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 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.
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.
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.
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.
Money Market Funds and Re-Proposed Rule 18f-4
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.
Emerging Markets Risks: Disclosure Considerations for Funds and Advisers
Re-Proposed Rule 18f-4: How Not to Distinguish Commitments from Derivatives
Does Re-Proposed Rule 18f-4 Have Commitment Issues?
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.
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").
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.
SEC Expands, Clarifies, and Standardizes Clearing Agency Rule
The Division of Investment Management Responds to COVID-19’s Impact on Requests for Hearings on Exemptive Applications