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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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June 6, 2018

Best Interest or Disinterest—How Should We Label the Duties of an Investment Adviser?

At lunch with my broker the other day (my tab naturally), I asked the waiter for a hamburger and soda, but my broker interjected and told him to bring me a kale salad, no dressing, and a carrot and beet smoothie. "I'm supposed to look after your best interest," my broker said, "and you're clearly a bit overweight.

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May 21, 2018

The SEC’s Fiduciary Rule Proposal — Implications for Investment Advisers (Part 4)

Welcome back for Part 4, the final installment in our discussion of the SEC's April 18, 2018 fiduciary rulemaking proposal (the "Proposal

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May 11, 2018

The SEC’s Fiduciary Rule Proposal — Implications for Investment Advisers (Part 3)

Welcome back for Part 3 of our discussion of the SEC's April 18, 2018, fiduciary rulemaking proposal (the "Proposal").

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May 3, 2018

The SEC’s Fiduciary Rule Proposal — Implications for Investment Advisers (Part 2)

This post continues our discussion of the SEC's April 18, 2018, fiduciary rulemaking proposal (the "Proposal").

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April 23, 2018

The SEC’s Fiduciary Rule Proposal - Implications for Investment Advisers (Part 1)

On April 18, 2018, the SEC held an open meeting where it approved the long‑awaited and much-discussed fiduciary rulemaking proposal package.

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February 16, 2018

Ask and Ye Shall Receive: OCIE’s 2018 Examination Priorities - Part 2 of 2

This post continues our discussion of the 2018 examination priorities and guiding principles published

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February 13, 2018

Ask and Ye Shall Receive: OCIE’s 2018 Examination Priorities - Part 1 of 2

Industry professionals have noted that the SEC's Office of Compliance Inspections and Examination ("OCIE") was tardy in releasing their priorities list, although recent speeches from SEC officials have provided a preview of the issues in OCIE's crosshairs.

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December 19, 2017

SEC Investment Management, Rulemaking and Enforcement Staff Outline Road Ahead

This post summarizes significant statements made by the staff of the Securities and Exchange Commission (SEC) at the December 7, 2017, ICI Securities Law Developments Conference.

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September 15, 2017

Family Offices and the Madness of Crowdsales

Recently, I have had an opportunity to review many "tokens" that can be transferred over the Ethereum blockchain and used for various "smart contracts." Depending on their facts and circumstances, certain kinds of tokens being sold in so-called "initial coin offerings" were the subject of a recent SEC

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August 18, 2017

SEC Offers More Guidance on Cybersecurity Best Practices and Pitfalls - Part 2 of 2

This post continues our discussion of the Risk Alert released on August 7, 2017, by the SEC's Office of Compliance Inspections and Examinations ("OCIE") regarding conclusions drawn from its yearlong review of the cybersecurity practices of 75 asset management firms and

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August 15, 2017

SEC Offers More Guidance on Cybersecurity Best Practices and Pitfalls - Part 1 of 2

On August 7, 2017, the SEC's Office of Compliance Inspections and Examinations ("OCIE") released a Risk Alert summarizing its conclusions from a year-long review of the cybersecurity practices of a 75 firms — including broker-dealers, investment advisers and investment

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July 5, 2017

The Financial Choice Act Aims to Help Angel Investors

The proper treatment of angel investing groups under the Federal securities laws can be a vexing question.

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May 16, 2017

Section 848 of the Financial Choice Act 2017: Unwise at any Speed (Conclusion)

This series of posts has examined the misguided efforts of the House Financial Services Committee to reform the existing process for issuing exemptive orders pursuant to Section 6(c) of the Investment Company Act of 1940 (the "1940 Act").

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May 15, 2017

Section 848 of the Financial Choice Act 2017: Unwise at any Speed (Part 4)

This series of posts examines the misguided efforts of the House Financial Services Committee to reform the existing process for issuing exemptive orders pursuant to Section 6(c) of the Investment Company Act of 1940 (the "1940 Act"). My first three posts discussed the current exemptive process and some of its significant shortcomings.

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May 11, 2017

Distribution in Guise Settlement Orders Reinforce Need for Better Compliance, Contracting, and Disclosure Practices (Part 2)

This post continues our discussion of the settlement orders that the SEC recently entered into with investment advisory firms based in Chicago (the "First Order") and Maryland (the "Second Order").