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Commentary by Steven Lofchie

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."

The House Financial Services Committee approved a bill that would codify expiring SEC no-action relief that (i) excludes broker-dealers who are compensated for research services from the definition of "investment adviser" and (ii) allows broker-dealers to continue accepting payments for research reports in order to comply with international regulations, including MiFID and MiFID II.

In response to a House Financial Services Committee request for information, the Council of Institutional Investors described how its members are satisfying their fiduciary obligations and complying with international sanctions against Russia.

The American Banking Association, SIFMA and the Institute of International Bankers proposed revisions to a Federal Reserve Board proposal to modify its regulations for determining "whether a company has the ability to exercise a controlling influence" on another company.