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Volume X, Number 338

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Remarks of Dalia Blass, Director of the SEC’s Division of Investment Management, at the SEC Regulation Think-In 2020 Conference

Dalia Blass, Director of the SEC’s Division of Investment Management, provided remarks at the SEC’s Regulation Think-In 2020 Conference that was held online on September 16, 2020. Her remarks focused on international policy, including the Division staff’s collaboration with international organizations and regulators and monitoring of the effects of foreign policy on SEC-regulated entities, particularly in light of the COVID-19 pandemic. As an example, she noted that information on the use of swing pricing by certain European funds as a liquidity risk management tool could help the Division determine the potential benefits of implementing swing pricing in the United States. Ms. Blass discussed recent MiFID II rule amendments in response to COVID-19 pertaining to research on small- and mid-cap European companies and European fixed-income instruments that would permit investment firms to make joint payments for research and execution under certain conditions.

Ms. Blass encouraged asset managers and other industry participants to engage with the Division or their local regulators, citing the benefits of having a wide range of perspectives when the Division staff engages with international regulators. She stated that the Division staff has engaged extensively with asset managers and broker-dealers regarding the impact of regulatory changes on research coverage and quality, and has encouraged those firms to reach out to the staff if their views have changed in light of the no-action letter issued on November 4, 2019 that extended certain temporary relief previously issued to investment managers subject to MiFID II or in light of other developments in market practice. Ms. Blass concluded by renewing the Division’s request for data and other information concerning how MiFID II’s research provisions are affecting various market participants, stating that more hard data allows the Division staff to better assess policy options.

A transcript of Ms. Blass’s remarks is available here.

© 2020 Vedder PriceNational Law Review, Volume X, Number 287
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Legal, Business, John Marten, Investment Attorney, Vedder Price Law FIrm
Shareholder

John S. Marten, a Shareholder in the Chicago office of Vedder Price, has substantial experience representing clients in the investment management industry.

As a member of the firm’s Investment Services group, Mr. Marten counsels clients on a wide variety of matters involving the application of the federal securities laws to investment companies, investment advisers and broker-dealers. He has significant experience counseling investment company clients with respect to new products and was recently involved in the creation of two mutual funds...

(312) 609 7753
Nathaniel Segal, Investment Attorney, Vedder Price Law Firm
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Nathaniel Segal is an Associate at Vedder Price and a member of the Investment Services group. He focuses his practice on investment companies and investment advisers in connection with the organization and operation of investment products and services, including traditional mutual funds, closed-end investment companies (including interval funds and listed closed-end funds), variable insurance products and registered hedge funds, as well as mutual funds utilizing complex hedging and absolute return strategies. Mr. Segal has experience in conducting transactional due...

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Jacob Tiedt, Vedder Price, investment services attorney
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Jacob C. Tiedt is a Shareholder at Vedder Price and a member of the Investment Services group.

Mr. Tiedt’s practice includes the representation of registered mutual funds, closed-end funds and exchange-traded funds; private funds; investment advisers; and other financial institutions on a broad range of regulatory, governance and compliance matters. Mr. Tiedt regularly counsels clients on matters relating to SEC registration, disclosure and compliance; shareholder solicitation; NYSE, Nasdaq and FINRA regulation; corporate governance; and board administration. Mr....

312-609-7697
Mark Quade Investment Attorney Vedder Price Chicago
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Mark Quade is an associate in Vedder Price’s Chicago office and a member of the firm’s Investment Services practice group.

Prior to joining Vedder Price, Mr. Quade served as a 1940 Act attorney and assistant vice president at a mutual fund service provider in Milwaukee, Wisconsin. There, he provided legal support to a registered open-end multiple series trust and its board of trustees, and he also supported proprietary mutual funds. Among other matters, Mr. Quade facilitated investment advisory agreement approval and renewal processes, prepared and reviewed board meeting materials...

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