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Articles by John Marten
SEC Adopts Amendments to Fund Names Rule, Broadening the Scope of Funds that Must Comply | JD Supra
On September 20, 2023, the SEC adopted amendments to the investment company names rule, Rule 35d-1 under the Investment Company Act of 1940. According to SEC estimates, the amendments will bring approximately 2,200 funds that did not previously have to comply with the rule within the scope of the rule, including its requirements for enhanced disclosure, quarterly compliance testing, Form N-PORT reporting and recordkeeping.
SEC Adopts Amendments to Fund Names Rule, Broadening the Scope of Funds that Must Comply
On September 20, 2023, the SEC adopted amendments to the investment company names rule, Rule 35d-1 under the Investment Company Act of 1940. According to SEC estimates, the amendments will bring approximately 2,200 funds that did not previously have to comply with the rule within the scope of the rule, including its requirements for enhanced disclosure, quarterly compliance testing, Form N-PORT reporting and recordkeeping.
Jacob Tiedt,Investments services attorney,Vedder Price
Vedder Price's Investment Services group is recognized by the National Law Review as a Go-To Thought Leader for the group’s regular contributions on and analysis of SEC amendments and regulations, enforcement actions and proposed rulemaking. Topics addressed by Vedder’s Investment Services group related to the SEC include: enforcement proceeding settlements, the modernization of fund disclosure regime, amendments to proxy rules and the review process for exemptive applications.
SEC Reopens Comment Period for Investment Adviser and Investment Company Cybersecurity Proposals in Connection with Other Cyber and Data Privacy Related Proposals
On March 15, 2023, the SEC reopened the comment period on proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for registered investment advisers, registered investment companies and business development companies that were proposed on February 9, 2022. The initial comment period ended on April 11, 2022.
Nathaniel Segal Investment Companies Attorney Vedder
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
John S. Marten Investment Management Lawyer Vedder Price
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Last Minute GMP Conversion Changes Create Compliance Headaches
On 28 April 2022, at 4:35 pm we issued legal advice to our client regarding the GMP conversion exercise for two schemes, along with final versions of the deed of amendment to bring into effect GMP conversion; the Conversion Date was set for 1 May 2022.
Building Safety Act 2022 – What’s Changed?
Background The Building Safety Bill received Royal Assent on 28 April 2022, and has now completed all the parliamentary stages in both Houses to become an Act of Parliament – i.e. the Building Safety Act 2022 (the “Act”). According to the Government, many of the measures included within the 262-page Bill are likely to take between a year and 18 months to introduce, as the Act will require the formation of secondary legislation to support actual implementation of the measures.
Internal Revenue Service Guidance And Relevant Tax Information
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Make Estate Planning a Point of Focus in 2022
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Weekly IRS Roundup February 13 – February 19, 2022
February 22, 2022 CNIL Recommends Using US Analytics Tools Only for Anonymous... by: Liisa M. Thomas and Julia K. Kadish Weekly IRS Roundup February 13 – February 19, 2022 by: McDermott Will & Emery SEC Awards $600,000 to Whistleblower by: Mary Jane Wilmoth US Issues ‘First Tranche' of Sanctions Targeting Ukraine... by: Kara M. Bombach and Cyril T. Brennan Gold Dome Report – Legislative Day 19 by: Stanley S. Jones, Jr. and Helen L. Sloat Cadwalader Cabinet | Remember When Money Was Green?
SEC Proposes New Cybersecurity Rules for Investment Managers
Friday, February 11, 2022 On February 9, 2022, the SEC proposed new cybersecurity compliance and disclosure rules for the investment management industry in a three to one vote. If adopted, the proposed rules would apply to registered investment advisers (“RIAs”), certain registered investment companies (“RICs”) and business development companies (“BDCs,” together with RICs, “registered funds”).
SEC Proposes New Rules for Large Positions in Security-Based Swaps
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC’s Dodd-Frank Act Increases Transparency in Securities Market
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC Chair Gary Gensler Provides Statement on Complex Exchange-Traded Products
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Updated Form W-8BEN-E; Form 1127 & Revenue Procedure 99-50 Req. for Comment
Monday, October 18, 2021 Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 11, 2021 – October 15, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.
SEC Proposes Enhanced Proxy Voting Reporting Requirements for Funds and Managers
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Tenth Circuit Court of Appeals Affirms District Court’s Judgment for Great-West in Section 36(b) Excessive Fee Suit
September 07, 2021 Texas Says #MeToo to Enhanced Protections for Sexual Harassment... by: Mark J. Neuberger New York City Passes More City-Level Privacy Legislation by: Kyle R. Fath Union Lacks Standing to Bring COVID Lawsuit on Behalf of its Members by: Felicia S. O'Connor August 2021 New Jersey State Regulatory Developments by: Frank R. Ciesla and Beth Christian Talking Sports Law: An Interview with The Legal Team from Canucks... by: John S. Wilson and Trevor M.
