On July 3, 2023, the SEC's relief for broker-dealers from investment adviser regulation in connection with the provision of research to EU investment managers expired. SEC Commissioner Mark T. Uyeda urged the SEC to engage in a "holistic review of the regulatory framework for investment research."
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SEC Director of Investment Management William Birdthistle cautioned broker-dealers that receive cash payments for research from European asset managers that they may be required to register as investment advisers when the SEC's MiFID II no-action letter expires in July 2023.
As required by the Consolidated Appropriations Act of 2021, the SEC reported to Congress on issues that may discourage the production of investment research concerning small issuers.
Technical corrections to an SEC final rule and form amendments affecting business development companies (each, a type of closed-end investment company that is not registered, or "BDC") and registered closed-end investment companies were published in the Federal Register.
The SEC adopted rule and form amendments to "modify the registration, communications, and offering processes” for business development companies (a type of closed-end investment company that is not registered) and registered closed-end investment companies.