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Nov 28, 2024 | 
mondaq.com | Brad Caswell |Zila Acosta Grimes |Nina Zegarra-Schmidt |Rachel Seward Francklyn
FinCEN's new anti-money laundering (AML) rule for investment
advisers imposes AML obligations on both registered investment
advisers (RIAs) and exempt reporting advisers (ERAs) and represents
a significant development for global investment managers. For the
first time, RIAs and ERAs will be required by law to establish
robust AML programs, including procedures for filing suspicious
activity reports (SARs).
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Oct 23, 2023 | 
mondaq.com | Zila Acosta Grimes |Brad Caswell |Christopher Costello |Jason Behrens
On August 23, 2023, the U.S. Securities and Exchange
Commission ("SEC") adopted the Private Fund Advisers;
Documentation of Registered Investment Adviser Compliance Reviews
final rule (the "Final Rule").
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
