Posts Categorized: Funds – U.S.

OCIE Issues Risk Alert on Cash Solicitation Rule

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (the “OCIE”) has issued, on October 31, 2018, a Risk Alert concerning compliance with the so-called Cash Solicitation Rule (Rule 206(4)-3 under the Investment Advisers Act of 1940 (the “Advisers Act”)).  The rule requires investment advisers required to be registered under the Advisers Act… Read more »

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 »

FINRA Issues Letter Guidance On Use of Performance Information with Institutional Investors

On June 9, 2017, the Financial Industry Regulatory Authority (“FINRA”) issued a letter (the “Letter”) giving guidance in response to a request by an open-ended fund to allow it to provide “Related Performance Information” in marketing material used with institutional investors. “Related Performance Information” is defined as the actual performance of separate or private accounts or funds… Read more »