Jay G. Baris

Jay G. Baris

Morrison & Foerster LLP

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SEC Sanctions Adviser, Executives and CCO for Custody Rule Violation – Again

On November 19, 2015, the SEC sanctioned a registered investment adviser, its two owners, and a former chief compliance officer for violating the Advisers Act “custody rule” after previously settling similar charges and...more

11/23/2015 - Chief Compliance Officers Custody Rule Pooled Investment Vehicles Registered Investment Advisors SEC

SEC Agenda for 2016: Tighten Rules on Leverage for Funds; Stress Testing and Third-Party Compliance Reviews for Advisers

In testimony before the House Committee on Financial Services on November 18, 2015, SEC Chair Mary Jo White described what the SEC has in store for the investment management industry....more

11/19/2015 - Compliance Derivatives Investment Management Mary Jo White Registered Investment Advisors SEC

Investment Management Legal + Regulatory Update - November 2015

Regulation - OCIE Cautions Advisers on Outsourcing Compliance Activities: In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced...more

11/18/2015 - AIFMD Anti-Money Laundering CFTC Compliance Cybersecurity Enforcement Actions FINRA Investment Management Investor Protection OCIE Outsourcing SEC Swap Dealers Swing Pricing Volcker Rule

SEC Sanctions Adviser for Misstatements in Advertisements, Client Presentations and Regulatory Filings

The SEC found that a registered investment adviser that operates as a “manager of managers” misstated a sub-adviser’s investment performance in communications with its clients, potential clients and the SEC. According to the...more

11/18/2015 - Compliance Material Misstatements Registered Investment Advisors Sanctions SEC Third-Party Service Provider

OCIE Cautions Advisers About Outsourcing Compliance Activities

In a Risk Alert dated November 9, 2015, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said it found that outsourced compliance programs are generally effective, but some of these arrangements leave room...more

11/11/2015 - Chief Compliance Officers Compliance OCIE Outsourcing Risk Alert SEC

SEC Sanctions Broker-Dealer and Affiliated Asset Manager for Breaching Information Barriers for Exchange-Traded Products

On October 8, 2015, the Securities and Exchange Commission charged an investment adviser and a broker dealer for failing to maintain and enforce polices to prevent misuse of material non-public information. Without admitting...more

10/22/2015 - Broker-Dealer Disgorgement Enforcement Actions ETNs Information Sharing Insider Trading Investment Adviser Material Nonpublic Information Neither Admit Nor Deny Settlements Penalties Sanctions SEC

SEC Report: Private Fund Assets Grew by 25 Percent over Past Two Years; Private Fund Leverage Revealed

The SEC’s “Private Funds Statistics” report, published October 16, 2016, reveals that the number of private funds and private fund assets has grown significantly over the past two years. The data show that private funds, as a...more

10/21/2015 - Beneficial Owner Derivatives Division of Investment Management Form ADV Form PF Hedge Funds High Frequency Trading Liquidity Private Equity Funds Private Funds Real Estate Investments Registered Investment Advisors SEC Securitization Market Statistical Analysis

SEC Proposes Rules to Require Funds to Adopt Liquidity Risk Management Programs; Allow “Swing Pricing”

At an open meeting on September 22, 2015, the SEC proposed new rules and amendments to existing rules to require open-end investment companies to adopt comprehensive liquidity risk management programs. The rules would also...more

9/23/2015 - Amended Regulation Comment Period Disclosure Requirements Investment Companies Investment Portfolios Liquidity Risk Management Rule Mutual Funds NAV Pricing Proposed Regulation Reporting Requirements Risk Assessment SEC Shareholders

SEC Expected to Propose Liquidity Risk Management Programs for Funds

The Securities and Exchange Commission announced that it will consider proposals for liquidity risk management programs and related disclosures for open-end management investment companies. The Commission will consider the...more

9/17/2015 - Amended Regulation Banking Sector Derivatives Disclosure Requirements ETFs Financial Institutions Forms FSOC Investment Companies Liquidity Risk Management Rule Mutual Funds New Regulations Public Meetings Risk Management SEC Stress Tests Sunshine Act

Investment Management Legal + Regulatory Update - July 2015

The 2016 compliance dates for new rules included in the SEC’s money market fund reforms are fast approaching. Among other things, the reforms include changes to stress-testing requirements, disclosure requirements, net asset...more

7/29/2015 - Disclosure Requirements Liquidity Money Market Funds NAV Regulatory Agenda SEC Stress Tests

Conflicts of Interest: When You're Having Too Much Fun at That Business Lunch

How should fund directors monitor gifts and entertainment received by investment adviser personnel? This question moved to the forefront in February, when the Securities and Exchange Commission’s Division of Investment...more

7/28/2015 - Board of Directors Broker-Dealer Chief Compliance Officers Compliance Conflicts of Interest Directors Division of Investment Management Gifts Investment Adviser Investment Advisers Act of 1940 Investment Companies Policies and Procedures SEC

Volcker Rule: Federal Agencies Issue New Guidance Regarding the Seeding Period Treatment for Registered Investment Companies...

