Timothy Foley

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Articles

Divergent Approaches To Service Provider Oversight Highlight Regulatory Focus

Oct 17, 2023 | mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Timothy Foley

The FRB, FDIC, and OCC recently issued principles-based guidance on managing third-party relationships, a markedly different approach from the SEC's more prescriptive proposal, which codifies and expands its longstanding practice of reviewing diligence and oversight of service providers.
What Investment Advisers Need To Know About AI

Oct 17, 2023 | mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Timothy Foley

Artificial intelligence ("AI") could significantly alter the landscape for investment advisers, bringing with it the potential to quickly develop personalized investment advice using large amounts of unstructured data, provide automated regulatory compliance processes, and simplify communication about investment performance with investors.
SEC Underscores Key Risks In Broker-Dealer AML Compliance

Oct 17, 2023 | mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Timothy Foley

The SEC EXAMS Staff recently issued a Risk Alert highlighting specific concerns regarding the anti-money laundering practices of U.S. broker-dealers. In particular, EXAMS Staff is focusing on controls around AML compliance programs, including independent testing requirements and training of personnel, as well as required identification and verification of brokerage customers and beneficial owners.
Preparing For The Amended Form PF

Oct 16, 2023 | mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Timothy Foley

In May 2023, the SEC adopted amendments to Form PF, which change certain existing questions and create new events-based reporting requirements. With the compliance date for new events-based reporting set for December 11, 2023, private fund advisers should be actively reviewing their policies and procedures to ensure they are ready to comply with the new requirements during periods of significant market volatility.
Marketing Rule Update: Recent Risk Alert And SEC Orders

Oct 16, 2023 | mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Timothy Foley

The Marketing Rule has been in effect since November 4, 2022, and it continues to raise difficult and nuanced interpretive issues for RIAs concerning their advertising materials and client solicitation arrangements. On June 8, 2023, the SEC EXAMS Staff issued its first Risk Alert following the Marketing Rule's effective date.
Preparing To Comply With The Corporate Transparency Act

Oct 16, 2023 | mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Timothy Foley

The initial compliance date for FinCEN's final rule on beneficial ownership information reporting requirements is quickly approaching, with certain provisions going into effect on January 1, 2024.
Recent ESG-Related Developments In The United States

Oct 16, 2023 | mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Timothy Foley

On September 20th, the SEC finalized the Investment Company Names rule and, despite recent suggestions by Chair Gary Gensler that at the SEC they "try not to do things against a clock," the SEC is expected to take action in the near future on two other ESG proposals that could have a significant impact on investment advisers and public companies.
Final Rule - Private Fund Advisers; Documentation Of Registered Investment Adviser Compliance Reviews - Securities - United States

Oct 16, 2023 | mondaq.com | Brad Caswell |Christopher Costello |Timothy Foley |Zila Acosta Grimes

On August 23, 2023, the SEC adopted the Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews final rules. According to the adopting release, these rules are designed to address several risks in the relationship between advisers with private funds and their investors, including a lack of transparency, conflicts of interest and lack of effective governance mechanisms for client disclosure, consent, and oversight.
Representing a Clemency Petitioner: Seeking the Extraordinary Remedy

Aug 31, 2023 | bostonbar.org | Timothy Foley

By Timothy C. Foley“The Governor views commutation both as an extraordinary remedy and as an integral part of the correctional process. Review of a petition for commutation of sentence is not intended to serve as a review of the proceedings of the trial or appellate courts, or of the guilt of the petitioner.