Investment Management Legal and Regulatory Update - July 2022

Latest Developments

• SEC Rule Proposal Designed to Enhance ESG Disclosure

Latest Developments: Funds

• SEC Proposal to Modernize Fund “Names Rule”
• SEC Probes ETFs’ Revenue-Sharing Agreements

Latest Developments: Advisers

• SEC’s Division of Examinations Issues Risk Alert on Code of Ethics and MNPI
• SEC Staff Publishes Bulletin on Standards of Conduct for Account Recommendations for Retail Investors
• Wisconsin Adopts a New Rule Requiring Investment Adviser Representative Continuing Education 

Latest Developments: Enforcement

• SEC Charges Adviser for Misstatements and Omissions Concerning ESG Considerations
• SEC Charges Allianz Global Investors and Three Former Senior Portfolio Managers with Multibillion Dollar Securities Fraud
• SEC Charges Adviser with Breach of Fiduciary Duty and Orders It to Repay Over $800,000 to Harmed Clients
• SEC Charges Adviser and Orders It to Pay Over $1.8 Million and Return Funds to Clients Harmed by Undisclosed Conflicts 

SEC News

• Senate Confirms New SEC Commissioners