SEC Adopts Amendments To Form ADV And Recordkeeping Rule

the Securities and Exchange Commission (the “SEC“) adopted rules, proposed in May 2015,1 to modernize and enhance the disclosure requirements promulgated under the Investment Adviser Act of 1940, as amended (the “Advisers Act“) and to amend Form ADV (collectively, the “Amendments“). The Amendments are intended to improve the quality of information that clients and the SEC […]

SEC Updates Form ADV

The SEC has adopted final rules requiring investment advisers to provide additional information on Form ADV and other matters. You can find our analysis on the proposed rules here. The final rules: require information about an investment adviser’s separately managed account business and other matters; incorporate a method for private fund adviser entities operating a […]

Swap Reporting CFTC Whistleblower Lawyers

Swap Dealer Disclosure and Reporting Requirements Under the Dodd-Frank Act, swap dealers and major swap participants are required to comply with certain disclosure, recordkeeping, and reporting requirements related to its swap transactions. This includes the timely and accurate reporting of: swap transaction and pricing data that is reported in real-time and made available to the […]

SEC Inreases Amount of Data Advisors Must Include on Form ADV

Advisors must provide more data on separate accounts, social media and branch offices; must comply by Oct. 1, 2017 The Securities and Exchange Commission adopted final amendments Thursday requiring advisors to disclose more information on Forms ADV about their use of separately managed accounts, branch office operations and social media. The amendments also incorporate a […]

SEC expands disclosure demands for investment advisers

The Securities and Exchange Commission will require investment advisers to report additional information it says will provide both it and investors with a better understanding of the risk profile of each adviser and the industry as a whole. On Thursday, the Commission adopted amendments to several Investment Advisers Act rules and the investment adviser registration […]

Costly financial fees you may not know you’re paying

At the supermarket, shoppers receive detailed receipts of their scanned and bagged items. After restaurant meals, wait staff hand diners itemized bills. But call out “Check, please!” to a financial services provider and the result might be a rundown of cryptic line items — 12b-1? Expense ratio? Or a passing reference to Part 2 of […]

CFTC charges Deutsche Bank with multiple swap reporting violations

The US Commodity Futures Trading Commission (CFTC) has charged Deutsche Bank with failing to report any swap data for multiple asset classes for five days, submitting incomplete and untimely swap data, failing to supervise its employees responsible for swap data reporting, having an inadequate business continuity and disaster recovery plan and violating a prior CFTC […]

CFTC Issues Final Response To Remand Order in SIFMA v. CFTC

On August 16, the Commodity Futures Trading Commission published in the Federal Register its final response to the order of the US District Court for the District of Columbia in SIFMA v. CFTC, which remanded eight swaps-related rulemakings for new cost-benefit analysis. As reported in the Corporate & Financial Weekly Digest edition of March 13, 2015, the 2014 case involved […]

SEC Probes Silver Lake Over Fees

Investigation is part of regulator’s broad push to make sure buyout firms are being upfront with investors The Securities and Exchange Commission is investigating whether private-equity firm Silver Lake properly disclosed fees it earned when selling companies or taking them public, part of the regulator’s expansive push to make sure buyout firms are being upfront […]

Costly retirement investment fees you may not know you’re paying

At the supermarket, shoppers receive detailed receipts of purchases. After restaurant meals, wait staffers hand diners itemized bills. But call out “Check, please!” to a financial services provider and the result might be a rundown of cryptic line items — 12b-1? Expense ratio? Or a passing reference to Part 2 of Form ADV. Thanks to […]

Only in Washington: Have Your Lawyer Tell My Lawyer to Tell Me What You Think

Gridlock forces CFTC regulators to minimize talking; ‘it’s messed up’ WASHINGTON—At the Commodity Futures Trading Commission, where two of the five seats are vacant, the remaining commissioners are experiencing a level of gridlock remarkable even for Washington. They have largely stopped speaking to one another. About work. Not only are the commissioners restricted from one-on-one […]