SEC Year End Obligations

Now that 2016 is firmly upon us, a number of United States regulatory filing deadlines come into view, particularly for firms with a 31 December fiscal year end (“FYE”). The chart below lists important filing requirements and corresponding 2016 filing deadlines. A pdf version is available here. To find out [...]

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SEC Office of Compliance Inspections and Examinations Examination Priorities for 2016

On 11 January 2016 the United States Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) announced its 2016 Examination Priorities. As a reminder, OCIE serves as the “eyes and ears” of the SEC, conducting examinations of all regulated entities which includes investment advisers, broker-dealers, funds, and [...]

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Personal Data: US Safe Harbor

Principle 8 of the Data Protection Act (Schedule 1) prevents the transfer of personal data to a country outside the EEA unless that country has an adequate level of protection. The Information Commissioner’s Office (ICO) website includes a list of non-EEA countries that the European Commission has determined have an [...]

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Registered Investment Advisers – Personal Account Dealing Guidance

In late June 2015, the United States Securities and Exchange Commission (SEC) Division of Investment Management released Guidance Update No. 2015-03 entitled “Personal Securities Transactions Reports by Registered Investment Advisers: Securities Held in Accounts Over Which Reporting Persons Had No Influence or Control.” Despite the title, Exempt Reporting Advisers should [...]

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SEC Proposes Amendment to Form ADV

The SEC is consulting on amendments to Form ADV that will affect both SEC registrants and Exempt Reporting Advisers alike. Release IA-4091, published on 20th May, proposes significant amendments to Form ADV regarding: Separately Managed Account disclosure; Umbrella Registration for relying advisers; Additional information disclosures from investment advisers including information [...]

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FATCA Nil Returns

As we know – e.g. see Regulatory Roundup 63 – those firms that are subject to FATCA must ensure that their first return (in respect of 2014) is submitted to HMRC by 31 May 2015. The current (August 2014) HMRC Guidance – e.g. see page 72 – advises that Reporting [...]

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SEC Inspection Priorities

On 13 January 2015, the Office of Compliance Inspections and Examinations (“OCIE”) of the United States Securities and Exchange Commission (the “SEC”) released their 2015 Examination Priorities. The SEC Examination Priorities identify OCIE’s high priority examination areas for 2015. For SEC-regulated firms, whether Exempt Reporting Advisers or full SEC-registrants, these [...]

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FATCA

HMRC has updated its Guidance Notes in respect of FATCA (‘Foreign Account Tax Compliance Act’). Strictly speaking, as far as UK firms are concerned, the Guidance Notes relate to the UK Regulations SI 2013/1962 which in turn give effect to the UK/US Agreement under which relevant UK Financial Institutions will [...]

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Large Traders

A new SEC rule is coming into force which will impact on Large Traders (‘LT’) of NMS securities (the latter are basically any US exchange-listed securities including options. For the precise definition see ‘Rule 600(b)(46)’ on page 480 using link ‘NMS Security’) whether or not the LT is based in [...]

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Shorting

CESR has presented a report to the European Institutions that recommends the introduction of a pan-European short selling disclosure regime. There are two distinct differences between the existing disclosure requirements in MAR 1.9 and the new CESR Proposals. Firstly, in MAR 1.9, the short selling disclosure requirements apply only to [...]

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SEC & FSA

From the article on the Asset Management Conference it will be seen that one way non EU domiciled funds could be marketed under any AIFM Directive would be where the third country has entered into an information sharing agreement with the EU. It was therefore interesting to note that on [...]

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