Journal of Investment Compliance: Volume 18 Issue 1

Business email compromise and executive impersonation: are financial institutions exposed?

David Zweighaft

To explain the fraud schemes known as business email compromise (BEC) and executive impersonation that are growing in popularity, and the threat they pose to financial…

Practical tips for satisfying FINRA’s “culture” concerns

Daniel A. Nathan

To analyze FINRA’s focus on broker-dealer culture in its 2016 annual priorities letter and the application of the concept in FINRA disciplinary proceedings, to explain how that…

Securities regulators’ overlapping priorities provide guidance for examination preparation

Daniel A. Nathan, Elizabeth Marshall

To summarize and interpret the examination priorities for 2017 published in early January by the Financial Industry Regulatory Authority (“FINRA”) and the Office of Compliance…

SEC adopts new disclosure and recordkeeping requirements for investment advisers

Nathan J. Greene

To alert investment advisers to changes to be implemented to the Securities and Exchange Commission’s (SEC’s) Form ADV requirements as of October 1, 2017. Form ADV is the SEC’s…

SEC adopts rules and forms to modernize reporting requirements for registered investment companies

Stephen Cohen, Megan Johnson, Gary Brooks, Brooke Higgs

To explain the new rules, forms, and amendments to current rules and forms (Final Rule) that the Securities and Exchange Commission (SEC) has adopted to modernize the reporting of…

SEC issues final rule on investment company liquidity risk management

Rachael Leah Schwartz, Domenick Pugliese, Marguerite Bateman, Kimberly Vargo

To provide an overview of the US Securities and Exchange Commission’s (SEC) recently adopted rule 22e-4 (Rule 22e-4) under the Investment Company Act of 1940, as amended (1940…

The municipal advisor regulatory framework – where we are and where to next

Ernesto Lanza

To describe the status of municipal advisor rulemaking by the US Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB), and regulatory…

What can mutual fund boards and advisers learn from the AXA trial ruling?

Eben Colby, Thomas DeCapo, Kenneth Burdon, Aaron Morris

To analyze the August 2016 court decision in Sivolella v. AXA Equitable Life Ins. Co. and its implications for cases concerning mutual fund advisory fees under Section 36(b) of…

SEC requires hedge funds to prevent insider trading despite unsettled legal definition

Nicolas Morgan, Art Zwickel, Thomas A. Zaccaro, Jenifer Q. Doan

To explain the import of a recent enforcement action by the US Securities and Exchange Commission (SEC) against an investment adviser for failing to prevent insider trading…

SEC charges private fund administrator with gatekeeping failures

Keith Miller, Martin E. Lybecker, Jesse Kanach, Mary C. Moynihan, Hillary B. Levun

To explain a set of recent US Securities and Exchange Commission (SEC) administrative settlements targeting fund administrators and to alert fund administrators and other…

Are your customer accounts in order? – SEC announces sweep of broker-dealers and implementation of the customer protection rule initiative

Melissa Beck Mitchum, Bob Xiong

To explain the Customer Protection Rule Initiative announced by the Securities and Exchange Commission (SEC) and offer practical guidance for complying with Rule 15c3-3 under the…

SEC fines non-US entities for unregistered cross-border brokerage and advisory activities

James Burns, Kimberly Beattie Saunders

To explain a settlement involving a foreign financial institution, its non-US subsidiaries, and the US Securities and Exchange Commission (“SEC”) that reveals an SEC focus on…

An update on the EU securities financing transactions regulation

William J.G. Yonge

To provide an update and detailed explanation on the EU Regulation on Transparency of Securities Financing Transactions and of Reuse (“SFTR”).

Three financial regulators issue reports on product and service innovations

Melanie Brody, Ori Lev, Jeffrey P. Taft, Guy Wilkes, Matthew Bisanz, Tori Shinohara, Joy Tsai

To summarize developments by the US Consumer Financial Protection Bureau (“CFPB”), the US Office of the Comptroller of the Currency (“OCC”), and the UK Financial Conduct Authority…

Marketing non-US private equity funds in the United States: a roadmap through the various regulations and tax implications

David Greene, Barton Clark, Cheryl Coe, Sean FitzGerald, Nancy Kowalczyk, Adam Kestenbaum, Yvette Valdez, Ashley Weeks

To discuss general legal considerations for non-US private equity sponsors who seek to market their funds to US institutional investors.

Hong Kong SFC enforcement trends

Denis Brock, Amanda Beattie

To discuss likely trends in the enforcement activities of the Securities and Futures Commission (SFC) in Hong Kong and to explore key areas of focus and what impact they may have…

Stored value facilities: changing the fintech landscape in Hong Kong

Kristi L. Swartz

To analyze the amendment to the Payment Systems and Stored Value Facilities Ordinance, Chapter 584 of the Laws of Hong Kong (“Ordinance”) and its impact on business development…