Cheri Hoff

Cheri Hoff

Bracewell LLP

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New York DFS Announces New Proposed Cybersecurity Regulations

On September 13, 2016, the New York State Department of Financial Services (“DFS”) released proposed cybersecurity regulations for financial institutions.1 When the regulations become effective, they will make New York the...more

9/28/2016 - Banks Covered Entities Cybersecurity Department of Financial Services Financial Institutions Insurance Industry Mortgage Lenders Proposed Regulation

SEC's New Rule Requires Additional Disclosures on Form ADV

On August 25, 2016, the SEC adopted Release No. IA-4509 (the “New Rule” or the “amendments”) that amends Form ADV to increase the amount of information that registered investment advisors (“Advisors”) must disclose to the...more

9/21/2016 - Disclosure Requirements Filing Requirements Form ADV Investment Adviser Reporting Requirements SEC SMAs Social Media Account Ownership

Advisory Firms Fined for Disseminating Misleading Performance Claims Made by Another Firm

On August 25, the U.S. Securities and Exchange Commission announced fines against 13 investment advisory firms for distributing false claims originally made by F-Squared Investments. In a prior SEC enforcement case, F-Squared...more

9/16/2016 - Enforcement Actions Investment Adviser Investors SEC

Proposed Rule Relates to Investment Advisers' Business Continuity and Transition Plans

The Securities and Exchange Commission (“SEC”) recently proposed Rule 206(4)-41 under the Investment Advisers Act of 1940 (“Advisers Act”), which would require registered investment advisers (“firms” or “Advisors”) to adopt...more

7/21/2016 - Business Continuity Plans Duty of Care Duty of Loyalty Guidance Update Investment Adviser Proposed Rules SEC

SEC Issues Report on Increasing Use of Outsourced Chief Compliance Officers

In November 2015, the Securities and Exchange Commission (SEC) released its Outsourced CCO Initiative Report. The report addressed the increased trend of outsourcing compliance activities to third-party consultants within the...more

11/25/2015 - Chief Compliance Officers Investment Adviser Investment Advisers Act of 1940 Investment Company Act of 1940 Outsourcing SEC

SEC Announces First Cybersecurity Enforcement Action Against an Investment Adviser for Failure to Protect Client Data

On September 22, 2015, the Securities and Exchange Commission (SEC) announced its first cybersecurity-related enforcement action against an investment adviser for failure to protect customer records and information. According...more

10/1/2015 - Cybersecurity Enforcement Actions Investment Adviser Personally Identifiable Information Privacy Policy Registered Investment Advisors SEC Settlement

SEC Issues New Guidance on Cybersecurity for Investment Companies and Investment Advisors

On April 28, 2015, the SEC's Division of Investment Management released a Guidance Update providing cybersecurity guidance for investment companies and investment advisors (firms). The SEC has prioritized cybersecurity as a...more

6/2/2015 - Client Data Confidential Information Cybersecurity Investment Adviser Investment Companies New Guidance OCIE Popular SEC

SEC Proposes Changes to Various Reporting Requirements for Investment Advisers

On May 20, 2015, the Securities and Exchange Commission (SEC) unanimously approved a proposal of additional amendments to the Investment Advisers Act of 1940 (Advisers Act)1: specifically, three changes to Form ADV 1A, and...more

6/1/2015 - Disclosure Requirements Form ADV Investment Advisers Act of 1940 Reporting Requirements Rule 204-2 SEC SMAs

Lincolnshire Pays $2.3 Million to Settle SEC Charges of Misallocation of Portfolio Company Expenses

On September 22, 2014, New York-based private equity firm Lincolnshire Management, Inc. (Lincolnshire) agreed to pay $2.3 million to settle Securities and Exchange Commission (SEC) allegations that Lincolnshire misallocated...more

10/3/2014 - Disgorgement Enforcement Actions Investment Advisers Act of 1940 Misallocation of Funds Prejudgment Interest Private Equity Funds SEC

SEC Continues Crackdown on Investment Advisers

The Securities and Exchange Commission (SEC) is continuing to pursue enforcement actions that focus on the accuracy and comprehensiveness of economic benefit disclosures – both to clients and in public filings. ...more

9/5/2014 - Conflicts of Interest Disclosure Enforcement Actions Investment Adviser SEC

Private Equity Fund Charged by SEC with Violation of the Pay-to-Play Rules for Investment Advisors

The Securities and Exchange Commission ("SEC") recently announced that it had charged TL Ventures, a Philadelphia-area private equity firm (the "Firm") with the first ever case involving a violation of the "pay-to-play...more

8/8/2014 - Investment Adviser Pay-To-Play Pensions Private Equity Private Equity Funds Retirement Retirement Plan SEC

SEC's Findings and Observations on OCIE's Presence Exam Initiative

During his speech on May 6, 2014, Andrew J. Bowden, the Director of the Office of Compliance, Inspections, and Examinations (OCIE) of the Securities and Exchange Commission (SEC) provided an overview and initial observations...more

5/26/2014 - Compliance Disclosure Hidden Fees Investor Protection Limited Partnerships Marketing OCIE Private Equity SEC Valuation

SEC Establishes Cybersecurity Initiative for Broker-Dealers and Investment Advisers

On April 15, 2014, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released a National Exam Priority Risk Alert announcing its initiative to evaluate cybersecurity...more

5/26/2014 - Broker-Dealer Compliance Cybersecurity Investment Adviser NEP OCIE Risk Alert SEC

SEC Lifts Ban on General Solicitation

On July 10, 2013, the Securities and Exchange Commission (SEC), in a 4-1 vote, adopted a rule lifting the ban on "general solicitation" and advertising in Rule 506 offerings. The ban has historically barred issuers from...more

7/19/2013 - Advertising Dodd-Frank Fundraisers General Solicitation JOBS Act Marketing Regulation D Rule 144A Rule 506 Offerings Sales SEC

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