Investment Management Division Lists 2014 Priorities
The SEC’s Division of Investment Management highlighted its regulatory priorities in its recently-released 2013 “Year in Review.” The IM Division will focus on a revising the disclosure regime for registered funds, finalizing the JOBS Act general solicitation rules, addressing money market funds, enhancing variable annuity disclosure, and take the “next steps” in the “investment adviser/broker-dealer initiative.” The Report also highlights the Division 2013 accomplishments such as money market fund reform and the identity theft red flags rule. The Division says that it regulates over 11,000 investment advisers and 4,200 registered funds.
OUR TAKE: The only information noteworthy is that the Division has not dropped the concept of a single liability standard for advisers and broker-dealers. We still believe that a fiduciary standard will ultimately apply to broker-dealer activities.