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Happy Thanksgiving to all of our clients and friends.
US regulators have remained busy leading into the holiday. The SEC continues to finalize and push forward various rule proposals including final rules on the use of derivatives by registered investment companies, and capital formation in the private markets, both of which we look at below. And we’d not be shocked to see a final rule on advertising and cash solicitation prior to the end of the year, although nothing definitive on that front has been advertised.
The SEC’s Office of Inspections and Examinations recently released two informative Risk Alerts related to adviser compliance programs which we look at in more detail below. The observations provide a useful reference to what the SEC is currently expecting of CCOs. It should provide some interesting reading over the holiday period…
Finally, the Chairman of the SEC, Jay Clayton, has stated his intention to leave the agency at the end of the year leaving President-elect Joe Biden with another vacancy to fill.