Federal regulations require investment advisers and registered investment companies to review their compliance policies and procedures annually to ensure adequacy. Core Compliance & Legal Services, Inc. recently published a Risk Management Update (“RMU”), which discusses Securities and Exchange Commission (“SEC”) … Read More
In the Matter of Federated Global Investment Management Corp (“FGIMC”), the SEC settled an administrative proceeding against FGIMC for a failure to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information … Read More
Amendment to FINRA Rule 2210
On April 25, 2016, the Securities and Exchange Commission’s (“SEC”) Division of Investment Management issued a no-action letter to the Investment Adviser Association (“IAA Letter”) giving relief to certain sub-advisers from surprise audits requirements under Rule 206(4)-2 under the Investment … Read More
The final adopting release of the Department of Labor’s (“DOL”) Conflicts of Interest rule (the “Rule”),1 along with the separate releases of two new and four amended prohibited transaction exemptions (“PTE”) are now published in the Federal Register as of April … Read More
On April 6, 2016, the Department of Labor’s (“DOL”) proposed rule expanding the definition of the term “fiduciary” and addressing certain conflicts of interest was adopted and published (the “DOL Conflicts Rule”). While the final rule is not as extensive … Read More
During a speech given yesterday at the SEC-Rock Center for Corporate Governance, Securities & Exchange Commission (“SEC”) Chairperson Mary Jo White discussed how the SEC’s National Exam Program are examining robo-advisors for adherence to requirements under the Investment Advisers Act … Read More