Janine Kickler – Global Investment Law Watch

SEC’s Division of Examinations Halloween Treat–2025 Priorities

Oct 22 2024

By: Jennifer Klass, Lance Dial, and Pablo Man

In order to discourage investment advisers, broker-dealers and investment companies from engaging in any “tricks,” the SEC’s Division of Examinations has published a treat, in the form of its 2025 Examination Priorities (the Priorities). This publication, an annual event since 2013, provides market participants with insight into what the Division of Examinations will focus on in the coming fiscal year.

Extra Credit Projects: SEC Settles Charges Against Carbon Offset Project Developer for US$250 Million Offering Fraud

Oct 07 2024

By: Pablo Man and Benjamin Skillin

On 2 October 2024, the Securities and Exchange Commission (SEC) announced settled charges against one of the largest carbon credit project developers (the Developer), for fraudulently altering data concerning its business and making material misrepresentations in the offering of equity to institutional investors in the United States. The SEC’s order found that the Developer violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Europe: UK FCA’s Anti-Greenwashing Rule and Guidance Come Into Force on 31 May 2024

May 17 2024

By: Philip Morgan, Andrew Massey, and Omega Modi

An anti-greenwashing rule comes into force in the UK on 31 May 2024. This is the first part of the FCA’s Sustainability Disclosure Requirements.

FINRA’s Findings: Member Firms Get Failing Grade in Crypto Communications

Jan 25 2024

By: Richard Kerr, Eden Rohrer, and Aiden O’Leary

On 23 January 2024, the Financial Industry Regulatory Authority (FINRA) published its findings from a 2022 targeted exam sweep, which may serve as a warning to broker-dealers offering crypto asset products. FINRA conducted a sweep reviewing communications made between 1 July 2022 and 30 September 2022 by member firms in connection with crypto assets and crypto-related products and services, focusing on compliance with FINRA Rule 2210 (Communications with the Public). The exam focused not only on written material, but also on communications made via websites, podcasts, advertisements, social media, and other public channels.

Europe: ESMA Provides Update on Fund ESG Naming Rules

Dec 21 2023

By: Áine Ní Riain and Lucy Deane

On 14 December, the European Securities and Markets Authority (ESMA) issued a Public Statement updating its proposals for guidelines on funds’ names using ESG or sustainability-related terms, following its consultation on the same guidelines (ESMA34-472-373, the Guidelines) that ran from November 2022 to February 2023.

Central Bank of Ireland Opens ELTIFs Consultation

Nov 01 2023

By: Gayle Bowen and Shane Geraghty

On 1 November 2023, the Central Bank of Ireland, published its European Long Term Investment Fund (ELTIF) consultation paper (the “CP”) which is now open for industry feedback for an expedited six week period until 13 December 2023. The CP relates to the proposed standalone ELTIF chapter set to be introduced into the Central Bank’s Alternative Investment Fund Rulebook, which will facilitate ELTIFs becoming a standalone regulated product in Ireland as discussed in our previous blog here.

SEC Publishes Its 2024 Exam Priorities—Early

Oct 23 2023

By: Jennifer Klass and Wiley Cole

On 16 October 2023, the Division of Examinations (the Division) of the US Securities and Exchange Commission (SEC) released its examination priorities for the 2024 fiscal year. In an interesting twist, the SEC released the examination priorities early, changing the timing to correspond to the beginning of its new fiscal year.

Securities Lending Reform: Daily Public Reporting of Aggregate Loan Amounts in 2026

Oct 17 2023

By: Stacy Fuller, Kristina Zanotti, and Chase Ponder

On 13 October 2023, the US Securities and Exchange Commission (SEC) adopted new rule 10c-1a under the Securities Exchange Act of 1934. The new rule is intended to shine light on the securities lending market by providing the SEC with detailed information about most securities loans and making public, including to boards of trustees who oversee registered funds that engage in securities lending, sufficient information about such loans and Loan Rates (defined below) that they may evaluate the fairness of the loans in which funds engage.

SEC Adopts Amendments to Beneficial Ownership Reporting

Oct 11 2023

By: Jennifer Gonzalez, Trayne Wheeler, and Megan Clement

On 10 October 2023, the SEC adopted amendments to beneficial ownership reporting requirements under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The amendments shorten deadlines for Schedule 13D and 13G filers, clarify Schedule 13D disclosure requirements for derivatives, and require filers to use machine readable data language.

Europe: Commission Launches SFDR Consultations

Sep 19 2023

By: Gayle Bowen and Áine Ní Riain

On 14 September, the European Commission launched both a public consultation and a targeted consultation on the implementation of the Sustainable Finance Disclosure Regulation (SFDR).

The Commission aims to understand how the SFDR has been implemented since its initial application in March 2021, as well as to gain an understanding of its potential deficiencies, and to explore potential improvements of the European framework for sustainable finance. These consultations form part of the Commission’s comprehensive assessment of the SFDR framework that was first announced by Commissioner Mairéad McGuinness in December 2022. While the public consultation is addressed to a wide range of individuals and organisations with a general knowledge of the SFDR, the targeted consultation is aimed at financial market participants (FMPs), investors, NGOs, public authorities, regulators, and others that are either subject to the provisions of the SFDR or otherwise have an in-depth knowledge or experience in the area of sustainable finance disclosures.

Author:Janine Kickler