Mr. Rowland is a partner in Davis Polk’s Corporate Department, practicing in the Investment Management Group. [Full Bio]

The SEC adopted its long-awaited Regulation Best Interest, establishing new standard of conduct regulations for SEC-registered broker-dealers and their associated persons that are natural persons.  At the same time, the SEC adopted (i) a new relationship summary disclosure requirement, on Form CRS, for broker-dealers and investment advisers who offer services
Continue Reading Davis Polk Visual Memorandum: SEC Adopts Regulation Best Interest, Form CRS and Related Advisers Act Interpretations

The SEC recently voted to adopt amendments to Rule 606 of Regulation NMS (the “Final Rule”) that expand broker-dealers’ disclosure obligations with regard to how they handle investors’ orders. Specifically, the Final Rule requires broker-dealers, beginning May 20, 2019, (i) to provide, upon request, individualized reports in a
Continue Reading SEC Adopts Enhanced Order Handling Disclosure Requirements

Thursday, October 12, 2017
2:30 pm – 3:30 pm ET

As U.S. investors have been looking for ways to invest in digital currencies, fund managers have started to grapple with how to fit this new asset class into older, ill-fitting structures and rules.

Join us for a discussion on industry
Continue Reading Webcast: Bitcoin, Ether, and ICOs: Digital Currency Issues for Fund Managers

In a much-anticipated action, on July 25 the SEC issued a Section 21(a) report of its investigation into an offering of digital tokens by “The DAO,” an unincorporated virtual organization. Though declining to take enforcement action against The DAO, the SEC used the opportunity to warn others engaged in similar
Continue Reading SEC Confirms That Some Initial Coin Offerings Are Illegal Unregistered Securities Offerings