• January 4, 2023

    SEC Names Deputy Director of Investment Management Division

    The SEC recently announced that Sarah ten Siethoff will serve as deputy director of its investment management division. She served as interim director of the investment management division until 2021, when William Birdthistle was appointed to the post.

    Learn more
  • January 3, 2023

    EY to Host Program Covering Reporting and Regulation for Registered Funds

    Ernst & Young will host a virtual program covering regulatory and reporting updates for registered funds. The panel will discuss updates on tax legislation, the SEC regulatory agenda, and accounting and financial reporting.

    Learn more
  • December 22, 2022

    Deloitte Releases Updated Audit Committee Guide

    Deloitte updated and modernized its “Audit Committee Guide” to provide the latest resources and insights on how audit committee members can perform their duties more effectively. The guide poses questions for audit committee members to consider as they work through problems encountered in committee meetings.

    Learn more
  • December 21, 2022

    National Bureau of Economic Research Study Details Diversity Findings at Largest Institutional Investors

    In a recent study from the National Bureau of Economic Research entitled, “The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice” the authors found after a 2017 “Fearless Girl” campaign by the three largest institutional investors (State Street, Blackrock, and Vanguard) “led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016.”

    Learn more
  • December 20, 2022

    Senate Republicans Submit Comments on Pace of Rulemaking, IG Report Concerns

    In a letter to SEC Chair Gary Gensler, Senator Thom Tillis (R-NC) noted that a recent SEC Inspector General report stated there are “grave deficiencies within the SEC, especially pertaining to its workforce, level of rulemaking experience, and the length of public comment periods.” The letter posed several questions about the pace of rulemakings, responding to concerns in the IG report about staff-related issues, and resource management.

    Learn more
  • December 19, 2022

    ICYMI: Dechert Publishes “Cyber Bits” Updates Covering Cybersecurity Policy

    Dechert LLP offers a series called “Cyber Bits” a publication that highlights key developments in privacy & cybersecurity policy. The November edition highlights an update from the Cybersecurity & Infrastructure Security Agency (“CISA”), a government agency focused on efforts to enhance the security, resiliency, and reliability of the Nation's cybersecurity and communications infrastructure.

    Learn more
  • December 15, 2022

    Department of Labor Releases Final Rule on ESG Considerations by ERISA Fiduciaries

    The US Department of Labor (DOL) released a final rule, titled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” outlining how fiduciaries regulated under ERISA may incorporate ESG factors in fiduciary investment decision-making for retirement plans. The rule clarifies that ERISA-regulated fiduciaries may take into account ESG factors that are relevant to an investment’s expected risk return and other financial factors, but does not require that they do so.

    Learn more
  • December 14, 2022

    SEC Releases FY22-26 Strategic Plan

    the SEC released its Strategic Plan for fiscal years 2022 to 2026 which outlines the agency’s objectives to “fight against fraud, maintain a robust and relevant regulatory framework, and sustain a skilled and diverse workforce to serve America’s investors and capital-raising entrepreneurs alike.”

    Learn more
  • December 13, 2022

    Stradley Ronon Publishes Digital Asset Tool

    Stradley Ronon now offers a “Digital Assets Regulatory Tracker” which includes links to digital asset-related materials issued by the SEC, CFTC and Department of Labor.

    Learn more
  • December 12, 2022

    Birdthistle Speech Highlights Recently Proposed Open-End Fund Rules

    Investment Management Division Director William Birdthistle delivered remarks on international regulatory cooperation and developments in the Division of Investment Management. In reference to the recent SEC rule proposal on swing pricing, Birdthistle stated, “comparing the March 2020 experience here in the United States to the experience of some funds in Europe, we are able to glean potential lessons for our own regulatory regime.”

    Learn more
  • December 8, 2022

    Gensler Delivers Remarks on Compliance

    SEC Chair Gary Gensler delivered a speech to attendees at the Compliance Outreach Program of the Commission’s Investment Adviser/Investment Company National Seminar that touched on the role Chief Compliance Officers (CCOs) play in safeguarding shareholder interests. Gensler’s speech touched briefly on the recent implementation of the derivatives and valuation final rules, when he emphasized “how important segregation of duties are, particularly as relates to derivatives and valuations.”