Division of Examinations Cautions Advisers on Compliance Deficiencies with Fixed Income and Principal Cross Trades
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC Sanctions Public Company for Misleading Disclosures About Data Breach
August 30, 2021 The Battle to Boost Competition: Illinois Becomes the Latest State to... by: Matthew J. Feery and Sheryl Jaffee Halpern Employers, Take Note: Rhode Island Amends Equal Pay, Whistleblower,... by: Gregory (Greg) Keating and Francesco (Fran) A. DeLuca EPA Expands Use of FIFRA Criminal Enforcement As It Targets COVID-19... by: Alan J. Sachs and Sarah A. Kettenmann Mask Up, Vax Up: Illinois Governor Issues Immediate Face Covering... by: Michelle S. Strowhiro and Dawn M.
SEC Settles Charges against Index Provider Related to Publication of Volatility-Related Index
July 07, 2021 CFPB Issues Summer 2020 Supervisory Highlights by: Moorari Shah and A.J. S. Dhaliwal Suffolk County Fair Housing Task Force Recommends Amendments to... by: Amanda E. Miller How Do the Recent Company Voluntary Arrangement (CVA) Challenge... by: John Alderton and Devinder Singh SEC Settles Charges against Index Provider Related to Publication of... by: John S. Marten and Nathaniel Segal Ontario Court Finds Non-Ontario Payrolls Count Toward Severance...
Office of Information and Regulatory Affairs Sets Agenda for SEC
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Massachusetts Court Denies Motion to Dismiss Certain Counterclaims Regarding Closed-End Fund Bylaw Amendments
Tuesday, June 1, 2021 On March 31, 2021, the Suffolk County Superior Court in Massachusetts issued a ruling on a motion to dismiss various counterclaims in a suit originally filed on July 15, 2020 by Eaton Vance Senior Income Trust, a registered closed-end fund organized as a Massachusetts business trust, against Saba Capital Master Fund, Ltd., a shareholder of the fund, seeking a declaratory judgment that a previously adopted amendment to the fund’s bylaws is valid.
SEC Staff Reaffirms Guidance for Conducting Shareholder Meetings during Pandemic
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC Staff No-Action Letter Permits Funds to Self-Custody Certain Loan Interests
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC's Division of Examinations Issues 2021 Examination Priorities
Monday, April 19, 2021 On March 3, 2021, the SEC’s Division of Examinations (formerly the Office of Compliance Inspections and Examinations (OCIE)) issued its examination priorities for 2021.
President Trump Issues Executive Order Prohibiting Transactions Involving “Communist Chinese Military Companies,” Signs Holding Foreign Companies Accountable Act
Tuesday, February 2, 2021 This article summarizes two recent developments relevant to China-based issuers whose securities are publicly traded in the United States. These developments may have a significant impact on U.S. persons that invest in those securities, including U.S. investment funds and their managers. Executive Order 13959 and Subsequent Developments On November 12, 2020, then-President Donald J.
Recent SEC Leadership and Organizational Changes
February 02, 2021 Recent SEC Leadership and Organizational Changes by: John S. Marten and Nathaniel Segal Final Regulations on Executive Compensation Excise Tax (Section 4960... by: Seth J Safra and Amanda H Nussbaum Saving Money During Tough Times — Appealing Your Property Tax... by: Adam J. Pabarcus New York Department of Labor Significantly Expands COVID-19... by: Lindsay Colvin Stone Parties Stipulate to Dismissal of Last Pending Section 36(b)... by: John S.
OCIE Risk Alert Cautions Firms to Comply with Large Trader Obligations
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC Adopts Rule Amendments to Permit Electronic Signatures to Authenticate SEC Filings
Monday, February 1, 2021 On November 17, 2020, the SEC adopted amendments to Rule 302(b) of Regulation S-T to permit the use of electronic signatures in authentication documents required for SEC filings on EDGAR.
New Framework for Fund Valuation Adopted by SEC
Monday, January 4, 2021 On December 3, 2020, the U.S. Securities and Exchange Commission adopted new Rule 2a-5 under the Investment Company Act of 1940 (the “1940 Act”) providing a new framework for fund valuation practices and clarity on how fund boards may satisfy their statutory obligation to determine the fair value of fund investments.
District Court Grants Great-West’s Motion for Sanctions Following Trial Victory in Section 36(b) Case
Wednesday, November 11, 2020 On August 7, 2020, the U.S. District Court for the District of Colorado issued a judgment in favor of Great-West Capital Management, LLC and Great-West Life & Annuity Insurance Co. (together, Great-West) in a Section 36(b) excessive fee case. Following that decision, Great-West filed a motion for sanctions against the plaintiffs’ counsel under 28 U.S.C. § 1927.
