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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-06-05T20:21:00
A federal appeals court struck down the Securities and Exchange Commission’s (SEC) private fund adviser rule, agreeing with industry advocates that the agency overstepped its authority.
The unanimous decision to vacate the rule by the U.S. Court of Appeals for the Fifth Circuit, released Wednesday, hinged on the court’s interpretation of provisions to protect “retail” investors contained in the Investment Advisers Act and the Dodd-Frank Act.
The SEC argued the provisions covered all investors, giving them the authority to regulate private funds. Private funds, owned by more sophisticated investors, have long been exempted from the same regulations that apply to funds owned by retail investors. The court ruled Congress must explicitly give the SEC the authority to regulate private funds.
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News and analysis for the well-informed compliance or audit exec.
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2023-09-18T13:45:00Z By Aaron Nicodemus
A lawsuit filed by industry groups alleging the Securities and Exchange Commission overstepped its authority when it passed new rules for private fund advisers is unlikely to stop their implementation, according to experts.
2023-08-28T13:44:00Z By Aaron Nicodemus
Even though compliance dates for the Securities and Exchange Commission’s new private fund rules are a year to 18 months away, compliance teams should start analyzing the impact now, according to experts.
2023-08-24T13:41:00Z By Aaron Nicodemus
The Securities and Exchange Commission passed a sweeping set of rules for the $26 trillion private fund industry designed to increase transparency and competition but with provisions that address industry concerns about potential overreach.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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