SEC Proposed Amendments to Section 13(f) Reporting Requirements

Ethan CoreyLegal Insights

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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 Errors & Violations

Ethan CoreyLegal Insights

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      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

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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

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  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

SEC Staff Withdraws Prior No-Action Letter

Ethan CoreyLegal InsightsLeave a Comment

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SEC Staff Withdraws Prior No-Action Letter on Control Share Acquisition Statutes Requests Feedback on Control Share Statutes & CEFs “Never . . . mind” – Emily Litella On May 27, 2020, the staff of the Division of Investment Management (IM) of the Securities and Exchange Commission (SEC) issued a statement (IM Statement) withdrawing a previous letter that interpreted Section 18(i) … Read More

Pressure Mounts on SEC to Set Standards

Rick PasquierLegal Insights, Practus NewsLeave a Comment

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Pressure Mounts on SEC to Set Standards for “Environmental, Social, Governance” Corporate Disclosure and Fund Investment Styles What Can We Expect? Before I joined Practus LLP, I served for 18 years as in-house counsel to leading global firms in the chemical industry.  Over the years I was struck by the great number of products and technologies that were pitched as … Read More

Read Ethan Corey’s Article in the May edition of The Investment Lawyer

Ethan CoreyLegal Insights, Practus NewsLeave a Comment

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The Investment Lawyer:  Covering Legal and Regulatory Issues of Asset Management Prospectus Delivery Obligations, Regulation Best Interest and the Buried Facts Doctrine: Has the SEC Changed the Time When Prospectuses Must Be Delivered? The SEC’s Regulation Best Interest will require a broker-dealer to provide a retail customer with information about the material fees and cost the customer will incur and … Read More

The New Normal

Robert HebronLegal InsightsLeave a Comment

Lawyer Round Table

Our “New Normal” has become a rapidly moving target during the COVID-19 pandemic   Since I started writing this blog series in late March, the subject of how the COVID-19 pandemic will affect the U.S. life insurance industry has become somewhat of rapidly moving target. As I sit here today, it has become very clear that this crisis will not be … Read More