Global Head of Private Wealth and Head of Financial Services
Norton Rose Fulbright US LLP
Andrew Lom is US Head of Financial Services and Global Head of Private Wealth based in New York. He is a corporate and regulatory lawyer, advising high-net-worth families and financial institutions on asset management and governance matters.
Andrew’s work with clients is focused on financial product design, FinTech regulation, fund formation and fund investments, family office structuring, succession planning, securities and derivatives trading, private company fundraising, and securitization.
Recent Articles & Comments
It's not a coincidence that this came out the week after the SEC's wave of enforcements against five advisers for violations of the Marketing Rule. (See e.g., and .) The SEC is very focused on enforcement with regard to adviser advertising. This Alert gives some reasonably concrete examples of, and guidance about, the particular behaviors that the SEC deems enforcement-worthy. Perhaps the most important is for advisers to have procedures for the review of advertising materials…
NASAA argues that SEC-registered advisers are being utilized by money launderers. Not everyone is persuaded. See, e.g.,.
In the Order, the SEC stated that the dispositive event to demonstrate the adviser's control purpose was that on April 26, 2022, the adviser "began drafting an offer letter" to the issuer. On the next day, the adviser "contacted outside counsel to advise on its Schedule 13D filing."
There can always be questions of judgment as to when an investor's intent changes from being that of a passive investor to one that has a control purpose. The enforcement action illustrates the…