News

June 22, 2022

Senator Elizabeth Warren (D-MA) released a new, 26-page report on Special Purpose Acquisition Companies (SPACs) that covers how SPACs are structured, SPAC fees, fraud in SPAC disclosures, and self-dealing by SPAC creators and sponsors.

June 21, 2022

Recently, in Jarskey v. SEC, the Fifth Circuit Court of Appeals held that administrative enforcement proceedings before administrative law judges (ALJs) are fundamentally unconstitutional.

June 16, 2022

SEC Chair Gary Gensler testified during a House Appropriations Committee subcommittee hearing as part of the FY2023 congressional appropriations process. Gensler’s comments focused on the need for an increased budget at the SEC, the length of comment periods for rule proposals, and ESG related issues.

June 15, 2022

The Securities and Exchange Commission announced the appointment of Richard Best to serve as the Director of the Division of Examinations.

June 14, 2022

The SEC charged BNY Mellon Investment Adviser, Inc. for misstatements and omissions about the use of ESG considerations when making investment decisions for certain mutual funds that it managed. The SEC Order found that BNY Mellon Investment Adviser represented or implied in numerous statements that all investments in the related funds underwent an ESG quality review, even though that was not always the case.

June 13, 2022

The Senate Banking Committee held a hearing to examine the nominations of Michael Barr to serve as the Federal Reserve Vice-Chair for Supervision, Jaime Lizárraga to serve as a Commissioner at the SEC, and Mark Uyeda to serve as a Commissioner at the SEC.

June 9, 2022

The CFTC unanimously voted to release a Request for Information (RFI) that seeks public comment on climate-related financial risk to “better inform its understanding and oversight of climate-related financial risk as pertinent to the derivatives markets and underlying commodities markets.”

June 8, 2022

The article makes several suggestions to address generational changes in the boardroom that might be helpful to some fund boards.

June 7, 2022

While some companies voiced broad support for an SEC reporting regime, others pushed back noting public disclosures could result in additional compliance costs, confusion while responding to breaches in real-time, and volatility in stock pricing.

June 6, 2022

Regulatory matters, closed-end fund matters, and fund shareholder demands for inspection of books and records constituted the most common subjects of claims notices submitted under D&O/E&O policies in 2021, according to the report.

June 2, 2022

Gensler noted “I’ve asked our Division of Investment Management and Division of Examinations to take a renewed and focused look at the use of derivatives by registered investment companies so that they’re compliant with our rules.”

June 1, 2022

Grewal's remarks note that while a “zealous advocacy” is required, delay tactics, slow document production, and other “dilatory or obstructive” efforts may impact cooperation credit that the agency extends as a courtesy to those who oblige investigation.

May 31, 2022

The “Investor Democracy is Expected (INDEX) Act” would require investment advisers of passively-managed funds to vote proxies in accordance with the instructions of fund investors—not at the discretion of the adviser.

May 27, 2022

In their open meeting, the Securities and Exchange Commission (SEC) voted 3-1 to advance two rule proposals covering the Commission’s rules governing fund names and disclosure requirements for funds with an ESG focus.

May 27, 2022

On June 2, 2022, from 3- 5 p.m. ET, Deloitte’s senior leadership will join with mutual fund directors for an exclusive virtual roundtable conversation centered on key mutual fund board director governance issues and risks.

May 26, 2022

According to the SEC, when the 2020 COVID-related market volatility revealed that AGI US and the defendants had misled investors about the unregistered fund’s level of risk, the fund suffered catastrophic losses and investors lost billions; the defendants all the while profited from their deception.

May 25, 2022

The latest installment of Ropes & Gray LLP’s podcast series on ETFs discusses the ongoing impacts of the Russia/Ukraine conflict on ETFs, including questions related to valuation and custody of Russian and Russian-related assets.

May 24, 2022

Barron’s reports that a March draft of a Senate bill would leave the SEC in charge of overseeing a significant part of the crypto industry while moving some responsibilities to the CFTC.

May 23, 2022

The researchers recognized that the index provider market is highly concentrated and dominated by a few large players.

May 20, 2022

Open meeting to discuss possible 1940 Act and Advisers Act amendments related to ESG.