SEC, ECB Sign Agreement for Oversight of Security-Based Swap Dealers
In their first Memorandum of Understanding (MOU), the SEC and the European Central Bank (ECB) have agreed to cooperate and exchange information related to the supervision, enforcement, oversight, and cross-border inspections of security-based swap dealers and major security-based swap participants (SBS Entities) that are registered with the SEC and supervised by the ECB.
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SEC, DOL, CFTC, FinCEN Issue Updates to 2020 Regulatory Agendas
Federal agencies recently released the spring 2020 update to their regulatory agendas. In this article, we look at the updates to the SEC’s, DOL’s, CFTC’s, and FinCEN’s regulatory agendas as they relate to investment advisers.
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SEC Proposes to Substantially Reduce Form 13F Reporting by Increasing Threshold
The SEC is proposing to raise the Form 13F reporting threshold for institutional investment managers for the first time in more than 40 years – from $100 million to $3.5 billion. The IAA has long advocated for raising the reporting threshold to provide relief for smaller managers.
After considering various adjustment approaches, the SEC settled on $3.5 billion because it reflects proportionally the same market value of U.S. equities that $100 million represented when Form 13F was adopted in 1975.
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SEC Creates COVID-19 Market Monitoring Group
The SEC has formed an internal, cross-divisional COVID-19 Market Monitoring Group to assist agency officials with actions and analyses related to the effects of COVID-19 on markets, issuers and investors, and to respond to requests for information and assistance from other regulators and public sector agencies.
The COVID-19 Market Monitoring Group will coordinate with staff in the Divisions of Economic and Risk Analysis (DERA), Trading and Markets, Investment Management, and Corporation Finance, the Offices of Municipal Securities, Credit Ratings, Compliance Inspections and Examinations, International Affairs, the Chief Accountant, and the SEC’s Activities-Based Monitoring Committee.
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New SEC, CFTC Staff Guidance on Coronavirus-Related Issues
As the coronavirus continues to cause unprecedented challenges, the IAA has aggregated several breaking regulatory updates to keep you informed. These updates detailed in this article cover the SEC (Form ADV, Custody, Form CRS, comment letters) and the CFTC/NFA (reporting deadlines, BCP, branch office requirements). We continue to be in close communication with regulators to share your concerns and request appropriate relief.
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SEC Asset Management Advisory Committee’s First Meeting Set for January 14
The Asset Management Advisory Committee – formed recently to help the SEC refine its regulatory approach in the face of a rapidly evolving landscape for asset management – will hold its inaugural meeting on Tuesday January 14 at 9:00 a.m.at SEC headquarters in Washington, DC.
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SEC, CFTC Budgets Increased; SECURE Act Becomes Law
The budgets of both the SEC and CFTC will be significantly increased under the FY 2020 federal spending bill that President Trump has signed into law. The SECURE Act, designed to boost retirement savings, was added to the spending measure.
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