BNY Mellon Securities Corporation, a wholly owned subsidiary of BNYM
Investment Adviser was the Fund's principal underwriter and distributor in connection with the offering.
The guidance clarifies how an
investment adviser's fiduciary duty and Rule 206(4)-6 under the Advisers Act relate to an adviser's proxy voting on behalf of clients, particularly if the
investment adviser retains a proxy advisory firm.
Investment advisers owe each of their clients a duty of care and loyalty with respect to services undertaken on the clients’ behalf, including proxy voting.0x20 Rule 206(4)-6 under the Advisers Act requires an
investment adviser who exercises voting authority with respect to client securities to adopt and implement written policies and procedures that are reasonably designed to ensure that the
investment adviser votes proxies in the best interest of its clients.0x20
Investment professionals whose firms are registered with the SEC or the relevant state securities regulator will often represent themselves as an "
investment adviser." The title suggests that they are a "fee-only" adviser.
US-based
investment adviser Brookfield Asset Management's Public Securities Group has closed the acquisition of US-based
investment adviser Center Coast Capital Advisors, LP's Center Coast Capital Holdings, LLC affiliate, the company said.
The company that acquired Towson-based Everest Wealth Management, which kept its license after former owner Philip Rousseaux lost his
investment adviser registration, was ordered to halt investment advisory operations Friday.
The amendments require
investment advisers to provide additional information regarding Separately Managed Accounts (SMA), additional materials regarding the calculation and distribution of performance information, required identification of any custodians holding 10% or more of the
investment adviser's SMA RAUM, and permit the 'umbrella registration' regime under which private fund advisers operating as a single advisory business may register with the SEC using one Form ADV.
Carolyn McCarthy (D-N.Y.) are co-authors of the
Investment Adviser Oversight Act of 2012.
New York did not provide confirmation that it conducts exams of advisory firms when surveyed by the SEC; Minnesota reported it doesn't conduct exams; and Wyoming doesn't have an
investment adviser law.