SEC Modernizes Accredited Investor & QIB Definitions

Steve KingLegal Insights

SEC Building angled shot and flag

On August 26,  2020, the SEC adopted amendments to the definition of “accredited investor” in Regulation D and “qualified institutional buyer” (QIB)  in Rule 144A under the Securities Act of 1933 (Securities Act).1  The changes to the accredited investor definition, which represent the most significant substantive changes since the adoption of Regulation D in the early 1980s, add much needed … Read More

August RAC Report Recap | Knicole Emanuel

Practus LLPLegal Insights

RAC Report logo on image of healthcare provider at computer for telehealth

A RAC Report Roundup of Healthcare Law Updates Healthcare industry expert and Practus partner, Knicole Emanuel, is a regular contributor to the healthcare industry podcast, Monitor Mondays, by RACmonitor. In this article we break down the important changes that have taken place since the public health emergency (PHE) was declared.  Featured August RAC Report Summaries Telehealth and Medicaid Expansion During … Read More

Partner, John Grady’s Interview on NASDAQ Trade Talks

Practus LLPLegal Insights, Practus News


Watch John Grady Share Legal Insights to NASDAQ Trade Talks John Grady on Alternative Investments, Semi-transparent ETFs & ESG funds Practus Partner, John Grady sits down with NASDAQ Trade Talks Global Markets Reporter, Jill Malandrino.  John discusses the latest developments impacting institutional and retail investors, including semi-transparent ETFs and ESG funds.  His experience as a lawyer and as a business … Read More

OCIE Issues Risk Alert About Compliance in the COVID-19 Era

Steve KingLegal Insights

Image of SEC Seal on their Building

Compliance Risks & Considerations for Investment Advisers & Brokers  “Risk comes from not knowing what you’re doing.”      – Warren Buffett     On August 12, 2020, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert. This alert addresses operational and other challenges for broker-dealers and investment advisers resulting from the public and … Read More

SEC Proposed Amendments to Section 13(f) Reporting Requirements

Ethan CoreyLegal Insights

rules and regulations form from securities exchange act of 1934

When the facts change, I change my mind – John Maynard Keynes   On July 10, 2020, the Securities and Exchange Commission (SEC) proposed to update the reporting threshold for Form 13F reports by institutional investment managers, raising the reporting threshold from the statutory threshold of $100 million in Section 13(f) of the Securities Exchange Act of 1934 (Exchange Act) … Read More

The US Department of Labor’s new “Investment Duties” rule

Rick PasquierLegal Insights

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When implemented, proposal will limit the growth of ESG investment The U.S. Department of Labor (the “DOL” or the “Department”) issued a release on June 30, 2020 in which it proposed amendments to the “Investment duties” rule under Title I of the Employee Retirement Income Security Act of 1974 (ERISA). Many early commentators believe that the practical effect of the … Read More

SEC Sanctions Affiliated Advisers for Error Correction, Fund of Investment Violations

Ethan CoreyLegal Insights

sky with word error on it

      On July 2, 2020, the Securities and Exchange Commission (SEC) announced settled charges against California-based Franklin Advisers, Inc. (Franklin Advisers), a registered investment adviser, for breaching its fiduciary duty to its client funds and failing to follow its own policies and procedures, and settled charges against Franklin Advisers and Toronto-based Franklin Templeton Investments Corp. (Franklin Templeton Canada), … Read More

SEC Adopts Amendments to Exemptive Applications Procedures

Ethan CoreyLegal Insights

express lane logo

Imitation is the Sincerest Form of Flattery –Charles Caleb Colton   On July 6, 2020, the Securities and Exchange Commission (SEC) issued a release adopting an expedited review procedure for exemptive and other applications under the Investment Company Act of 1940, as amended (1940 Act) that are substantially identical to recent precedent, as well as a new informal internal procedure … Read More

SEC Adopts Securities Offering Reform for Closed-End Investment Companies

Ethan CoreyLegal Insights

official SEC Building

  Introduction and Overview   On April 8, 2020, the Securities and Exchange Commission (SEC) adopted Rules to modify the registration, communications and offering processes for business development companies (BDCs) and other closed-end investment companies (CEFs) under the Securities Act of 1933 (Securities Act).1   One set of Rules responds to a Congressional directive and enables BDCs and CEFs to use … Read More

SEC Extends In-Person Board Meeting Relief

Ethan CoreyLegal InsightsLeave a Comment

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On March 25, 2020, the Securities and Exchange Commission (SEC) granted wide-ranging temporary exemptive relief to fund boards, funds and investment advisers as the COVID-19 pandemic caused significant disruption to all sectors of the U.S. economy.  Since then, each state and the District of Columbia has begun to relax restrictions imposed to limit the spread of COVID-19.  On June 19, … Read More