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.
The FINRA proposal to eliminate certain requirements applicable to research reports on "covered investment funds," in accordance with the Fair Access to Investment Research Act of 2017, was published in the Federal Register.
The CFTC Division of Swap Dealer and Intermediary Oversight published interpretative guidance to clarify commodity trading advisor registration requirements in light of the MiFID II research compensation provisions.
In a recent research note, FINRA Office of the Chief Economist staff members examined the liquidity of securitized assets over the course of the last several years, noting both positive and negative market developments.
The House of Representatives passed the Fair Access to Investment Research Act of 2017. The bill is intended to establish a safe harbor that would permit broker-dealers to issue research reports that cover exchange-traded funds.
FINRA issued three regulatory notices and requested comments on (i) rules governing capital raising, (ii) proposed amendments for underwriting arrangements, and (iii) a proposed limited safe harbor from research rules for desk commentary.
The SEC announced enforcement actions against twenty-seven individuals and entities in relation to stock promotion schemes, and cautioned investors to be skeptical of information and articles published on investment research websites.