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Your professionally curated research and reference resource fully integrating treatise and how-to guidance with underlying laws, rules, interpretations, and hundreds of sample documents.

Sympathies on the passing of two industry legends

We mourn the passing of two great '40 Act attorneys recently: Dick Phillips and Marty Lybecker. They provided us with wise counsel over the years and were great and gracious attorneys. Our sympathies to their families and colleagues. Karl Hartmann

Adviser Regulatory & Compliance News

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Private funds and managers:  Dealing with the Seemingly Crazy Broker-Dealer Requirements

December 2, 2017

For private fund managers, the tricks and traps of selling their funds can be maddening! Believe me, I've been there. All sorts of issues: is the fund exempt? Do placement agents and finders have to be registered as a broker or dealer or personnel of one? Etc.! Foley & Lardner recently published a short guide to navigating the broker-dealer rules. Click the headline to get the publication.

ALJ’s Officially Ratified and Appointed

December 2, 2017

Addressing a nettlesome issue, the SEC Commissioners formally ratified the appointment of the SEC's administrative law judges. The ratification attempts to defuse a constitutional issue re: the appointment of the judges and the validity of their actions some of which have been challenged in court. Click the link in the heading to read the SEC's press release.

DoL Rule Update:  the Final Say

November 29, 2017

Should be final...maybe! After many months of wrangling, by a notice published in the Federal Register on November 29, 2017, the Department of Labor extended from January 1, 2018, until July 1, 2019, the date for compliance with the full conditions in its new “investment advice” fiduciary definition and related exemptions, which became generally applicable on June 9 of this year. A great Eversheds summary and schedule for implementation is available by clicking the heading.

Global Securities Litigation Overview

November 23, 2017

One of the challenges money managers and investment advisers face is the need to protect their investors against the myriad of scams and frauds. Securities litigation has gone global, and Dechert recently prepared a nice summary of the state of global securities litigation. Click the title to access the link.