Client Alert

Investment Management Legal and Regulatory Update - October 2019

Download this quarter’s edition of the Investment Management Legal and Regulatory Update to read about the following topics:

LATEST DEVELOPMENTS: FUNDS

• SEC Encourages Funds to Review Performance and Fee Disclosures
• SEC Provides Recommendations to Improve Principal Risks Disclosure
• SEC Modernizes the Approval Framework for Exchange-Traded Funds

LATEST DEVELOPMENTS: ADVISERS

• SEC Provides Guidance Regarding Advisers’ Proxy Voting Responsibilities
• OCIE Issues Risk Alert Regarding Principal and Agency Cross Trading
• OCIE Issues Risk Alert Relating to Oversight of Supervised Persons with Disciplinary Histories and General Compliance and Supervision Issues

LITIGATION

• Second Circuit Finds Private Right of Action under Section 47(b) of the Investment Company Act
• Regulation Best Interest Litigation
• Courts Reject Mutual Fund Excessive Fee Claims Following Trials

COMPLIANCE DATES FOR FINAL RULES

• Liquidity Risk Management Programs (Rule 22e-4)
• Form N-LIQUID
• Amendments to Form N-CEN Associated with Liquidity Rule
• Amendments to the Certification Requirements of Form N-CSR
• Investment Company Reporting Modernization: New Form N-PORT
• Rescission of Form N-Q
• Form N-1A
• FAST Act Amendments Impacting Registration Statement and N-CSR Filings
• Form CRS, Client Relationship Summary

Download the Update