- FinCEN has formally proposed to delay the effective date of the investment adviser AML rule from January 1, 2026, to January 1, 2028.
- The amendment itself is narrowly tailored to delaying the effective date, leaving the substance of the rule intact. However, FinCEN has made clear that it may propose
asset management
What to Expect When You’re Expecting New Investors — Practical Steps Fund Managers Can Take to Prepare for Investments from Registered Funds and Defined Contribution Retirement Plans
By Robert Sutton, Nathan Schuur, Adam Scoll & John Mahon on
Historically, investments in private funds have been reserved for large institutions, defined benefit pension plans, sovereign wealth funds and very wealthy individuals. In recent years, though, the notable difference in returns between private investments and those available in the public markets has increased pressure to expand access to private-market investments for “Main Street” investors. Partially…
Key Steps for Fund Managers to Avoid Scrutiny Under the SEC’s Pay-to-Play Rule
The SEC’s recent settlement involving a “pay-to-play” rule violation by a private equity firm is a timely reminder for fund managers, especially with the November elections approaching.
As a refresher, Rule 206(4)-5 of the Investment Advisers Act – known as the “pay to play” rule – prohibits investment advisers from receiving compensation for providing advisory…
SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information
By Leslie Shanklin & Robert Sutton on
On May 16, 2024, the U.S. Securities and Exchange Commission announced the adoption of amendments to Regulation S-P that were proposed last year. The Final Amendments impose enhanced requirements on registered investment advisers, investment companies, broker dealers and transfer agents with respect to handling of consumer financial information.