SEC Commissioner Crenshaw Speaks on Private Fund Advisers Proposal

By Caroline A. Crenshaw February 11, 2022 by renholding

Investment advisers are their clients’ fiduciaries. This means that investment advisers are legally obligated to serve their client’s best interest.[1] This standard of conduct is not an aspirational goal. It must be meaningful and offer the real protections investors

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Davis Polk Discusses U.S. Strategy on Countering Corruption Report

By Daniel S. Kahn, Greg D. Andres, Martine M. Beamon, Angela T. Burgess and Patrick S. Sinclair December 21, 2021 by renholding

On June 3, 2021, President Biden issued the Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest (the Anti-Corruption Memo). The Anti-Corruption Memo directed senior figures from the administration’s national security team to oversee …

Davis Polk Discusses SEC Request for Information on Digital Engagement by Broker-Dealers, Investment Advisers

By Gabriel D. Rosenberg, Jai R. Massari, Tyler X. Senackerib, Margaret E. Tahyar and Zachary J. Zweihorn September 24, 2021 by renholding

In light of the growing popularity of digital investing platforms and increased scrutiny of these platforms by Congress, the SEC has released a broad request for information and public comment (RFI) on all matters related to the use of digital …

SEC Chair Speaks at Meeting of Investor Advisory Committee

By Gary Gensler June 14, 2021 by renholding

Good morning. Thank you Jennifer, Heidi, and all the committee members for having me. I enjoyed meeting with members of the Executive Committee yesterday and am thrilled to meet the whole committee for the first time. I’m grateful for the

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SEC Commissioner Lee on Protecting, Serving, and Empowering Investors

By Allison Herren Lee March 9, 2020 by renholding

Thank you Karen [Barr] and thank you all for hosting me today [March 5]. I appreciate IAA’s engagement on the issues important to its members and to the broader markets, and I’m honored to have the opportunity to speak to

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SEC Chairman Talks Main Street Investors, Foreign Corruption, and Market Issues

By Jay Clayton September 11, 2019 by renholding

Thank you for having me and thanks to those who have contributed to today’s [September 9] event—in particular, the Economic Club, Chair, Marie-Josée [Kravis], President, Barbara [Van Allen], as well as panelists Bob [Pisani] and Harold [Ford].

I am grateful

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Gibson Dunn Offers 2019 Mid-Year Securities Enforcement Update

By Mark K. Schonfeld and Amy Mayer July 24, 2019 by renholding

The first half of 2019 has seen a continuation of the Securities and Exchange Commission’s emphasis on protecting the interests of Main Street investors. Chairman Clayton reiterated these themes in his testimony in May before the Financial Services and General …

SEC Chair Clayton Discusses Regulation Best Interest and Investment Advisers

By Jay Clayton July 12, 2019 by renholding

As many of you know, in June, the Securities and Exchange Commission adopted a package of rules and interpretations that will enhance the quality and transparency of retail investors’ relationships with broker-dealers and investment advisers.[1] Importantly, they bring the

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How to Enhance the Value of Shareholder Voting Recommendations

By Bernard S. Sharfman March 8, 2019 by renholding

In a new article, I discuss how investment advisers like Blackrock, State Street, and Vanguard, can become adequately informed prior to voting their proxies without having to read massive amounts of information about the hundreds or thousands of companies …

SEC Chair Talks Investor Roundtables on Conduct Standards for Investment Professionals Rulemaking

By Jay Clayton August 23, 2018 by renholding

In April 2018, the Commission proposed for public comment a significant rulemaking package designed to serve our Main Street investors that would (1) require broker-dealers to act in the best interest of their retail customers, (2) reaffirm and in some

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Shearman & Sterling Examines the Changing Fiduciary Duty Landscape in a Trump Presidency

By Russell D. Sacks, Kenneth Laverriere, Nathan Greene, Jennifer D. Morton and John Reiss December 14, 2016 by renholding

The fiduciary standards for institutions and individuals providing investment advice throughout the retail investment and municipal securities markets are currently undergoing significant change. Following on the heels of the issuance of a final Department of Labor (the “DOL”) fiduciary rule …

PwC Discusses Election’s Impact on Advisers’ Duty to Retirement Investors

By Dan Ryan, Mike Alix, Adam Gilbert and Armen Meyer December 2, 2016 by renholding

We believe the recent election will have less impact on the Department of Labor’s (DOL) fiduciary duty rule than some in the media are currently speculating.[1] While some provisions may be modified by a new Administration, we believe the …

Cleary Gottlieb Discusses SEC’s Changes to Investment Adviser Filings

By Robin M. Bergen, Meghan Irmler and Nathan S. Brownback September 15, 2016 by renholding

On August 25, 2016, the Securities and Exchange Commission (the “SEC”) adopted amendments to Form ADV to modernize and enhance information reported by investment advisers (the “Amendments” or the “Form ADV Amendments”).[1] Among …

Fried Frank explains FinCEN’s Proposed Rule Subjecting Investment Advisers to AML Compliance Requirements

By Michael Gershberg and Elyse Feuer September 28, 2015 by AJ

On August 25, 2015, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would subject investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) to certain formal anti-money laundering (AML) compliance program and …

Foley discusses A Compilation of Non-Enforcement Actions

By Terry D. Nelson, Peter D. Fetzer, Stuart E. Fross and Jonathan S. Lipnick August 19, 2015 by AJ

Be Careful to Adhere to Best Practices When Approving Advisory Agreements

The Securities and Exchange Commission instituted and settled an administrative proceeding against an investment adviser, its principal, and three independent directors of a registered investment company for process failures …

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