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Asset Management ADVocate

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FINRA Issues Notice Regarding Business Continuity Planning During COVID-19 Outbreak

On March 9, 2020, FINRA released Regulatory Notice 20-08 (the "Regulatory Notice") providing guidance and limited relief to its member broker-dealers during the COVID-19 pandemic.

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Market Volatility Regulatory Outline for Asset Managers

I. DERIVATIVES ISSUES

1. Inventory "relationship level" considerations in legal documentation that governs your derivatives trading relationships (ISDA Master Agreements, Futures Customer Agreements, Master Securities Forward Transaction Agreements, etc.)

a. Example: Decline in Net Asset Value Provisions (Common in ISDAs)

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Navigating Mutual Funds in Rough Markets—Preparing for an Early Close

On two separate days last week and again this morning, markets hit critical circuit breaker levels triggering U.S. exchanges to halt trading. Such large market declines remind us of the prospect of an early close if the S&P 500 falls more than 20% from the previous day's close.

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SEC Provides Relief For Form ADV and Form PF Filing and Delivery Obligations in Response to COVID-19 (Updated 4/2)

On March 25, 2020, the Securities and Exchange Commission ("SEC") issued an order granting temporary relief for filing and delivery obligations of Form ADV and Form PF for investment advisers whose operations may be affected by the coronavirus.

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Managing the Legal Risks of Derivatives and Portfolio Investments in Extreme Market Volatility

Join attorneys in Perkins Coie's Investment Management practice as they explore issues and scenarios buy-side investors should consider as they manage legal risk in their portfolio investments amid market volatility.

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Re-Proposed Rule 18f-4—Fund Taxonomy

The publication of the SEC's re-proposed rules for regulating the use of derivatives by investment companies in the Federal Register provides an opportunity to continue our consideration of this proposal. The publication fixes the deadline for comments at March 24, 2020.

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Digital Asset SEC Timeline

Perkins Coie LLP is pleased to bring you this Digital Asset SEC Timeline.

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OCIE Releases New Observations on Cybersecurity and Resiliency

On January 27, 2020, the Office of Compliance Inspections and Examinations ("OCIE") of the U.S. Securities and Exchange Commission ("SEC") released observations on cybersecurity and resiliency (the "Observations").

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Money Market Fund Reforms Three Years On

The convergence of several events makes this an appropriate time to reassess the impact of the SEC's 2014 money market fund reforms (the "Reforms").

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Reproposed Rule 18f-4—Asset Desegregation

In my initial post on the SEC's reproposed rules for regulating the use of derivatives by investment companies ("funds"), I not

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The Federal Reserve Is Considering Oversight of Data Storage TSPs

The Wall Street Journal reported on November 21, 2019, that the Federal Reserve is considering whether to begin examining data storage technology service providers ("TSPs") of the banks that it regulates. While fi

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Reproposed Rule 18f-4—Leveraged/Inverse Funds vs. Margin Accounts

We previously explored the treatment of "leveraged/inverse investment vehicles" under SEC's reproposal for regulating how funds

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Reproposed Rule 18f-4—Treatment of Leveraged/Inverse Funds

We are still digesting the SEC's reproposal for regulating how mutual funds, ETFs, closed-end funds and BDCs ("funds") may use derivatives in compliance with

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The SEC Issues its Long-Awaited ETF Rule (Part 3) – The ETF Exemptive Order

In our previous

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The SEC Issues its Long-Awaited ETF Rule (Part 2) - What was Omitted

In a previous post, we outlined the scope of new Rule 6c-11 (the "ETF Rule") which the U.S.