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The weekly news source for investment management legal and compliance professionals

Topic: Congress

IAA Urges Senate Committee to Focus on Proxies, Not Proxy Advisory Firms

December 14, 2018
Stay away from proxy advisory firms and focus instead on repairing proxy infrastructure. That was the message the Investment Adviser Association sent in a letter this month to the Senate Banking Committee, which on the same day held a hearing on issues related to a bill that, if passed, would require proxy advisory firms to register with the SEC as investment advisers, meaning they would be subject to agency regulation.

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Blass Outlines Investment Management Agenda in Testimony before Congress

October 12, 2018
SEC Division of Investment Management Director Dalia Blass, speaking before a House of Representative subcommittee, laid out three guiding principles that the division plans to follow under her tenure. In wide ranging testimony that covered the Divisionís agenda, she discussed specific measures the Division plans to take, including marketing reforms and a new look at fund board responsibilities, under those principles.

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New SEC Commissioner Confirmed

September 7, 2018
The Senate on September 5 confirmed the appointment of Elad Roisman as an SEC commissioner by an 85 to 14 vote. His confirmation brings the Commission back up to its full five-member strength.

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Bill Requiring SEC to Redefine Small Business Moves Forward in Congress

July 27, 2018
Small business needs may soon play a greater part in SEC deliberations. The House of Representatives on July 17 with an overwhelming bipartisan vote passed a bill that would require the SEC to redefine the definitions of "small business" and "small organization" Ė and thereby force the agency to better consider the needs of small advisers when formulating new rules or other proposals.

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New Law Reforming Dodd-Frank Affects Advisers and Funds

May 31, 2018
Now that the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) has been signed into law, whatís in it for investment advisers and investment companies? Not a lot, it turns out, but there are key measures that advisory firms and funds should be aware of.

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Legislation that Kills Fiduciary Rule and Reforms SEC Faces Uncertain Future

June 16, 2017
The full U.S. House of Representatives passed the Financial CHOICE Act this month. While its passage may be welcomed by those who want to see the DOL Fiduciary Rule killed and the SECís use of administrative hearings curtailed, both they and opponents should note that it has a long way to go before becoming law.

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House Bill Would Kill DOL Fiduciary Rule, Reform SEC

May 12, 2017
A bill that passed a key committee in the U.S. House of Representatives this month and may be voted on by the full House in the near future would repeal the Department of Laborís Fiduciary Rule. It would require the DOL to wait before reintroducing new fiduciary legislation until the SEC adopts a uniform definition of "fiduciary" for all. Whatever the DOL then adopts would have to fit within the SEC definition.

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Clayton Approved by Senate Panel

April 7, 2017
Wall Street attorney Jay Clayton won approval as the next SEC chairman from the Senate Banking Committee on April 4. The nomination goes to the full Senate, where his nomination is expected to win final confirmation.

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House Bills Would Significantly Slow Pace of Regulation

January 20, 2017
Two bills passed this month by the U.S. House of Representatives threaten to grind the gears of regulatory change to a crawl. The bills, one targeted at all agencies and the other at just the SEC, now head to the Senate, where they face an uncertain future.

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Bill Loosening Advertising Prohibitions in Dire Straits

October 7, 2016
The U.S. House of Representatives last month passed a bill that would, among other things, ease the prohibition against use of testimonials and past specific recommendations in advertisements. But donít make plans to change your marketing materials anytime soon. The chances of the Senate acting on the pending legislation, as well as the President signing it, in the remaining months of 2016 appear to be slim to none.

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DOL Fiduciary Rule Faces Threat from House Bill

September 23, 2016
The final DOL Fiduciary Rule may die before it takes effect next April if a bill that passed a key House of Representatives committee this month becomes law.

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Senators Request Private Equity Investor Bulletin

July 22, 2016
SEC chair Mary Jo White found what may have been an unexpected missive in her office mailbox a few days ago: a letter from eight Senate Democrats and independent senator Bernie Sanders requesting that the agency publish an investor bulletin "that consolidates the SECís findings and warnings with respect to private equity investments."

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House Bill Would Ease Burden on Investment Advisers

June 17, 2016
The House Financial Services Committee on July 16 passed a bill with bipartisan support that would ease the regulatory burden on investment advisers, particularly those managing private funds. But while welcomed by some key players in the financial services industry, it has a long way to go before becoming law.

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House Bill Would Effectively Reduce Number of Administrative Proceedings

October 30, 2015
Critics of the SECís increased use of administrative proceedings to try advisers and other targets of SEC enforcement have a new weapon and a new battleground. A bill introduced in the U.S. House of Representatives would, if passed, enable those charged by the agency to terminate an administrative proceeding within 20 days, leaving the SEC with no recourse save a civil court proceeding.

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Three Bills Seek to Define Insider Trading in Wake of Second Circuit Ruling

April 3, 2015
The fallout continues from the U.S. Court of Appeals for the Second Circuitís December decision narrowing what constitutes insider trading.

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User Fee Bill Backers Gain Small Victory with Republican Co-Sponsor

August 1, 2014
Itís a step forward, but there are a thousand miles yet to go.

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Key Senate Vote Means 2014 Budget May Hold Partial SEC Examination Fix

July 26, 2013


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JOBS Act: A Drag on Returns?

July 5, 2013


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Chairman Walter Reports on Dodd-Frank Progress

March 5, 2013


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New Leadership, Old Lobbying Set Stage for Next Round in Adviser SRO Fight

December 17, 2012


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