Last month, the Securities and Exchange Commission (“SEC”) issued a two-part release (the “Release”) that, as described below, could impact investment managers – including loan managers.. The first part proposes an interpretation (the “Proposed Interpretation”) regarding the standard of conduct the SEC expects from investment advisers. The Proposed Interpretation purports to reflect the SEC’s current views of the standards of behavior that apply to investment advisers. However, some elements, according to Cleary Gottlieb, appear to “reflect a higher standard of conduct than is currently required under federal law.”
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.