The Liquidity Rule Finally Takes Shape!

Jul 13, 2018 8:54:29 AM

In May, we discussed eight things that you needed to know about the liquidity rule in this article. At that time, we noted that part of the rule was due to take effect in December 2018 for large fund families or June 2019 for smaller fund families. The parts that were delayed until 2019 included the liquidity classifications (i.e., the buckets) and the highly liquid minimum requirement.  More impo...

Did AI just result in 13 settlements?

Jul 6, 2018 7:30:55 AM

At the beginning of June, the SEC announced settlements against 13 private fund advisers[1] for failing to provide the required information in Form PF.[2] Generally, Form PF requires information on private funds managed by investment advisers if the total assets of the private funds are over $150 million. The form, which became effective in 2012, asks for information on a private fund’s assets und...

IM Director's Recent Remarks on Standards of Conduct & Liquidity Risk Management

May 25, 2018 8:30:21 AM

IM Director's Recent Remarks on Standards of Conduct & Liquidity Risk Management by Peter Michael Allen   Recently, Dalia Blass, Director of the SEC’s Division of Investment Management (IM) commented about the standards of conduct for investment professionals and liquidity risk management for open-end funds, including mutual funds and exchange-traded funds (ETFs). Given that the SEC recently submi...

NYAG: Retail Investors Really Care about Active Share

May 18, 2018 4:30:15 AM

On April 5, 2018, the New York Office of the Attorney General (NYAG) announced that it had completed an investigation into 14 large fund families, including some of the largest asset management firms in the world. The NYAG’s list included BlackRock, Goldman Sachs Asset Management, JP Morgan & Chase, Oppenheimer, The Vanguard Group, and others. According to the NYAG’s report,  it was investigating ...