SEC Bulletin Highlights Need for Effective Conflicts Management

The U.S. Securities and Exchange Commission (SEC) recently released the staff bulletin Standards of Conduct for Broker-Dealers and Investment Adviser Conflicts of Interest to reiterate the required standards and obligations for broker-dealers under Regulation Best Interest (Reg BI) and for investment advisers the fiduciary duty standards under the Investment Advisers Act of 1940.

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SEC Enforcement Focuses on MNPI, Insider Trading and Crypto

Temperatures are hot across the Unites States right now – and so is U.S. Securities and Exchange Commission (SEC) enforcement activity. The end of July has seen the SEC file multiple insider trading actions against a former chief information security officer, an investment banker, a former FBI trainee, a former U.S. Congressman and a former crypto employee.

The actions reinforced the agency’s focus on insider trading and MNPI, and also raised some questions about the definition of a security and the scope of the agency’s oversight of the crypto space.

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SEC Announces Spring 2022 Regulatory Agenda

The SEC’s Office of Information and Regulatory Affairs recently released the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions. The report provides an update on the short and long-term regulatory actions that the agency plans to take.

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SEC Focuses on MNPI and Code of Ethics Issues

The SEC issued the Risk Alert Investment Adviser MNPI Compliance Issues to provide investment advisers, investors, and other market participants with information concerning notable deficiencies that the the Division of Examinations (“EXAMS”) has cited related to material non-public information (MNPI) and Code of Ethics Issues.

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The SEC and the “RIC-ification” of Private Funds

Have recent proposals foreshadowed a fundamental change to the regulation of private funds in the United States, including the alignment of private fund regulation with that of Registered Investment Companies (“RIC”) for retail distribution? According to Daryoush Niknejad, General Counsel of the Sanne Group, the proposed regulations of 2022 take a strong step in that very direction. 

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