    Learn more
  • December 7, 2022

    MFDF Upcoming Webinar: Deloitte's 20th Annual Fair Valuation Pricing Survey

    Join the Mutual Fund Directors Forum and Deloitte on Thursday, December 8 at 2pm ET for a webinar entitled, “Investment Valuation and Governance: Deloitte's 20th Annual Fair Valuation Pricing Survey.”

    Learn more
  • December 6, 2022

    SEC Releases Report on Enforcement Statistics for 2022

    According to the release, these included 462 "stand alone" enforcement actions; 129 actions against issuers who were allegedly delinquent in making required filings; and 169 "follow-on" administrative proceedings seeking to suspend individuals from certain functions in the securities markets. Actions focused on issuer disclosures, market manipulation, investor protection, crypto assets, ESG, and cybersecurity.

    Learn more
  • December 5, 2022

    Senate Banking Committee Hears Testimony from Financial Regulators

    The Senate Banking Committee heard testimony from heads of financial regulatory agencies including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, as well as the Vice Chair for Supervision at the Federal Reserve, Michael Barr. The hearing covered a variety of issues mostly related to the banking sector including fees and challenges experienced by certain groups trying to gain access to the banking system. Additionally, the hearing touched on risk in the financial system, digital assets, and cybersecurity.

    Learn more
  • December 1, 2022

    Nasdaq Article Discusses How to Emphasize the ‘G’ in ESG as a Board Member

    An article published by Nasdaq titled, “Crafting the ‘G’ in ESG: Accountability in the Boardroom” considers the dynamic topic of ESG and strategies for boards to meet the ESG expectations of their stakeholders. The article emphasizes “[o]ver time, diverse boards will have more robust debates, make sounder decisions, understand customers better and attract higher performing employees.”

    Learn more
  • November 30, 2022

    ACA Releases November Regulatory Update

    The report covers the SEC’s crackdown on use of unmonitored messaging apps, the approaching annual renewal cycle for registered investment advisers, and the SEC’s latest rule proposal addressing due diligence on service providers, among other topics. It also contains references to additional programs and reports, as well as a checklist of upcoming regulatory deadlines.

    Learn more
  • November 29, 2022

    Report Highlights How Boards Can Enhance Culture and Effectiveness

    A Sidley Austin attorney shares ways for directors to increase their effectiveness by establishing norms around director behavior. The article sets forth certain behaviors that individual directors can practice in order to improve trust and respect.

    Learn more
  • November 28, 2022

    K&L Gates to Host Webinar on Disclosure Modernization

    K&L Gates plans to host a webinar covering the SEC’s final rule on tailored shareholder reports. The adopted final rule changes (1) shareholder report content and delivery requirements for mutual funds and exchange-traded funds registered on Form N-1A; and (2) advertising rules for all registered investment companies, including closed-end funds and business development companies.

    Learn more
  • November 23, 2022

    SEC Issues FAQ Regarding Adviser Consideration of DEI Factors

    SEC staff published guidance as an FAQ confirming that, consistent with its fiduciary duty and subject to certain conditions, an investment adviser can incorporate DEI factors when recommending or selecting an investment adviser for its clients. While the guidance does not expressly reference registered funds, according to a Ropes & Gray alert the guidance appears to apply to recommendations involving sub-adviser selection for registered funds that operate in a manager-of-managers structure.

    Learn more
  • November 22, 2022

    McKinsey Study Looks at Diversity in Private Markets

    This report provides insights into three main areas: how institutional investors evaluate diversity on investing teams; a preference toward more diverse teams when allocating capital; and an analysis on diversity for PE investing teams in terms of gender. The study found institutional investors are increasingly asking for and receiving diversity data from PE firms seeking to raise funds.

    Learn more