Under guidance issued on July 16, 2015 by the federal agencies responsible for implementing the Volcker Rule (the “Agencies”) RICs and FPFs need not be treated as banking entities during a seeding period of up to three...more

7/22/2015 - Business Development Companies Covered Banking Entity Federal Reserve Final Rules RICs SEC Seed Financing Volcker Rule

SEC Commissioner: Don’t Hold CCOs Accountable for Misdeeds of Advisers

SEC Commissioner Daniel Gallagher, in a speech on June 25, 2015, said that a perceived trend by the SEC toward “strict liability” for chief compliance officers (CCOs) is “sending a troubling message.” The statement...more

7/2/2015 - Chief Compliance Officers Enforcement Actions Investment Adviser Investment Management SEC Strict Liability

OCIE Launches Sweep Examination of BD/IA Retirement Investments

The SEC’s Office of Compliance Inspections and Examinations (OCIE) is launching a sweep examination that will target the retirement-based savings activities of broker-dealers and investment advisers. The multi-year...more

6/27/2015 - Broker-Dealer Industry Examinations Investment Adviser OCIE Retirement Plan SEC Strategic Enforcement Plan

SEC Sanctions Independent Trustees for Deficient Advisory Contract Review

In a cease-and-desist order entered on June 17, 2015, the SEC found that a fund adviser, two independent trustees, and an inside trustee willfully violated Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”)...more

6/22/2015 - Investment Adviser Investment Advisory Agreements Investment Company Act of 1940 SEC Trustees

The Guide to Social Media and the Securities Laws

The growing use of social media has created challenges for federal securities regulators, who must enforce antifraud rules that were written at a time when the prevailing technology was the newspaper. This Guide...more

6/17/2015 - Broker-Dealer Capital Raising Crowdfunding FINRA Investment Adviser Investment Companies Material Misstatements Non-GAAP Financial Measures Non-Public Information OCIE Private Offerings Proxy Solicitations Public Offerings Regulation FD SEC Securities Regulation Social Media Testimonial Statements Websites

SEC Proposes Heightened Data and Reporting Rules for Funds and Advisers, Ponders New Rules on Derivatives and Leverage

At an open meeting of the Securities and Exchange Commission today, Chair Mary Jo White announced to enhance SEC reporting by investment companies and investment advisers. Data collection. The SEC proposed rules that...more

6/3/2015 - Data Collection Derivatives ETFs Investment Adviser Investment Funds Reporting Requirements SEC

OCIE Targets Never-Before-Examined Investment Companies for Compliance Exams

The SEC’s Office of Compliance Inspections and Examinations in a Risk Alert dated April 20, 2015, announced a program targeting investment companies that have never been examined for focused, risk-based compliance...more

4/23/2015 - Industry Examinations Investment Funds OCIE Risk Alert SEC

No-Action Relief Granted for Three-Tier Fund Structure

The SEC’s Division of Investment Management on April 3, 2015, said that it will not recommend enforcement proceedings against an investment adviser that structures a three-tier fund allowing certain funds to invest in a...more

4/20/2015 - Fund of Funds Investment Adviser Investment Funds No-Action Relief SEC

SEC Division of Investment Management Cautions Advisers on Acceptance of Gifts and Entertainment

Fund compliance policies and procedures should address the receipt of gifts or entertainment by fund advisory personnel, according to guidance published by the SEC’s Division of Investment Management....more

4/20/2015 - Chief Compliance Officers Conditional Gifts Investment Adviser Investment Company Act of 1940 New Guidance Policies and Procedures SEC

Coming Soon: Regulations for Uniform Fiduciary Standard

In testimony before the House Committee on Financial Services on March 24, 2015, SEC Chair Mary Jo White said that she supports a uniform fiduciary standard of conduct for broker-dealers and investment advisers that provide...more

3/27/2015 - Asset Management Broker-Dealer Dodd-Frank Fiduciary Duty Investment Adviser Mary Jo White Proposed Standards SEC

Investment Management Legal + Regulatory Update - February 2015

In This Issue: - SEC Proposes Rule Requiring Hedging Disclosure - SEC Reports the Result of its Cybersecurity Sweep of Broker-Dealers and Investment Advisers - House Passes Bill to Ease Volcker Rule and Other...more

2/27/2015 - Background Checks Broker-Dealer CFTC Compliance Cybersecurity Data Protection Dodd-Frank Enforcement Enforcement Actions Equity Swaps FINRA Hedging Investment Adviser Investment Management OCIE SEC

SEC Charges Alt Fund Adviser with Custody Violations

The Securities and Exchange Commission on February 12, 2015, entered findings against an investment adviser to several alternative mutual funds for maintaining $247 million in cash collateral at broker-dealer counterparties...more

2/18/2015 - Alternative Investment Funds Broker-Dealer Custody Rule Enforcement Actions Investment Adviser SEC

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