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Securities Law and Regulations
SEC Changes Performance Fee Thresholds
March 16, 2012
The SEC recently adopted rules that impose new restrictions on who can be charged performance-based fees. Registered investment advisers may only charge performance fees to "qualified clients" that meet required net worth or assets under management thresholds. The new rule increases these thresholds, as mandated… read more
Update on ETF Regulations
March 15, 2012
A recent article by Pensions & Investments discussed the status of ETF regulations in the U.S. and Europe. The SEC has previously announced that it is conducting a broad review of ETFs that will look at the adequacy of investor disclosure, liquidity levels and… read more
DOL Having Tough Time Getting Industry Data Related to Fiduciary Rule
March 14, 2012
According to InvestmentNews, the financial industry has declined to provide the Labor Department with data to assess the impact of a proposed rule that would expand the definition of fiduciary for retirement plan advice. The rule was originally proposed in October 2010, but was… read more
Dodd-Frank Rulemaking Slows at SEC
March 13, 2012
A recent Bloomberg article reported that less than halfway through the process of implementing the 2010 Dodd-Frank Act, the pace of the SEC's rulewriting has slowed by about half. In the last four months, the SEC commissioners have not met once to approve or… read more
Commissioners Gallagher and Paredes Support Reproposing Volcker Rule
March 12, 2012
In recent speeches, Commissioner Daniel M. Gallagher and Troy A. Paredes supported a reproposal of the Volcker Rule. Both stated that, based on the extensive comments the SEC has received to date, the proposed rule requires significant changes. Given the extent of the… read more