The Securities and Exchange Commission (SEC) published an update to its regulatory agenda for the year on December 14, 2017, as part of a broad rulemaking agenda published by the Office of Management and Budget, which lists the rules that agencies and departments intend to propose or finalize within a year.

The SEC’s list contains

On December 8, 2017, citing the “importance of sound data security practices and protocols for sensitive, nonpublic information,” the Securities and Exchange Commission (SEC) adopted a temporary final rule postponing the filing of Form N-PORT on EDGAR until April 30, 2019 (originally July 30, 2018) for larger fund groups (those with net assets of $1

In what has been reported as a market first, the independent directors and shareholders of an open-end fund (mutual fund) agreed to convert an approximately $1 billion open-end fund to an exchange-listed, closed-end fund.

While open-end funds issue shares continuously, closed-end funds typically raise money through issuing a fixed amount of shares in an initial

On September 14, 2017, the National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert outlining registered investment adviser compliance issues relating to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the “Advisers Act”).  According to OCIE, these issues were most frequently identified in SEC deficiency letters

Introduction

In an interpretive guidance letter issued to a registered closed-end fund on June 9, 2017, FINRA permitted the use of “related performance information” in communications that are distributed solely to institutional investors.

For purposes of the interpretive letter, “related performance information” is the actual performance of separate or private accounts or funds:

  1. that have

In connection with the Department of Labor’s (“DOL”) fiduciary rule (the “Fiduciary Rule”), key provisions of which became applicable on June 9, 2017, SEC Chair Jay Clayton issued a public statement seeking retail investors’ (and other interested parties’) views in advance of any “possible” future SEC action in the area.

The Chair said that he