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21 September 2023
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ThreeImportantDatesForTheAssetManagementIndustry

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

The compliance dates for recently adopted rules extending to “private-fund advisers” (“PFAs”) 1 are now known following their publication in the Federal Register [IA-Release No. 6383, 88 F.R. 63206 (Sept. 14, 2023)]. The rule package under the Investment Advisers Act of 1940 (“Advisers Act”) includes the following requirements: (i) production and delivery of quarterly customer statements; (ii) the annual audit of the financial statements of private investment funds; (iii) production and delivery of fairness or valuation opinions in adviser-led secondary market transactions; (iv) prescriptive conflicts management in the context of five specific restricted activities; (v) prescriptive conflicts management in cases of preferential treatment of selected investors; (vi) review and documentation of an annual compliance review – a requirement that extends to all investment advisers, not only PFAs; and (vii) the maintenance of books and records related to the rules. ...

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18 July 2023
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SEC Proposes Rules Requiring Daily Reserve Computation

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

Adopted in 1972, the SEC’s customer protection rule, Rule 15c3-3 under the Securities Exchange Act of 1934 [17 C.F.R. §240.15c3-3], requires fully computing securities firms having custody over customer funds and securities to segregate customer funds and fully paid securities from the firm’s own assets. The rule prescribes several prophylactic measures including requirements that firms perform reserve computations and, if necessary, make required deposits of cash and/or qualified securities in specified reserve bank accounts for customers and other broker dealers (generally introducing broker-dealers maintaining proprietary securities accounts at a clearing firm referred to as “PAB Accounts” ). ...

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22 March 2023
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SEC Proposes Cybersecurity Rules for Broker-Dealers

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

Last week, the SEC proposed a package of proposals focused on cybersecurity risks [Securities Exchange Act Release No. 97142 (March 15, 2023)]. Among the proposals were a proposed new rule (Rule 10) and new form (Form SCIR) focused on cybersecurity matters for securities market participants, including broker-dealers. Proposed Rule 10 extends to all broker-dealers but imposes additional cybersecurity risk measures on firms that the SEC perceives to be so interconnected and/or large that they pose greater cybersecurity risks and threats to the system should they experience a significant cybersecurity incident....

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28 December 2022
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McIntyre & Lemon Comments on the SEC’s Proposed Outsourcing Rule

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

M&L submitted a comment letter responding to a proposed outsourcing rule aimed at certain operational aspects of the asset management sector. The letter requested that the SEC reconsider the necessity of the proposed outsourcing rule in light of the broad fiduciary duty and regulations that already apply to all aspects of an advisory business, including an adviser’s use of service vendors. The letter advocated for published guidelines or highlighting outsourcing as an examination priority as a more cost-effective and less-burdensome alternative to rulemaking. Absent withdrawing the proposed rule (or simply not acting on it), we requested that the rule expressly exclude institutional advisers in consideration of their negotiated and heavily vetted vendor arrangements and client relationships. As the least optimal option should the SEC adopt the rule, the letter recommended modifications to rule text to narrow the meaning of an outsourced arrangement subject to the rule....

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