initial posts on re-proposed Rule 18f-4 reflect my generally favorable reactions to the SEC's attempt to develop a practical, hence imperfect, means of implementing th View blog post
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April 21, 2020

SEC Provides a Consolidated Reference for COVID-19 Relief for Investment Companies and Advisers

The SEC's Division of Investment Management has posted Coronavirus (COVID-19) Response FAQs (the "FAQs"), which have been updated through April 14, 2020. The FAQs summarize and provide links to various forms of relief granted by the SEC and the Division to registered investment companies and investment advisers.

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April 21, 2020

SEC Staff Speaks to COVID-19 and Fund Prospectus Disclosure

On April 14, 2020, the staff of the SEC's Division of Investment Management (the "Division") published a Statement on the Importance of Delivering Timely and Material Information to Investment Company Investors (the "Statement").

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April 17, 2020

OCIE Issues Risk Alert on Upcoming Regulation Best Interest Examinations

The SEC's Office of Compliance Inspections and Examinations (OCIE) issued a risk alert to explain the focus of its upcoming examinations of broker-dealers when gauging their compliance with Regulation Best Interest (Reg BI). In particular, OCIE will focus on reviewing broker-dealers' policies and procedures relating to Reg BI. 

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April 13, 2020

SEC Expands, Clarifies, and Standardizes Clearing Agency Rule

On April 9, 2020, the SEC adopted a final rule ("Final Rule") that will amend rules for securities clearing agencies to subject all SEC-registered central counterparties ("CCPs") and central securities depositories ("CSDs") to enhanced standards. View blog post
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April 13, 2020

The Division of Investment Management Responds to COVID-19’s Impact on Requests for Hearings on Exemptive Applications

In recognition of the disruptions caused by COVID-19, the Division of Investment Management (the "Division") of the Securities and Exchange Commission (the "SEC") will require interested persons to submit written hearing requests for filed exemptive applications by sending an e-mail to the SEC's S View blog post
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April 8, 2020

Exempt Reporting Advisers: The SEC Is Watching

On March 12, 2020, the U.S. View blog post
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