Managers of Wealth Americas

As Bank of Canada sprints to neutral, bets of recession climb

A strong, front-loaded assault from the Bank of Canada will slow domestic demand and should help keep rising inflation from turning into a price spiral, economists said.

KKR invest in Apexalanytix

The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.

BIS Revises Export Controls on Cybersecurity Items Used for Malicious Cyber Activity

As discussed in our prior Legal Update, the interim rule implemented new controls on “intrusion software”2 that balanced US foreign policy and national security concerns with the need for legitimate cybersecurity transactions

First Financial Bank Eliminates and Reduces Overdraft Fees

First Financial's Credit Achiever loan and secured credit card both allow clients to make purchases from pre-funded accounts so clients can improve their credit scores.

CI Global Asset Management Claims Compliance with the Global Investment Performance Standards

Along with the additional step of undergoing verification by an independent third party, this was a significant project for a large asset manager such as CI GAM.

U.S. Treasury yields nudge higher ahead of jobs data

Data on Thursday showed private sector employment rose by just 128,000 in May, payroll processing firm ADP reported Thursday.

SEC Proposes Amendments to Rule Governing Fund Naming Conventions, Including Use of ESG Investing Practices

Depending on the circumstances and the type of fund name, an 80% Investment Policy may be fundamental or non-fundamental.

BDO Enchances Commitment To Audit Quality

Former PCAOB Regulator Joins Audit Leadership Team

BofA, UBS, Others Paying $91 Million to End Sibor Antitrust Case

Counsel for the investment funds leading the case will seek legal fees of up to $51.8 million

Carey Olsen advises Brazilian fintech

The Series A funding round was led by venture capital firm Canaan

The first ESG-related settlement by the SEC

The case is another proof of concept after the SEC launched its dedicated greenwashing taskforce last year.

US SEC Proposes Rules Regarding ESG for Certain Funds and Advisers

The amendment also seeks to clarify the rule’s application to derivatives investments by stating that, in applying the 80 percent requirement, a fund should use a derivative investment’s notional amount and not its market value.

UBS Must Pay Clients $1.4M Over YES Options Strategy

The causes of action related to UBS’s Yield Enhancement Strategy (YES), a managed-account options strategy product.

SEC Settles First Enforcement Action Against Mutual Fund Adviser Challenging Funds’ ESG Disclosure

In order to charge a “material” misrepresentation, the SEC must demonstrate a misstatement or omission that presents a “substantial likelihood” of affecting the decision-making of a reasonable investor in light of the total mix of

SEC unveils new ESG fund disclosure and naming requirements

Aims to prevent greenwashing

New York sales tax case regarding art leasing

An Administrative Law Judge initially rejected the petitioner’s claim for a sales tax refund

Proposed rule could push more family offices to lawyer up

The proposal comes amid increased scrutiny of family offices in the wake of the Archegos Capital Management meltdown.

Investor group weighs in on SEC’s planned rules for PE

Jennifer Choi of the Institutional Limited Partners Association says the regulator’s proposal would be a big step forward, though some issues remain

Regulatory Insights – May 2022

Your source for the latest updates from the SEC, DOL and across the industry.

SEC Charges BNY Mellon Investment Adviser for Misstatements and Omissions Concerning ESG Considerations

The SEC’s investigation was conducted by Robert Baker and Michael Moran

Legal, Regulation & Compliance