Regulations amending Chapter 517 of the Florida Securities and Investor Protection Act (FSIPA) took effect Oct. 1, 2024 (the Regulations). While the Regulations revise certain existing securities and transactional exemptions from registration, one amendment imposes the bad actor disqualification provisions in Rule 506(d) of Regulation D under the Securities Act of 1933, as amended (the
On June 28, 2024, FinCEN issued a Proposed Rule to amend BSA regulations that prescribe the minimum requirements for AML/CFT programs for “financial institutions.” Financial institutions subject to AML/CFT program rules include banks, casinos and card clubs (casinos), money services businesses (MSBs), brokers or dealers in securities (broker-dealers), mutual funds, insurance companies, futures commission merchants
On Aug. 9, 2024, the Securities and Exchange Commission initiated administrative and cease-and-desist proceedings against a U.S. registered investment adviser (the Adviser). This action resulted from the Adviser’s failure to comply with the SEC amended Marketing Rule under the Investment Advisers Act of 1940 (Advisers Act), adopted to modernize rules that govern investment adviser advertisements
On June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit unanimously vacated a rule the Securities and Exchange Commission (SEC) enacted in August 2023 that was intended to protect investors who invest in certain private funds and prevent fraud by the investment advisers to Private Funds.
Continue Reading U.S. Appeals Court Vacates SEC Private Fund Adviser Rule
On April 3, 2024, the Department of Labor (DOL) published in the Federal Register long-awaited final amendments to Prohibited Transaction Class Exemption 84-14 (the Amendment), also known as the Qualified Professional Asset Management (QPAM) exemption (the Exemption). The Amendment (i) imposes new notice and reporting requirements and increased financial thresholds, as conditions to relying on
After years of rulemaking efforts, FinCEN issued a Notice of Proposed Rulemaking (Proposed Rule) Feb. 15, 2024, that would subject certain investment advisers to AML/CFT compliance requirements under the BSA. The Proposed Rule’s comment period runs through April 15, 2024. Covered investment advisers would be required to comply within 12 months from the final
On Sept. 6, 2023, the Securities and Exchange Commission’s Division of Examinations issued a Risk Alert detailing the Division’s examination selection process for SEC-registered investment advisers (Advisers). The Risk Alert highlights the Division’s risk-based approach for both (A) selecting Advisers to examine and (B) determining examination focus areas and documents.
If enacted, the Unlocking Capital Act would establish two investment professional categories—private placement brokers and finders. The legislation would allow these professionals to engage in many activities that, due to investor protection concerns, have been regulated for almost a century.
Registered public companies would be required to report their greenhouse gas (GHG) emissions and certain information regarding climate-related financial risks and metrics, including any actual or likely material impacts to their businesses, pursuant to a long-awaited proposed rule the U.S. Securities and Exchange Commission (SEC) voted 3-1 to issue on March 21, 2022.
On Oct. 26, 2021, the Securities and Exchange Commission (SEC) Division of Examinations issued a Risk Alert in which it identified observations from examinations under its registered investment company initiative, first announced in 2018. The Risk Alert summarized examination conclusions from funds in six categories, although the staff noted that its observations “can assist all