News

March 27, 2024

On March 18, the Securities and Exchange Commission announced an enforcement action against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their use of artificial intelligence (AI).

March 26, 2024

A panel of EY financial services experts weighs in on the latest developments impacting registered funds, including a legislative and regulatory update.

March 25, 2024

The U.S. House of Representatives advanced a package of bills titled “Expanding Access to Capital Act of 2023” (H.R. 2799) by a party line vote, 212-205. In addition to the package of bills, several amendments were offered on the House Floor as part of the package, including the “Increasing Investor Opportunities Act” sponsored by Capital Markets Subcommittee Chairman Ann Wagner (R-MO).

March 20, 2024

Federal Reserve Board Chairman Jerome Powell delivered testimony as part of the “Semi-Annual Monetary Policy Report to Congress” to both the House Financial Services Committee and the Senate Banking Committee. The hearings focused on the independence of the Federal Reserve when examining monetary policy, the Basel III framework, housing issues, interest rates generally, and the impact immigration has on the labor force.

March 19, 2024

Athena Alliance released the “AI Governance Playbook for Boards and Management” that serves to guide boards and management through ethical and strategic decisions to harness AI's potential responsibly.

March 18, 2024

Nasdaq plans to host a webinar titled “Navigating the SEC's Climate-Related Disclosure Ruling.” The program will highlight key takeaways from the Commission’s final rule on corporate disclosure of climate related risk.

March 14, 2024

In his remarks, Commissioner Uyeda emphasized the importance of regulatory clarity for market participants. He noted the Commission “was designed by Congress to have a degree of independence from the political process,” and in return, “the Commission’s jurisdiction is limited to only those areas specifically authorized by statute.”

March 13, 2024

FUSE research recently released two reports highlighting predictions for fund flows and overall economic stability for 2024. The first report identifies product developments, hiring trends, emerging issues, and investor flows. In the second report, FUSE predicts that the Fed will have interest rates around 4.25%-4.75% while also warning of the buzz around artificial intelligence.

March 12, 2024

The Mutual Fund Directors Forum, Morgan Lewis, and EY will host a webinar titled “Understanding Spot Bitcoin Exchange-Traded Products.” The program will highlight key aspects of the recently approved Spot Bitcoin ETP products and what trustees should know if an adviser integrates the product into a fund’s portfolio.

March 11, 2024

The Securities and Exchange Commission (SEC) in a 3-2 vote, finalized the rule proposal “The Enhancement and Standardization of Climate-Related Disclosures” that was originally proposed on March 21, 2022. In his statement of support for the final rule, SEC Chair Gary Gensler noted the final rules, “would provide investors with consistent, comparable, decision-useful information, and issuers with clear reporting requirements.”

March 7, 2024

The hearings focused on the regulation of nonbank financial companies, SIFI designation, Basel III proposal, digital assets, and climate change. House Financial Services Chairman Patrick McHenry (R-NC) argued that FSOC has expanded its regulatory reach to fit the Biden administration’s political priorities and is acting like a “roving regulator” under current leadership.

March 6, 2024

The report highlights areas in risk oversight, technology and data security, and board effectiveness. While the report is geared toward corporate directors, there is an impactful discussion of skills and habits that make boards more effective and efficient.

March 5, 2024

The program will touch on the challenges and opportunities AI presents for the regulatory landscapes in the United States, European Union, and United Kingdom. Specific topics that will be discussed include: data protection, copyrights, patents, contracts, financing, ediscovery, and more.

March 4, 2024

The FinCEN proposed rulemaking would require certain investment advisers to apply AML and Countering the Financing of Terrorism (AML/CFT) requirements pursuant to the Bank Secrecy Act (BSA), including implementing risk-based AML/CFT programs, reporting suspicious activity to FinCEN, and fulfilling recordkeeping requirements.

February 29, 2024

The Securities and Exchange Commission (SEC) announced that William Birdthistle, the Director of the Division of Investment Management, will vacate his position effective March 8. Natasha Vij Greiner, currently the Deputy Director of the Division of Examinations, will be named Director of the Division of Investment Management after Director Birdthistle’s departure.

February 28, 2024

The Securities and Exchange Commission granted relief to three Nuveen closed-end funds to exclude a shareholder proposal by Saba Capital Management from the funds’ proxy materials.

February 27, 2024

ICI Mutual will provide historical context, discuss current fund industry claims, and offer observations on the state of the market for directors and officers/errors and omissions and independent director liability insurance for funds and fund independent directors.

February 26, 2024

February 22, 2024

Chair Gensler emphasized that AI has the potential to transform markets, offering benefits such as improved efficiency, lower costs, and enhanced risk management. He also spoke about the risks associated with AI, including potential biases, cybersecurity threats, and market manipulation.

February 21, 2024

Ama A. Adams, Managing Partner at the Ropes & Gray Washington, DC office and Paulita A. Pike, Managing Partner of the Ropes & Gray Chicago office will examine recent Biden Administration action impacting outbound investment into China, and other related topics.