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.
Maybe a Lender Could be a Fiduciary
In an earlier post, I criticized the case of Lash v. Cheshire Count Savings for holding that a bank could be a fiduciary to its borrowers.
Federalism, Regulatory Assets under Management (“RAUM”), and Voluntary Registration with the SEC as an Investment Adviser -- Part Three
Welcoming “Finders” in from the Cold in California
Two Regulatory Implications of the SEC’s Crowdfunding Release
Can a Family Office Client Ever Cease to be a “Client;" Can a Non-Family Third Party Ever Become a “Client” of a Family Office?
It's a Miracle: Rule 2a-7 Gets Shorter
Can a Lender Be a Fiduciary to a Borrower?
I've cherished a belief that certain relationships can never be characterized as "fiduciary." The clearest example I can give is boxers. The point of a boxing match is to do things that are decidedly against the interest of your opponent. Categorically excluding boxers from being fiduciaries is best for all concerned.
Federalism, Regulatory Assets under Management (“RAUM”), and Voluntary Registration with the SEC as an Investment Adviser -- Part Two
My initial post examined the risk of miscalculating regulatory assets under management ("RAUM") for purposes of registering with the SEC as an investment adviser.
Revised Money Market Reform FAQs—Why Gating Would Be an Emergency
Federalism, Regulatory Assets under Management (“RAUM”), and Voluntary Registration with the SEC as an Investment Adviser — Part One
Revised Money Market Reform FAQs—Good News for Retail Funds
In-Laws and Their Siblings: Part of a “Family Office”?
Encomium for Professor Frankel
I intend to share musings on fiduciary matters from time-to-time on our blog. Not regarding deep and complex matters such as the current DOL proposal or the SEC's forthcoming uniform fiduciary standard. My fiduciary questions are more fundamental, and sometimes lead me to despair of formulating sensible views of such proposals.
SEC Scrutinizes Evaluation of Fund Advisory Contracts
- The Gartenberg factors are still the appropriate framework to use during the evaluation of advisory contracts, but approval should reflect a thorough and thoughtful pr