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SEC Proposes a New Standard of Care for Broker-Dealers: Regulation Best Interest
  • Morrison & Foerster LLP
  • USA
  • April 24 2018

For many years, the distinction between investment advisers and broker-dealers was clear: investment advisers were counselors who were expected to


The SEC’s Fiduciary Proposal - Investment Adviser Standard of Conduct
  • Spencer Fane LLP
  • USA
  • April 24 2018

As described in our first article, the Securities and Exchange Commission voted on April 18 to issue a proposal package that includes two new rules


SEC proposes "regulation best interest" rule package, including new disclosure form and investment adviser conduct interpretation
  • DLA Piper
  • USA
  • April 24 2018

The Securities and Exchange Commission held an open meeting on April 18, 2018, during which the Commissioners voted 4 to 1 to release a package of


SEC Proposes Standards of Conduct for Broker-Dealers, Investment Advisers
  • Morgan Lewis & Bockius LLP
  • USA
  • April 20 2018

In a first step toward developing standards for advice to retail customers, the Securities and Exchange Commission recently proposed rules and


Broker-Dealer Standard of Care: The SEC Enters the Fray
  • Morrison & Foerster LLP
  • USA
  • April 18 2018

At an open meeting held earlier today, the SEC voted 4-1 to propose a package of rules, forms, and guidance designed to define a new “best interest”


U.S. District Court for the Northern District of Illinois Grants Summary Judgment in Section 36(b) Excessive Fee Suit
  • Vedder Price PC
  • USA
  • April 16 2018

On March 13, 2018, the U.S. District Court for the Northern District of Illinois granted a motion for summary judgment in a suit brought against


House Passes Alleviating Stress Test Burdens to Help Investors Act, Which Would Exempt Mutual Funds and Investment Advisers from Dodd-Frank Stress Testing Requirements
  • Vedder Price PC
  • USA
  • April 16 2018

On March 20, 2018, the U.S. House of Representatives passed a bill, referred to as the Alleviating Stress Test Burdens to Help Investors Act (the


U.S. District Court Grants Defendants’ Motion for Summary Judgment in Section 36(b) Excessive Fee Suit
  • Vedder Price PC
  • USA
  • April 16 2018

On March 9, 2018, the U.S. District Court for the Southern District of Ohio (the Court) granted the defendants’ motion for summary judgment in a suit


Advisers Settle SEC Administrative Proceeding Regarding Securities Lending Practices
  • Vedder Price PC
  • USA
  • April 16 2018

Pursuant to an order dated March 8, 2018 (the Order), the SEC settled an administrative proceeding against investment advisers Voya Investments, LLC


OCIE Publishes Risk Alert Regarding Most Frequent Advisory Fee and Expense Issues Identified in Investment Adviser Examinations
  • Fried Frank Harris Shriver & Jacobson LLP
  • USA
  • April 16 2018

On April 12, 2018, the staff of the Office of Compliance Inspections and Examinations ("OCIE") published a National Exam Program Risk Alert ( the