Advisers

FYI: 2017 IA/IC Compliance Outreach Regional Seminars Announced

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FYI: Today the SEC announced the schedule for its 2017 IA/IC compliance outreach regional seminars, which will be held in Portland (May 17), NYC (June 7), Boston (June 13) and Chicago (June 13). Registration for in-person attendance is available on the SEC’s website, along with the agendas. Only the Chicago seminar will be webcast. SEC Announcement: https://www.sec.gov/news/press-release/2017-69. Webcast archives (where available) and seminar materials from prior IA/IC compliance outreach seminars can be accessed from links on this page: https://www.sec.gov/info/complianceoutreach_ia-funds.htm. * * *

Advisers

FYI: T+2 Adopted

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FYI: The SEC has adopted rule amendments to shorten the securities transaction settlement cycle to T+2 (two business days after the trade date) with the primary aim of enhancing efficiency and reducing risk posed by the current T+3 cycle. According to the SEC’s Fact Sheet, the new T+2 settlement cycle would apply to the same securities transactions currently covered by T+3, such as stocks, bonds, municipal securities, exchange-traded funds, certain mutual funds and limited partnerships that trade on an exchange. The many mutual funds that already settle on a shorter T+1 cycle will not be impacted by the new T+2 […]

Advisers

FYI: Mutual Funds Not Covered by Recent Hyperlink Rules

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FYI: The full Adopting Release for the hyperlink rules adopted by the SEC last week has now been posted and, according to the release, the new requirement for exhibits to be hyperlinked into SEC filings will apply only to exhibits filed with those SEC forms listed in the release. Notably, that list does NOT include forms used by most registered investment companies, such as Form N-1A, which is used to register mutual fund shares. Although mutual funds will not be subject to the hyperlink rules adopted last week, Business Development Companies (a different type of investment company) WILL BE because, […]

Advisers

FYI: DOL Proposes to Delay Fiduciary Rule

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FYI: Today, the DOL issued a “proposed rule” to extend for 60 days – from April 10, 2017, to June 9, 2017 – the applicability date of its rule defining who is a “fiduciary” under ERISA and related Tax Code provisions, as well as the applicability date of related prohibited transaction exemptions including the Best Interest Contract Exemption. Comments will be accepted for 15 days on the proposed extension and for 45 days on other issues related to the rule that are referenced in the proposal. DOL Proposal: https://s3.amazonaws.com/public-inspection.federalregister.gov/2017-04096.pdf *  *  *

Advisers

FYI: Hyperlink Rules Adopted / In-Line XBRL Rules Proposed

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FYI: At its meeting today, the SEC took two significant actions: — Amendments were ADOPTED requiring registration statements or reports subject to the exhibit requirements under Item 601 of Regulation S-K to include a hyperlink to each exhibit listed in the exhibit index of these filings. This will impact registration statements filed by registered investment companies (among others). The new rules will require that “active” hyperlinks be provided in exhibit lists, instead of the current practice of providing “dead” cross-references to exhibits incorporated by reference from prior filings. Hyperlinking is aimed at eliminating the time-consuming and often frustrating search required […]