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Vedder Thinking | Articles Investment Services Regulatory Update


Reader View

In this issue:

New Rules, Proposed Rules, Guidance and Alerts

SEC Staff Guidance and Alerts

  • OCIE Issues Summary of Observations from Latest Cybersecurity Sweep Exams
  • Division of Investment Management Releases Investment Company Reporting Modernization FAQs

New Rules

  • ICI Raises Concerns About Compliance Deadlines and Urges SEC to Re-Examine Asset Classification in Letter on Liquidity and Fund Reporting Modernization Rules

Proposed Rules

  • SEC Staff Continues to Work on Potential Amendments to the “Loan Provision” Concerning Auditor Independence
  • SEC Defers Action on Application to List “Managed Portfolio Shares,” a Type of Non-Transparent, Actively Managed ETF

Litigation and Enforcement Actions

Section 36(b) “Excessive Fee” Litigation

  • Eighth Circuit Court of Appeals Affirms District Court’s Dismissal of Complaint in Fund-of-Funds Section 36(b) Lawsuit, Ruling Plaintiff Lacks “Statutory Standing”

SEC Actions in Federal Court

  • SEC Files Fraud Charges Against Registered Representatives in Connection with Investments by Federal Employees in Variable Annuities

SEC Administrative Proceedings

  • SEC Settles Charges Against Investment Adviser for Failing to Disclose Receipt of Revenue Sharing Payments from Third-Party Broker-Dealer

To read the Regulatory Update, click the link below.


John S. Marten


Nathaniel Segal