Blog

Fifth Circuit Vacates DOL Fiduciary Rule

On June 21, 2018, the U.S. Fifth Circuit Court of Appeals vacated the U.S. Department of Labor’s (the “DOL”) fiduciary rule.  The rule would have made an advisor to an employee benefit plan or IRA an ERISA fiduciary if it renders most “investment advice” for compensation.  That brings at least for now an end to... Read more »

Supreme Court Raises Many Issues With Ruling on SEC Administrative Law Judges

On June 21, 2018, the Supreme Court decided Lucia v. Securities and Exchange Commission, in which it said by a 6-3 majority that the Securities and Exchange Commission’s (the “SEC”) Administrative Law Judges (the “ALJs”) must be chosen under the Appointments Clause of the Constitution by “Heads of Departments”, i.e., the SEC Commissioners.  The court... Read more »

Financial Stability Board Suggests New Asset Class for Crypto-Assets

On July 16, 2018, the international Financial Stability Board published a report in which it proposed that a new asset class be established under Basel III for crypto assets. The report was done for the G20, and made clear that the FSB does not see crypto-assets as posing a material risk to global financial stability at... Read more »

SEC Reinforces Ban on Testimonial Marketing for Investment Advisers

In March 2014 the Securities and Exchange Commission (the “SEC”) issued guidance on the use by investment advisers and investment advisory representatives (together, “IAs”) in their marketing of testimonials (but not objective third-party articles) posted on social media.  Under Section 206(4) of the Investment Advisers Act (prohibiting fraudulent, deceptive or manipulative acts) and Rule 206(4)-1(a)(1) (finding testimonials... Read more »

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