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Investment Funds

  • CFTC Extends and Revises Relief for Position Aggregation Requirements and Notice Filings

    20 Sep 2017

    The Commodity Futures Trading Commission (CFTC) has extended and revised no-action relief that provides an exemption from compliance with certain aggregation requirements for CFTC-specified position limits for futures and option trading.

  • MiFID II for Non-EU Investment Banks and Brokers

    18 Sep 2017

    The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal entity identifiers and the regulation of algorithmic trading are some of the areas where a non-EU investment bank or non-EU broker may find that it is impacted, directly or indirectly. Non-EU investment banks and brokers should consider how these new requirements will affect how they do business in the EU or with EU counterparties from the start of next year.

  • The OCC Takes Initiative on Seeking Public Comment for Changes to the Volcker Rule

    16 Aug 2017

    The Office of the Comptroller of the Currency (OCC), which regulates national banks and, as such, is responsible for administering the Volcker Rule with respect to the largest banking entities in the United States, has released a notice and request for comment (Request for Comment) on the question of how to modify the implementing regulations, as well as the application and administration, of the Volcker Rule.[1]

  • DOL Seeks Further Delay of ‘Fiduciary Rule’ Exemptions

    10 Aug 2017

    On August 9, 2017, the Department of Labor notified the District Court of Minnesota that it had submitted to the Office of Management and Budget amendments that would delay until July 1, 2019 the applicability of three prohibited transaction exemptions related to the DOL’s “fiduciary rule”: the (i) Best Interest Contract Exemption, (ii) Principal Transaction Exemption and (iii) PTE 84-24. The fiduciary rule became applicable on June 9, 2017, following a sixty-day delay of its initial applicability date of April 10, 2017.

  • The Extended UK PSC Regime

    31 Jul 2017

    The UK’s beneficial ownership disclosure rules for persons with significant control (PSCs) over certain UK entities, introduced in April 2016, have been extended as part of the UK’s implementation of the EU’s Fourth Anti Money Laundering Directive (4MLD). These rules now apply to additional UK companies and entities and require beneficial ownership information to be updated and publicly filed within prescribed 14 day time periods. This publication sets out the main features and requirements of these rules (the so-called PSC regime) following these changes.

  • US Banking Agencies Provide Temporary Relief Under the Volcker Rule to Foreign Banks With Respect to Certain Foreign Private Investment Funds

    26 Jul 2017

    The US federal banking agencies with responsibility for enforcing the Volcker Rule have issued temporary one year no-action relief with respect to certain private non-US investment funds that are not “covered funds” for purposes of the Volcker Rule, but that could be treated as “banking entities” for purposes of the Volcker Rule due to a foreign bank’s investment in or governance arrangements with the fund. Such funds are referred to as “qualifying foreign excluded funds.” The relief generally provides that the US banking agencies will not take action against a foreign bank or treat a qualifying foreign excluded fund as a banking entity based on the foreign bank’s acquisition or retention of an ownership interest in, or sponsorship of, the qualifying foreign excluded fund.

  • CHOICE Act 2.0 Passes the House: What Is the ‘CHOICE’?

    20 Jul 2017

    On June 8, 2017, the House of Representatives passed an amended version of H.R. 10, the Financial CHOICE Act of 2017, or CHOICE Act 2.0, which scales back or eliminates many of the post-crisis financial reforms that were promulgated by the Dodd-Frank Wall Street Reform and Consumer Protection Act including, for example, the Volcker Rule, the authority of the Financial Stability Oversight Council to designate systematically important financial institutions, and the orderly liquidation authority. In addition, CHOICE Act 2.0 proposes a number of capital market reforms directed at easing the regulatory burden on smaller issuers. The passage of CHOICE Act 2.0 represents a significant step towards financial regulatory reform that the Republican leadership has been calling for since the passage of the Dodd-Frank Act.

  • FINRA Releases New Guidance Regarding Social Media and Digital Communications

    26 Jun 2017

    On April 25, 2017, the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 17–18, Social Media and Digital Communications (the “Regulatory Notice”), addressing certain frequently asked questions regarding the use of social media and digital communications by FINRA member broker-dealers (the “FAQs”).

  • MiFID II for Non-EU Fund Managers

    21 Jun 2017

    The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic trading are some of the key areas where a non-EU fund manager may find that it is impacted, directly or indirectly. Non-EU fund managers should consider how these new requirements will affect how they do business in the EU or with EU counterparties from the start of next year.

  • DOL Announces No Further Delay to Implementation of the ‘Fiduciary Rule’

    31 May 2017

    On May 22, 2017, Secretary of Labor Alexander Acosta announced that the DOL has found no “principled legal basis” to further delay the June 9, 2017 applicability date of its “fiduciary rule.”[1]

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