The UK’s Financial Conduct Authority (FCA) released a Discussion Paper (DP23/2: Updating and improving the UK regime for asset management) in February 2023 which recognises that, as a consequence of Brexit, it is time to consider what the shape of the UK’s asset management regulatory regime will take in the future.
FINRA recently sent a sweep letter (or targeted exam letter) to select broker dealers, inquiring about those firms’ sale of non-traded Business Development Companies (BDCs). BDCs are SEC-registered investment companies (usually closed-end funds) that pool investor funds in a debt or equity portfolio (typically of small- or medium-sized companies), with the objective of generating income
In connection with the Press Release announcing a Rule Proposal regarding adoption of written business continuity and transition plans by SEC-registered investment advisers (see our blog post on the topic), the Division of Investment Management also distributed a Guidance Update (No. 2016-04) discussing BCPs for registered investment companies (RICs). RICs have been expected to address
On Dec. 11, 2015, the SEC proposed new derivatives rules for registered funds and business development companies. The proposed rules set limits on portfolio exposure and the requirement that funds maintain derivative risk management programs. It is important to evaluate these proposed limits against existing “stress testing” clearing and portfolio margining models. Derivative traders have