Journal of Investment Compliance: Volume 18 Issue 3

SEC enforcement actions under exchange act rule 21F-17

Thomas W. White

To review recent enforcement actions in which the Securities and Exchange Commission (“SEC”) enforced Rule 21F-17(a) under the Securities Exchange Act, which prohibits actions to…

SEC shortens standard settlement cycle to T+2

James R. Burns, James E. Anderson, Kimberly Beattie Saunders, Charles F. Gyer

To describe the steps taken by the SEC to shorten the standard settlement cycle for most broker-dealer transactions from three business days to two business days after the trade…

Cross border master-feeder arrangements: SEC staff slightly expands utility of offshore feeders for global investment management firms, but tax and other challenges remain

Mark Amorosi, George Zornada, Todd Gibson, Joel Almquist, Pablo J. Man

To analyze the recent SEC no-action relief allowing a non-US investment company to invest as a feeder fund in a US registered open-end management investment company without…

SEC approves new continued listing standards for ETFs

Adam Teufel, Christopher J. Geissler

To introduce and analyze recent amendments to the rules of three US securities exchanges to add specific continued listing standards applicable to exchange-traded funds (ETFs).

US securities and exchange commission’s division of investment management issues guidance regarding robo-advisers

Stephanie M. Monaco, Amy Ward Pershkow, Leslie S. Cruz, Peter M. McCamman, Andrew D. Getsinger, Adam Kanter

To explain a guidance update issued in February 2017 by the staff of the Division of Investment Management (Staff) at the US Securities and Exchange Commission (SEC) on how…

SEC publishes important guidance on the Custody Rule, participating affiliate arrangements, robo-advisers, Form PF and certain compliance topics

Joyce E. Larson, Kara J. Brown, Ivet A. Bell

To highlight guidance issued by the US Securities and Exchange Commission (SEC) for the benefit of investment advisers regarding certain obligations under the Investment Advisers…

SEC charges broker-dealer and AML officer for failing to file SARs related to pump-and-dump scheme

Bradley J. Bondi, Charles A. Gilman, Kimberly C. Petillo-Décossard, John J. Schuster, Sara Ortiz

To explain a recent US Securities and Exchange Commission (SEC) administrative proceeding targeting a broker-dealer as part of the Commission’s continuing efforts to enforce…

AML compliance in the age of individual accountability

Carlton Greene, Thomas Hanusik, Cari Stinebower, Sarah Bartle

To analyze FinCEN’s settlement with Thomas Haider and examine regulatory agencies’ emphasis on individual accountability and the implications of this emphasis for anti-money…

FINRA releases guidance on social media and digital communications

Matthew T. Wirig, Kate S. Poorbaugh

To summarize recent FINRA guidance on social media and digital communications published in Regulatory Notice 17-18.

CFTC’s demanding new cooperation guidelines for companies and individuals

Breon S. Peace, Jennifer Kennedy Park, Robin M. Bergen, Nowell D. Bamberger

To explain and analyze two Enforcement Advisories that set forth the factors the US Commodity Futures Trading Commission Division of Enforcement may consider in assessing…

Selling structured products to retail investors in the US

Margaret Sheehan

To explain the inherent risks, draw attention to SEC and FINRA guidance, and suggest ways to limit and control the sale of structured securities to retail investors.

SEC approves FINRA’s rules to protect seniors from financial exploitation

Matthew J. Kutner

To inform readers of new FINRA Rule 2165 and amended FINRA Rule 4512, which are aimed at protecting seniors from financial exploitation.

MIFID2 – the impact on non-EU fIRMS

Simon Crown, Steven F. Gatti, Matthias Feldman, Paul Landless

An update for firms located outside the European Union of the possible extra-territorial impact of certain provisions in the recast Markets in Financial Instruments Directive and…

Money laundering: further clarity provided by the Court of Appeal on the operation of the consent regime

Daren Allen

To summarise a key development that provides clarity for banks on the operation of the money laundering provisions in the UK Proceeds of Crime Act 2002.

The Private Fund Limited Partnership: a new fund vehicle for the UK

Sally Gibson, Geoffrey Kittredge, Simon Witney

To explain the UK government’s long-awaited reforms to limited partnership law.

The FCA’s new enforcement process – what will work, and what won’t

Polly James, Adam Jamieson

To review the FCA’s new enforcement process, drawing on what we believe are the positives and negatives and how the FCA should further improve the enforcement process.

SFC reminding sponsors of the need to adopt an attitude of “professional scepticism”

Gareth Hughes, James Comber

To remind sponsors to adopt an attitude of “professional skepticism” in Hong Kong IPOs.

Investment recommendations under the Market Abuse Regulation (MAR) – operative guidelines issued by the Italian Securities and Exchange Commission (CONSOB)

Lorenzo Parola, Francesco Falco

Analysis of the guidelines on investment recommendations (“Guidelines”) issued by the Italian Securities and Exchange Commission (“CONSOB”) on the application of the EU Regulation…