Broker-dealers

SEC Issues Regulation Best Interest FAQs to Help Stem the Confusion

The Standards of Conduct package did not receive the warmest welcome by many in the asset management community when it was adopted last year. Perhaps that was to be expected in that any solution to an issue that has been debated for years – raising the standard of conduct of broker-dealers to a higher level – could not please everyone and would also be likely to create some confusion.

SEC Answers Form CRS Frequently Asked Questions

The four parts of the SEC’s standards of care package, adopted this past June by the SEC and met with some concern and confusion by those affected by them in the asset management community, can be expected to result in the agency issuing guidance to help advisers and others comply. In that regard, the SEC’s Division of Investment Management’s new set of answers to FAQs, released December 3, might provide some help.

Eight Attorneys General Take SEC to Court over Regulation Best Interest

It was perhaps inevitable, given the divisions over the SECs adoption of Regulation Best Interest. Eight attorneys general, representing seven states and the District of Columbia, this month filed suit in federal court, asking, among other things, that the Rule be tossed. The states – New York, California, Connecticut, Delaware, Maine, New Mexico, Oregon – […]

Advisers Paid by More than One Party in a Deal are Likely to Draw...

Word to the wise: When in a deal, represent just one of the players. Advisers representing more than one party in a transaction may think they have a sweet arrangement, but it is more likely they catch the eye of the SEC Division of Enforcement. Its not worth it. MVP Manager, a New York City-based […]

SEC Staff Urges Market Participants to Begin Transition from LIBOR

The end of 2021 may still seem some far off, but in terms of advisers and other market participants that will need to transition from the London Interbank Offered Rate (LIBOR), it may be getting uncomfortably close. The SEC staff in July issued a statement urging all market participants using LIBOR to begin the process of moving away.

Clayton Rebuts Critics of SEC Standards of Conduct Package

The SEC is standing its ground on Regulation Best Interest, the investment adviser fiduciary interpretation, Form CRS and the agencys interpretation of the "solely incidental" prong under the Advisers Act. Much of the criticism, agency Chairman Jay Clayton said in a strongly-worded July 8 Boston speech, is "false, misleading, and, unfortunately, in some cases, is simply policy preferences disguised as legal critiques."

House Amendment Prohibits SEC from Acting on Standards of Conduct

Every day is different. Less than a month ago, the SEC adopted the components of its Standards of Conduct Package - Regulation Best Interest, Form CRS, an interpretation of an advisers fiduciary duty, and an interpretation of what constitutes "solely incidental" advice provided by broker-dealers. On June 26, the U.S. House of Representatives passed an amendment to an appropriations bill that would prevent the SEC from using its funds to "implement, administer, enforce or publicize" those same rules and interpretations.

SEC Adopts Form CRS, Regulation Best Interest, Adviser Fiduciary and Solely Incidental Interpretations

The SEC on June 5, with one commissioner dissenting, adopted the much-discussed Standards of Care package, including Form CRS, Regulation Best Interest, a new Commission interpretation of adviser fiduciary duty, and an interpretation relating to when a broker-dealer may give advice to a client without being considered an adviser.

SEC Expected to Vote on Standards of Conduct Package Wednesday

The long wait may finally be over. The SEC on June 5 will conduct an open public meeting to consider whether it will adopt new and amended rules and interpretations that have been a source of contention within the asset management community for years: the standards of conduct package.

Clayton Pledges to Complete Standards of Conduct Package for Advisers and Brokers

Without getting into the specifics of what they will contain, SEC Chairman Jay Clayton this month pledged to complete what has become a somewhat controversial set of proposals: the agencys standards of conduct for advisers and broker-dealers.

Audio Interviews

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.