Asset Management ADVocate
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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March 17, 2020

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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March 16, 2020

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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March 16, 2020

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. View blog post
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March 10, 2020

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

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

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February 13, 2020

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. View blog post
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January 29, 2020

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"). View blog post
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December 27, 2019

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"). View blog post
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December 26, 2019

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 noted favorably that the regulations would extend beyond funds to registered broker/

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December 9, 2019

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 View blog post
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December 5, 2019

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 View blog post
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December 4, 2019

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 Section 18 of the Investment Company Act of 1940 (proposed Rule 18f-4), but one surprising aspect is proposed Rule 15l-2 under the Securities Exchange Act of 1934. View blog post
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November 12, 2019

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

 In our previous View blog post
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September 30, 2019

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. View blog post
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September 27, 2019

The SEC Issues its Long-Awaited ETF Rule (Part 1) - What Made the Cut

 On September 26, 2019, the U.S. Securities and Exchange Commission ("SEC") unanimously approved a long-awaited rule regulating exchange-traded funds ("ETFs"). Previously, ETFs were required to obtain exemptive orders from the SEC, a time consuming and expensive process. View blog post
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June 6, 2019

SEC Adopts Package of Reforms Aimed at Raising the Standard of Conduct for Brokers and Clarifying an Investment Adviser’s Fiduciary Duty

 On June 5, 2019, the U.S. Securities and Exchange Commission ("SEC") adopted a package of rules and interpretations relating to the standards of conduct for broker-dealers and investment advisers, including a new "best interest" rule for broker-dealers. View blog post
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