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Oct 11, 2024 | 
mondaq.com | Marc E. Elovitz
During a roughly four-hour hearing on September 24, SEC Chair
Gary Gensler and the other four SEC commissioners testified before
the House Financial Services Committee. The hearing highlighted
deep ideological rifts within the SEC, particularly around
cryptocurrency regulation, and underscored the divide between the
Republican and Democratic commission members.
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Sep 9, 2024 | 
mondaq.com | Christopher S. Avellaneda |Allison Bernbach |Michael Didiuk |Marc E. Elovitz
On Aug.
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Aug 5, 2024 | 
mondaq.com | Marc E. Elovitz
Last month, the US Court of Appeals for
the Fifth Circuit vacated the SEC's rule regulating private
fund advisers, stating that the agency overstepped its statutory
authority. The SEC's window for requesting an appeal has
expired and the court issued a mandate.
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May 31, 2024 | 
mondaq.com | Christopher S. Avellaneda |Allison Bernbach |Michael Didiuk |Marc E. Elovitz
The SEC's Examination Staff continues to focus on
investment adviser's compliance with the Marketing Rule. In a
recent Risk Alert, the Examination Staff identified specific
deficiencies it has found both as to the content of advertisements
and compliance policies and procedures related to marketing
activities. This Alert describes key features of the Examination
Staff's findings and highlights useful compliance
practices.
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Mar 15, 2024 | 
mondaq.com | Christopher S. Avellaneda |Allison Bernbach |Marc E. Elovitz
On Feb. 6, the staff of the US Securities and Exchange
Commission's Division of Investment Management
("Staff") issued an updated FAQ ("FAQ") with
respect to Investment Advisers Act Rule 206(4)-1 ("Marketing
Rule"), excerpted below,1 addressing the
presentation of gross and net internal rates of return
("IRRs") when the fund uses subscription lines to fund
investments.
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Feb 29, 2024 | 
mondaq.com | William J. Barbera |Jennifer Dunn |Marc E. Elovitz |Kelly Koscuiszka
On Feb. 6, 2024, the US Securities and Exchange Commission
("SEC" or "Commission") adopted new Rules
3a5‑4 and 3a44‑2 (together, "Final
Rules")1 under the Exchange Act to further define
what it means to be "engaged in the business" of buying
and selling securities for one's own account and, as such,
required to register with the SEC as a "dealer" or
"government securities dealer," as applicable
(collectively, a "Dealer").
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Nov 10, 2023 | 
mondaq.com | Marc E. Elovitz |Julian Rainero |William J. Barbera |Derek N. Lacarrubba
On Oct. 13, 2023, the SEC adopted new Rule 10c-1a under the
Securities Exchange Act of 1934, as amended ("Exchange
Act"), which the Federal Register officially published on Nov.
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Nov 3, 2023 | 
mondaq.com | Christopher S. Avellaneda |Allison Bernbach |Michael Didiuk |Marc E. Elovitz
On Oct. 16, 2023, the Division of Examinations
("Division" or "Exam Staff") released its 2024
Examination Priorities ("Priorities"),1 months
before these have typically been published to more closely align
the release with the start of the SEC's fiscal year, which
began Oct. 1.
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Aug 2, 2023 | 
lexology.com | Christopher S. Avellaneda |Marc E. Elovitz |Kelly Koscuiszka
Prompted by the “gamification” of investment services, the Securities and Exchange Commission (“SEC”) proposed rules and amendments on July 26, 2023, that could reach a broad universe of existing and future technologies and could threaten to make the use of artificial intelligence (“AI”) impractical for investment advisers and broker-dealers.
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Jun 27, 2023 | 
mondaq.com | Christopher S. Avellaneda |Allison Bernbach |Marc E. Elovitz |Kelly Koscuiszka
On June 8, 2023, the staff ("Staff") of the SEC's
Division of Examinations ("Division") released a Risk Alert 1 ("Risk
Alert"), alerting registered investment advisers
("Advisers") to additional areas of Staff focus when
reviewing Advisers' compliance with Rule 206(4)-1
("Marketing Rule") during SEC examinations.
