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The weekly news source for investment management legal and compliance professionals

Topic: SEC Operations and Agenda

Investment Adviser Association Urges Clayton to Focus SEC on Existing and Proposed Rules

June 16, 2017
The Investment Adviser Association wants to point Jay Clayton in the right direction as he begins to settle in to his new role as SEC chairman. That direction includes revisiting a number of existing agency rules, including the Advertising Rule, the Custody Rule and the Pay-to-Play Rule, as well as taking a second look at some proposed rules and asset management industry issues.

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Clayton Selection of Co-Directors Shows Enforcement Division in Transition

June 16, 2017
Does SEC chairman Jay Claytonís decision this month to appoint two co-directors mean that the Division will continue to take a tough line on enforcement, or does it mean something else? The answer depends on what those co-directors bring to table, and on whom you ask Ė but there is little doubt that it shows an agency in transition.

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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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More Examinations, Fewer Corrective Actions in SEC Performance Report

June 9, 2017
Everyone gets a report card of one kind or another, and the SEC is no exception. The agency just reported on how it performed against goals it set for itself Ė and came out looking, if not perfect, pretty good.

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SEC Seeks Updated Assessment on Need for Uniform Standard of Conduct

June 9, 2017
New SEC chairman Jay Clayton dipped his and the Commissionís toe back into the waters of a possible uniform Fiduciary Rule for advisers and broker-dealers. The end result may be a uniform standard of conduct or something else.

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Supreme Court: SEC Cannot Impose Disgorgement After Five Years

June 9, 2017
You could almost hear the champagne bottles uncorking at the law offices of securities defense attorneys from coast to coast. At the same time, one can imagine a mood akin to a funereal grim at the SEC Division of Enforcement. The reason for both was the same: The U.S. Supreme Court on June 5 ruled that the Commission cannot require disgorgement for violations that occurred outside a five-year statute of limitations.

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SEC and OMB Face Off in Budgetary Battle Over Reserve Fund

June 2, 2017
The SECís fiscal year 2018 budget request sends a very clear message to both Congress and the Trump administration: Hands off the agencyís reserve fund, we already have plans for it. The administrationís Office of Management and Budget has other ideas Ė it wants the fund eliminated.

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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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New SEC Chairman Clayton Faces Questions and Expectations

May 5, 2017
Now that Jay Clayton has been sworn in as the new chairman of the SEC, the question is what he will do. Will he meet expectations, based on his Wall Street background in mergers and acquisitions and focus on capital formation? Will he surprise everyone by continuing the enforcement practices of his predecessor? What will his priorities be as he determines where to spend the agencyís limited budget?

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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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Expect Clayton to Cast Critical Eye on Regulations

March 31, 2017
SEC chairman-designate Jay Clayton has a problem with "unnecessarily complex" regulations, believes the Dodd-Frank Act should be reviewed, thinks that enforcement cases in which he recuses himself are not likely to result in deadlocked Commission decisions, and wants the agency to promote capital formation.

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Watchdog Agency Finds Information Security at SEC Below Par

March 24, 2017
The SECís information security program does not measure up as "effective" against legal requirements, according to the agencyís own Office of the Inspector General. The watchdog agency this month issued an audit report to the SEC with 21 recommendations for corrective action.

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Examination of Advisers and Funds Up 20 Percent in FY 2016 Over Previous Year

March 9, 2017
Mary Jo White must have been particularly pleased with this statistic before she left office as SEC chair last month: The number of investment advisers and investment companies examined by the agencyís Office of Compliance Inspections and Examination in FY 2016 increased by more than 20 percent over the number examined in FY 2015.

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New SEC Already Here as Piwowar and White House Make Changes

March 3, 2017
If youíre looking for changes at the SEC, you donít need to wait for Jay Clayton to be approved by the Senate as the new SEC chair. The agency has already changed in a number of ways. Acting chairman Michael Piwowar recently limited who can initiate enforcement actions, most division directors have left, and the Trump administration plans to place regulatory monitors in federal agencies.

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Form PF FAQs Clarify Just What the SEC Wants

February 17, 2017
Those seeking answers when they complete Form PF now have another source to consult: a new set of answers to frequently asked questions issued recently by the SEC Division of Investment Management.

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Barr Urges Incoming SEC to Review Existing Rules

February 3, 2017
The Investment Adviser Associationís top person wants the new SEC to conduct a retrospective assessment on rules that are "long overdue for reevaluation." Among them are the Advertising Rule, the Custody Rule, and the Pay-to-Play Rule.

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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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SEC 2017 Exam Priorities: Robo-Advisers, Money Market Funds, Cybersecurity

January 13, 2017
The SECís Office of Compliance Inspections and Examinations, in what has become something of an annual rite, on January 12 issued its 2017 Examination Priorities list. While many of the targets are similar to those listed in 2016, one new priority this year is electronic investment advice.

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Changes in SEC Philadelphia Office

January 6, 2017
Jeffrey Boujoukos is the new director of the SECís Philadelphia Regional Office. He replaced Sharon Binger, who left her position at the end of 2016.

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IM Division Appoints Two Officials

January 6, 2017
The SECís Division of Investment Management has two new senior officers.

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