The Alternative Investment Management Association, the Managed Funds Association and the National Association of Private Fund Managers filed a Complaint against the SEC to vacate the agency's recently adopted rule to change the definitions of "dealer" and "government securities dealer.”
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The Managed Funds Associations urged the U.S. Court of Appeals for the Eleventh Circuit to reject a lower court's finding that construed the term "dealer" in an overly broad manner.
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.
SIFMA and SIFMA Asset Management Group criticized the SEC's Request for Information on the activities of "information providers," calling it unnecessary and outside of the jurisdiction of the SEC's authority.
Industry and trade groups weighed in on an SEC proposal to establish a regulatory scheme for security-based swap execution facilities. The comment period closed on June 10, 2022.