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SEC

Supreme Court sends Jander back to Second Circuit

On January 14, 2020, the Supreme Court issued an opinion in Jander v. IBM, a stock drop case, sending the case back to the Second Circuit for consideration of two questions raised by defendant IBM and the Government in their briefs that had not been considered by the Second Circuit. The decision is unusual. It is an…Read More

SEC investment adviser proposal

On April 18, 2018, the SEC proposed (1) a “Regulation Best Interest” providing new conduct standards for broker-dealers, (2) an “Interpretation Regarding Standard of Conduct for Investment Advisers” that “reaffirms, and in some cases clarifies, certain aspects of the fiduciary duty that an investment adviser owes to its clients,” and (3) a requirement that investment…Read More

DOL provides temporary enforcement relief for possible prohibited transactions resulting from the Fifth Circuit decision

On May 7, 2018, the Department of Labor published Field Assistance Bulletin 2018-02, Temporary Enforcement Policy On Prohibited Transactions Rules Applicable To Investment Advice Fiduciaries, providing temporary relief for certain prohibited transactions that may result from the Fifth Circuit’s decision vacating the exemptions included in the Fiduciary Rule regulation package. In this article we discuss…Read More

The SEC proposes broker/investment adviser conduct rules

We concluded our article Fiduciary Rule vacated: significance for plan sponsors with the observation that sponsor fiduciaries will want to review follow-on guidance on broker/adviser conduct that the Department of Labor or the Securities and Exchange Commission publishes. On April 18, 2018, the SEC, by a 4-1 vote, proposed (1) a “Regulation Best Interest” providing…Read More

SEC issues final rules on money market funds

On July 23, 2014 the Securities and Exchange Commission adopted amendments (the ‘Amendments’) to the rules that govern money market mutual funds. These changes, intended to address issues growing out of the 2008 financial crisis, have been under consideration for some time and have been the subject of a lot of controversy. They generally require…Read More

Proposed SEC rule change for money market funds

On June 5, 2013 the Securities and Exchange Commission released a proposal (the ‘Proposal’) that, if adopted, would fundamentally change how most money market funds operate. In this article we focus on the impact that the adoption of one (or both) of the alternatives discussed in the Proposal would have on defined contribution plans that…Read More