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. Subscribe 🡢
What Is an “Effective AML/CFT Compliance Program”?
The Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies recently published the long-awaited notice of proposed rulemaking for the anti-money laundering/countering the financing of terrorism (AML/CFT) compliance program rules for financial institutions and banks effectively covering the eleven industries subject to AML/CFT compliance program requirements under the Bank
CFTC Proposes Amendments to Regulation 4.7 Exemption
On October 2, 2023, the Commodity Futures Trading Commission (CFTC) published a notice of proposed rulemaking (NPRM), which includes a proposal to amend portions of 17 C.F.R. § 4.7.
Fair Warning to Advisers: SEC Publishes 2024 Exam Priorities Early
In a break from prior practice, the U.S. Securities and Exchange Commission's (SEC) Division of Examinations (EXAMs) has published its priorities at the start of the 2024 fiscal year.
Marketing Exam Sweep Bears Fruit
The U.S. Securities and Exchange Commission (SEC) announced on September 11, 2023, settlement agreements with nine registered investment advisers.
SEC Imposes New Burdens on Registered and Exempt Private Fund Advisers
On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) voted 3-2 along party lines to adopt new rules under the Investment Advisers Act of 1940 (the Advisers Act) for investment advisers to private funds.
Artificial Intelligence: SEC Proposals and Concerns
Proposed Rules
The US Securities and Exchange Commission (SEC) indicated this summer that it plans to introduce proposals to regulate conflicts of interest associated with artificial intelligence (AI) later this year as part of its semiannual rule-writing agenda. The SEC is considering proposed rules related to the following:
Artificial Intelligence: An Introduction and General Regulatory Landscape
FINRA Approves the First Special Purpose Broker Dealer to Custody Digital Asset Securities
The delay has subsided with custody of digital asset securities by special purpose broker-dealers (SPBDs).
Finders, Registration Is Required!
Between November 2017 and November 2021, three individuals actively solicited investments in securities, including providing marketing materials and advising on the merits of the investment, and receiving commissions for their sales. In May 2022, the U.S.
FINRA Emphasizes Reg BI Standards for Complex Product Recommendations
Investment Company Status Considerations for Cash Positioning in Wake of Bank Failures
Given this week's headlines, many emerging companies may be asking themselves: "Why am I holding so much cash?" The Investment Company Act of 1940 (the 1940 Act) may be to blame.
ESG and the SEC: Where Are We Now? (Part 4 of 4)
In this final post in our series, we consider some of the competing views around the regulation of ESG investing and offer considerations for registered fund boards in today's unsteady ESG environment.
ESG and the SEC: Where Are We Now? (Part 3 of 4)
In this third post in our series, we tackle the U.S. Securities and Exchange Commission (SEC) May 2022 ESG-related disclosure proposals for registered funds and investment advisers.
ESG and the SEC: Where Are We Now? (Part 2 of 4)
In part one of our four-part series, we discussed the U.S. Securities and Exchange Commission (SEC) ESG-related initiatives from 2019 to 2022 that preceded the burst of ESG-related enforcement and rulemaking activity in the first half of 2022.
ESG and the SEC: Where Are We Now? (Part 1 of 4)
In the first half of 2022, we saw significant U.S. Securities and Exchange Commission (SEC) enforcement and rulemaking activity around ESG investing, and the SEC's intense focus in this area shows no signs of abating as we move through the third quarter. In this four-post series we: