Ropes & Gray Publishes December/January Investment Management Update

In early February Ropes & Gray released the “Investment Management Update December 2023- January 2024.” The report highlights legal developments in the financial services space, including several that may be of interest to fund directors. Of note, the SEC staff published a set of FAQs relating to the 2022 finalized rule on Tailored Shareholder Reports. The SEC staff responded to questions concerning the “appropriate broad-based securities market index” required in a fund’s performance line graph and table and questions related to binding individual shareholder reports of multiple funds. The Ropes update also highlighted state-level ESG challenges, including a Missouri case brought by SIFMA alleging two Missouri Securities Division rules related to the State’s efforts to curb ESG investments were improper. The Ropes Update also highlights a Tennessee lawsuit brought by the Tennessee Attorney General alleging that BlackRock violated the Tennessee Consumer Protection Act related to contradictions between public ESG-related statements and BlackRock’s actual commitments and actions. The update also highlights the SEC’s Fall 2023 Regulatory Agenda released on December 6, 2023 and the SEC’s approval of Spot Bitcoin ETFs.

Click here to view the Ropes & Gray Investment Management Update.