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            • April 14, 2021

              DOL Issues Guidance on Class Exemption for Investment Advice Fiduciaries

              The DOL issued guidance on a February 2021 exemption that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code.
            • April 13, 2021

              Effective Date Set for NFA Rule on CPO Notice Filing Requirements

              NFA set an effective date of June 30, 2021 for a recently adopted compliance rule and related interpretive notice requiring a CPO to notify NFA upon an event that may affect the ability of its pool to fulfill its obligations to pool participants.
            • April 12, 2021

              SEC Division of Examinations Highlights Compliance Deficiencies on ESG Offerings

              The SEC Division of Examinations observed compliance deficiencies related to environmental, social and governance products and services offered by investment advisers, registered investment companies and pooled investment vehicles.
              Steven.Lofchie@cwt.com's picture
              Commentary by Steven Lofchie
            • April 01, 2021

              CFTC Commissioner Finds Family Office Exemptions Lacking “Rational Justification”

              CFTC Commissioner Dan M. Berkovitz urged the CFTC to revisit exemptions from certain registration and compliance regulations that were extended to family offices.
              dorothy.mehta@cwt.com's picture
              Commentary by Dorothy Mehta
            • March 26, 2021

              SEC 2021 Exam Priorities: Climate Change, Reg BI, Disclosures and Information Security Top the List

              SEC Director Peter Driscoll described the regulatory and operational challenges of delivering financial services during the pandemic, the issuance of alerts on pandemic and emergent risks (including on cybersecurity), and the roll out of Regulation Best Interest.
            • March 24, 2021

              CFTC Issues CPO/CTA No-Action Relief for Interest Rate Hedging Transactions

              The CFTC Market Participants Division issued CPO and CTA registration relief to a company that acquires biopharmaceutical royalty interests and uses swaps to hedge its interest rate risk on floating rate debt used to finance the company's operations.
            • March 24, 2021

              Effective Date Set for NFA Supervisory Framework on Outsourcing Arrangements

              NFA set the effective date of September 30, 2021, for a recently adopted interpretive notice concerning members' use of third-party service providers.
            • March 19, 2021

              House Financial Services Committee Requests Diversity Data from Largest Investment Firms

              U.S. House Financial Services Committee Chair Maxine Waters and Subcommittee on Diversity and Inclusion Chair Joyce Beatty requested diversity and inclusion data from investment firms managing assets of $400 billion or more.
            • March 18, 2021

              Senate Financial Services Committee Considers Proposed Legislation on "Diversity Data"

              The U.S. Senate Financial Services Committee considered five bills, which would mandate that regulated entities disclose "diversity data".
            • March 17, 2021

              SEC Acting Chair Lee Recommends Better Disclosure on ESG in Proxy Voting

              SEC Acting Chair Allison Herren Lee described changes to the proxy voting disclosure framework necessary to keep pace with the "transformation" of investor preferences.
              Steven.Lofchie@cwt.com's picture
              Commentary by Steven Lofchie
            • March 15, 2021

              SEC Acting Chair Requests Public Comment on ESG Disclosure

              SEC Acting Chair Allison Herren Lee requested public comment on climate change-related disclosure, and reaffirmed her commitment to the development of an effective environmental, social and governance disclosure framework.
              Steven.Lofchie@cwt.com's picture
              Commentary by Steven Lofchie
            • March 11, 2021

              DOL Will Not Enforce Fiduciary Investment Duty Rules Issued Late Last Year

              The DOL will not enforce two rules finalized late last year concerning environmental, social, and governance factors in plan investment decisions and fiduciary duties related to proxy voting and shareholder rights.
              Steven.Lofchie@cwt.com's picture
              Commentary by Steven Lofchie
            • March 09, 2021

              NFA Proposes Compliance Rule for CPO Members

              NFA proposed to require a CPO to notify NFA upon an event that may affect the ability of its pool to fulfill its obligations to pool participants.
            • March 05, 2021

              NFA Adopts Supervisory Framework on Outsourcing Arrangements

              NFA approved the adoption of a new interpretive notice that requires CFTC-registered firms that outsource regulatory obligations to implement a written supervisory framework governing the outsourcing arrangements.
              Conor.Almquist@cwt.com's picture
              Commentary by Conor Almquist
            • March 05, 2021

              Effective and Compliance Dates Set for SEC Investment Adviser Marketing Rule Amendments

              An SEC final rule that amends the advertising and cash solicitation rules, the books and records rule, and Form ADV under the Advisers Act was published in the Federal Register.
            • March 03, 2021

              SEC Division of Examinations Issues 2021 Examination Priorities

              The SEC Division of Examinations' 2021 priorities include an enhanced focus on climate and environmental, social and governance-related risks, conflicts of interest for brokers and investment advisers, and FinTech-related risks.
              Steven.Lofchie@cwt.com's picture
              Commentary by Steven Lofchie
            • February 26, 2021

              SEC Division of Examinations Outlines Focus on Digital Assets

              The SEC Division of Examinations outlined areas of focus concerning digital asset securities for future examinations.
              Steven.Lofchie@cwt.com's picture
              Commentary by Steven Lofchie
            • February 12, 2021

              DOL Class Exemption for Investment Advice Fiduciaries Goes into Effect

              A DOL class exemption that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code went into effect on February 16, 2021.
            • February 09, 2021

              NFA Reminds Firms of Regulatory Obligations Based on Common Exam Deficiencies

              In a series of Notices, NFA reminded member firms, by type, of their regulatory obligations based on common examination deficiencies.
            • February 02, 2021

              FINRA Identifies 2021 Risk Monitoring and Examination Priorities

              In its annual Risk Monitoring and Examination Priorities letter, FINRA identified areas of focus for 2021.
              Conor.Almquist@cwt.com's picture
              Commentary by Conor Almquist
            • January 28, 2021

              IOSCO Suggests Best Practices for Handling Customer Complaints

              The Board of IOSCO issued nine best practices for handling customer complaints, with a focus on retail investors.
            • January 21, 2021

              NFA Provides Guidance on Affirmation Obligations for CPO/CTA Exempt Entities

              NFA provided guidance on annual affirmation obligations for CPOs and CTAs that are exempt from CFTC registration.
            • January 07, 2021

              NFA Reminds Firms of Upcoming Compliance Date to Satisfy Swaps Proficiency Requirements

              NFA reminded firms that January 31, 2021 is the compliance date for associated persons of swap dealers and intermediaries to satisfy their Swaps Proficiency Requirements.
            • January 06, 2021

              Effective Date Set for SEC Framework to "Modernize" Fund Valuation Practices

              An SEC final rule that will adopt a new regulatory framework for fund valuation practices was published in the Federal Register.
            • December 23, 2020

              SEC Adopts Amendments to Investment Adviser Marketing Rule

              The SEC adopted amendments for the advertising and cash solicitation rules, the books and records rule, and Form ADV.
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