SEC Adopts New Framework for Fund of Funds
Tuesday, November 10, 2020 On October 7, 2020, the SEC adopted new Rule 12d1-4 under the Investment Company Act of 1940 and related rule and form amendments that implement a new comprehensive rules-based framework for fund of funds arrangements involving investments by registered funds in other registered funds that exceed the limitations set forth in Section 12(d)(1) of the 1940 Act.
SEC Adopts Amendments to Shareholder Proposal Rule
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC Issues Statement in Response to the Report of the President’s Working Group on Financial Markets
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
OCIE Issues Recommendations for Firms to Mitigate COVID-19-Related Compliance Risks
Wednesday, September 9, 2020 On August 12, 2020, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert identifying COVID-19-related compliance issues, risks, and practices relevant to investment advisers and broker-dealers observed by OCIE through the Staff’s industry outreach amidst the pandemic.
District Court Rules that Great-West Did Not Breach Fiduciary Duties Under Section 36(b)
September 08, 2020 Private Equity Purchasers and SPACs May Be "Preferred"... by: Joel Mitnick and Ngoc Pham Hulbig EEOC Provides Welcome COVID-19-Related Guidance To Employers As... by: Daniel B. Pasternak FERC Redefines QF Eligibility Requirements by: Stephen Hug and Catherine P. McCarthy Next Up on the Trump Administration’s Tariffs Radar – Produce Imports by: Ludmilla L. Kasulke Telecom Alert—Coalition Fights NCTA Pole Attachment Petition; CBRS... by: C. Douglas Jarrett and Gregory E.
SEC Amends Proxy Rules Relating to Proxy Voting Advice
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
SEC Amends Financial Reporting Rules for Investment Company Business Combination Transactions | JD Supra
On May 20, 2020, the SEC adopted amendments to the financial statement disclosure requirements under Regulation S-X related to acquisitions and dispositions involving investment companies. First, the amendments streamline applicable significance tests under Regulation S-X to more closely align with significance tests under the Investment Company Act of 1940.
SEC Extends Relief from 1940 Act In-Person Voting Requirements | JD Supra
As previously reported, in March 2020, the SEC issued exemptive orders providing relief from certain provisions of the Investment Company Act of 1940 to registered funds in light of the outbreak of coronavirus disease 2019 (COVID-19).
SEC Staff Reverses Position on State Control Share Statutes for Closed-End Funds | JD Supra
On May 27, 2020, the staff of the SEC’s Division of Investment Management withdrew previously issued guidance addressing the intersection between state control share acquisition statutes (control share statutes) and the voting requirements under Section 18(i) of the Investment Company Act of 1940.
Investment Services Regulatory Update - June 2020 | JD Supra
New Rules, Proposed Rules, Guidance and Alerts - NEW RULES - SEC Amends Financial Reporting Rules for Investment Company Business Combination Transactions - On May 20, 2020, the SEC adopted amendments to the financial statement disclosure requirements under Regulation S-X related to acquisitions and dispositions involving investment companies.
SEC Chairman Confirms June 30 Compliance Date for Regulation Best Interest and Form CRS | JD Supra
On June 15, 2020, SEC Chairman Jay Clayton released a public statement confirming the June 30, 2020 compliance date for Regulation Best Interest (Reg BI) and Form CRS. Reg BI establishes a new standard of conduct for broker-dealers when making a recommendation of any securities transaction or investment strategy (including account recommendations) to a retail customer.
SEC Staff Issues No-Action Letter Regarding Fund Participation in the Federal Reserve Board’s 2020 Term Asset-Backed Loan Facility | JD Supra
On May 27, 2020, the SEC staff issued a no-action letter to the Investment Company Institute (ICI) and the Securities Industry and Financial Markets Association (SIFMA) permitting registered funds to participate in the Term Asset-Backed Securities Loan Facility (TALF 2020) program established by the Board of Governors of the Federal Reserve System (Fed) and the U.S. Department of the Treasury on March 23, 2020.
SEC Staff Reverses Position on State Control Share Statutes for Closed-End Funds
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Investment Services Regulatory Update - May 2020 | JD Supra
New Rules, Proposed Rules, Guidance and Alerts - PROPOSED RULES - SEC Proposes New Fair Valuation Framework for Registered Funds - Under the Investment Company Act of 1940, securities held by a fund for which market quotations are readily available are to be priced at current market value, and securities for which market quotations are not readily available are to be priced at fair value as determined in good faith by the fund’s board.
SEC Proposes New Fair Valuation Framework for Registered Funds | JD Supra
Under the Investment Company Act of 1940, securities held by a fund for which market quotations are readily available are to be priced at current market value, and securities for which market quotations are not readily available are to be priced at fair value as determined in good faith by the fund’s board.
SEC Proposes New Fair Valuation Framework for Registered Funds
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Special Issue on COVID-19 Related Developments - Investment Services Regulatory Update - April 2020 | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Investment Services Regulatory Update - April 2020 | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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