Securities and Exchange Commission 2023 – Federal Register Recent Federal Regulation Documents
Results 551 - 600 of 1,677
Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews
The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting new rules under the Investment Advisers Act of 1940 (``Advisers Act'' or ``Act''). The rules are designed to protect investors who directly or indirectly invest in private funds by increasing visibility into certain practices involving compensation schemes, sales practices, and conflicts of interest through disclosure; establishing requirements to address such practices that have the potential to lead to investor harm; and restricting practices that are contrary to the public interest and the protection of investors. These rules are likewise designed to prevent fraud, deception, or manipulation by the investment advisers to those funds. The Commission is adopting corresponding amendments to the Advisers Act books and records rule to facilitate compliance with these new rules and assist our examination staff. Finally, the Commission is adopting amendments to the Advisers Act compliance rule, which affect all registered investment advisers, to better enable our staff to conduct examinations.
Exemption for Certain Exchange Members
The Securities and Exchange Commission (``Commission'') is adopting amendments to a rule under the Securities Exchange Act of 1934 (``Act'' or ``Exchange Act'') that exempts certain Commission- registered brokers or dealers from membership in a registered national securities association (``Association''). The amendments replace rule provisions that provide an exemption for proprietary trading with narrower exemptions from Association membership for any registered broker or dealer that is a member of a national securities exchange, carries no customer accounts, and effects transactions in securities otherwise than on a national securities exchange of which it is a member. The amendments create exemptions for such a registered broker or dealer that effects securities transactions otherwise than on an exchange of which it is a member that result solely from orders that are routed by a national securities exchange of which it is a member to comply with order protection regulatory requirements, or are solely for the purpose of executing the stock leg of a stock-option order.
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