+ Prohibitions on insider trading
+ Information barriers
+ Code of ethics and personal trading
+ Trading rules in the U.S.
+ Advertising rules
March 2022 Regulatory Update
Our U.S. Regulatory and Compliance Group issues periodic regulatory and compliance updates on the latest issues impacting our clients. Read our March update here:
- SEC: Form CRS Disclosure Best Practices
- Proposed Beneficial Ownership Rule Could Impose New Disclosure Requirements on Investment Managers
- Shadow Trading Update – Survival of Motion to Dismiss
Click here to Download a PDF of the full report.
Other Regulatory and Compliance Alerts and Newsletters
U.S. Regulatory Update: September 2022
29 March 2023
Read the PDF of our September 2022 update on the regulatory and compliance issues impacting our clients using the link below.
U.S. Regulatory Update: March 2022
1 September 2022
Read the PDF of our March 2022 update on the regulatory and compliance issues impacting our clients using the link below.
U.S. Regulatory Update: December 2021
3 March 2022
Read the PDF of our December 2021 update on the regulatory and compliance issues impacting our clients using the link below.
SEC issues additional LIBOR guidance for market participants
13 December 2021
While recent headlines on corporate disclosure have focused on environmental, social and governance issues, new guidance issued by the U.S. Securities and Exchange Commission (“SEC”) is an important reminder to public companies that the SEC staff is still paying close attention to disclosure regarding the transition from the London Interbank Offered Rate (“LIBOR”).
US - The SEC makes its mark on cyber
2 September 2021
The SEC is done playing around. This summer it has demonstrated its resolve bringing actions against public companies for alleged poor disclosures, and against SEC registrants for alleged poor cybersecurity controls.
U.S. Regulatory Update: August 2021
1 August 2021
Read our August 2021 update on the regulatory and compliance issues impacting our clients.
SEC Marketing Rule
1 August 2021
On December 22, 2020, the U.S. Securities and Exchange Commission adopted a single, unified rule that replaces (i) rule 206(4)-1 (the “Advertising Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”), which governs investment adviser advertising, and (ii) existing rule 206(4)-3 (the “Cash Solicitation Rule”) under the Advisers Act, which governs advisory client solicitation arrangements. These amendments modernize the Advertising Rule and Cash Solicitation Rule, which had not been significantly updated since their adoption in 1961 and 1979, respectively.
SEC requires Chinese companies seeking U.S. listing to make additional disclosures
3 August 2021
Following actions by the Chinese government to put restrictions on China-based companies raising capital offshore, the U.S. Securities and Exchange Commission is requiring China-based companies and associated offshore shell companies seeking a U.S. listing to make certain disclosures regarding: their Variable Interest Entities structure; whether the Chinese government has given permission for a U.S. listing; and the risk of delisting under the Holding Foreign Companies Accountable Act.
SEC takes first steps to put in force the Holding Foreign Companies Accountable Act
30 March 2021
The U.S. Securities and Exchange Commission (the “SEC” or “Commission”) has taken its first step towards implementing the Holding Foreign Companies Accountable Act (the “HFCA Act”), by adopting an interim final rule that will require certain SEC-reporting companies – mainly those based in China – to make specific disclosures regarding Chinese government control and influence over these companies. The SEC has not yet acted, however, on the HFCA Act provisions that would require trading prohibitions on the securities of these companies.
U.S. Congress Passes Sweeping Overhaul of Anti-Money Laundering Regime
5 January 2021
The U.S. Congress recently passed the National Defense Authorization Act of 2021 (“NDAA”) by super-majority votes and, with it, sweeping changes to current federal anti-money laundering laws. Although President Trump vetoed the bill on unrelated grounds, Congress overrode that veto by substantial majorities, thus passing the NDAA into law.
U.S. Regulatory Update: December 2020
1 December 2020
Read our December 2020 update on the regulatory and compliance issues impacting our clients.
SEC further eases disclosure requirements in latest Regulation S-K and 20-F changes
2 December 2020
Amendments will eliminate specific requirements for selected financial data, off-balance sheet liabilities and contractual obligations.
U.S. Regulatory Update: September 2020
1 September 2020
Read our September 2020 update on the regulatory and compliance issues impacting our clients.
OCIE Risk Alert: Compliance Empowerment and Execution
20 November 2020
The Office of Compliance Inspections and Examinations (“OCIE”) of the SEC issued a Risk Alert on November 19, outlining notable issues related to the compliance programs of SEC-registered investment advisers. The weaknesses and deficiencies identified in this alert underscore OCIE’s expectations about (i) the adoption of a compliance program tailored to each adviser’s business, (ii) the dedication of sufficient resources, and delegation of required authority, to each adviser’s compliance function, and (iii) the thorough implementation and execution of such compliance program.
U.S. Regulatory Update: April 2021
1 April 2021
Read our April 2021 update on the regulatory and compliance issues impacting our clients.
U.S. Federal Regulators’ amendments to Volcker Rule offer greater flexibility for banks and asset managers
3 August 2020
On June 25, 2020, five U.S. financial regulators adopted the final Volcker Rule, which makes a number of important changes to the existing regulations and will afford banks active in the asset management space greater flexibility in servicing clients and making some types of investments.
SEC imposes new disclosure and liability rules on proxy advisory firms
27 July 2020
Recent amendments to the U.S. Securities and Exchange Commission’s rules governing proxy solicitation will soon impose controversial new disclosure and liability requirements on companies that advise investment advisers and institutional investors on their voting determinations.
U.S. Executive Order on Investment in Companies Linked to the Chinese Military
18 November 2020
On November 12, President Trump issued a new Executive Order titled “Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies” (the “Executive Order”). In issuing the Executive Order, President Trump relied on authority under the International Emergency Economic Powers Act and the National Emergencies Act to declare a U.S. national emergency with respect to the “PRC’s military-industrial complex.”
This note sets out the key highlights of the Executive Order and the FAQs on this topic.
Changes to Volcker Rule offer limited relief for structured finance transactions
4 August 2020
On June 25, 2020, five U.S. federal financial regulators adopted a final rule, which modifies many of the Volcker Rule’s requirements with respect to the Volcker Rule’s prohibition on the sponsorship of, and investment in, certain types of fund vehicles, including many SPVs used in securitization, repackaging and other structured finance transactions.
