News

September 4, 2024

The program will focus on an SEC rulemaking update, Advisers Act updates, and US Treasury clearing rules, among other topics. The program will feature several partners and other members of the Morgan Lewis financial services regulatory practice.

September 3, 2024

In addition to its failure to disclose material conflicts of interest associated with its receipt of revenue sharing payments, the settlement also stated that Cadaret breached its duty of care in connection with its role in recommending and selecting cash sweep options and NTF share classes for its clients.

August 29, 2024

On Wednesday, the Securities and Exchange Commission (SEC) voted 3-2 to adopt amendments to reporting requirements on Form N-PORT (portfolio holdings) and Form N-CEN. The original proposal included a swing pricing mandate for open-end mutual funds, implementation of a ‘hard close’ requirement, and the removal of the “less liquid investment” liquidity bucket. After industry-wide pushback, as well as bipartisan opposition from Capitol Hill, none of these controversial proposals were adopted in the finalized amendments.

August 28, 2024

For the fourth installment of the Director Onboarding Series, we have selected a few methods that may be helpful in setting new board members up for success. In different ways, each of these approaches expose incoming directors to knowledge and experience that will serve them long-term in their roles on the board.

August 27, 2024

The program, while geared toward all categories of directors, discusses the impact of the Loper Bright and Relentless, Inc. decisions impacting the 40-year precedent of the Chevron Doctrine, in which courts defer, under certain circumstances, to agencies’ reasonable interpretation of the statutes they administer. The panelists highlighted the facts of each case, key points of the Supreme Court opinions, and discussed how the regulatory landscape would likely be impacted.

August 22, 2024

The third installment of the Director Onboarding Series focuses on building a board culture through onboarding. In this post, we have drawn out two ideas that may foster strong relationships between directors to encourage the kinds of respectful, engaged communication that are the hallmarks of strong, effective boards.

August 21, 2024

In a Korn Ferry report titled “The Optimal Board: 4 Ways to get the Best Out of Your Board,” the authors examine policies boards may adopt to better integrate new board members as well as improve board culture and cohesion. Additionally, the report highlights that optimal boards “not only encourage all members to speak up and ask questions but also make sure every voice is valued and can shape decisions.”

August 19, 2024

The SEC reached a settlement total of $392.75 million in connection with the settlements. The firms involved were each charged with violating recordkeeping requirements of the Advisers Act, the Exchange Act, or both, as well as with failure to reasonably supervise their personnel in order to detect and prevent such violations.

August 15, 2024

In this second installment of the Director Onboarding Series, we focus on how board leadership can facilitate onboarding. As board chairs are often culture-carriers for the board, these techniques can also provide opportunities to establish clarity with new directors about cultural practices and expectations in the boardroom.

August 14, 2024

The article discusses the role of the intermediary, including as a guide and an access point for shareholders. The article also highlights that each intermediary channel offers unique opportunities for the fund(s) to court various types of shareholders.

August 13, 2024

According to a K&L Gates client alert, the Commission staff are requesting written compliance and operational policies and procedures related to the settlement cycle, any assessments or tests run by the adviser, compliance training records, among other requests.

August 8, 2024

Assigning a buddy or mentor director to incoming board directors is not a terribly new idea and may even approach common practice on fund boards. However, we’ve included it in the series of new ideas for director onboarding because of the variety of ways boards approach pairing directors.

August 7, 2024

The presenters emphasized the importance of shareholder participation, particularly because Closed-End Funds (CEFs) are required to hold an annual shareholder meeting. The podcast highlights that these meetings present an opportunity for activists to seize the advantage at meetings and advance their agenda rather than the agenda of a true majority of shareholders.

August 6, 2024

According to the press release, the goal of the ISC is to “strengthen the cohesion between federal, state, and local agencies, enhance opportunities to collaborate on cases to protect investors, provide insight and guidance across the ecosystem to those who may not frequently operate in this space, and create a forum for unified efforts in combatting financial fraud.”

August 1, 2024

The Office of Information and Regulatory Affairs released the Spring Unified Agenda of Regulatory and Deregulatory Actions, which includes an update on rulemaking from the Securities and Exchange Commission (SEC). The agenda includes the previously mentioned proposal on fund fees, slating that proposal for April 2025.

July 31, 2024

In their conversation, they discuss the evolution of the mutual fund investment vehicle, and the opportunities the creation of mutual funds brought to retail investors. Jay and Carolyn highlight the importance of trust in an investment relationship and note that the role of the independent director increases investor confidence in registered products.

July 30, 2024

According to the report, “[a]ctive ETF assets under management reached $900 billion globally through the first half of 2024.” The study also found that ETFs are becoming the “wrapper of choice, expanding from 15% of total fund assets in 2013 to 31% in 2023.”

July 29, 2024

In this session, panelists will highlight the fundamentals of ETFs for fund board oversight. This session will be the first of several in a series specifically designed to tackle the growing space of ETF products.

July 25, 2024

Director Grewal stated the Enforcement Division has built out a crypto playbook that includes “robust enforcement – moving our investigations with a sense of urgency and addressing emerging risks; robust remedies – seeking penalties and remedies at levels adequate to both hold bad actors accountable and deter misconduct; and robust compliance – working with market participants and gatekeepers to create a culture of compliance and cooperation to prevent misconduct.”

July 24, 2024

The program will cover the basics of index construction, methodology, and recent trends in innovation.