On March 30, 2022, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (the “Division”) released its 2022 examination priorities. The Division announced an enhanced focus on five “significant areas”:...more
The U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (the “Division”), on March 30, 2022, released its 2022 examination priorities (the “Division’s 2022 priorities”), highlighting the “annual...more
On Friday, April 24, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR) governing the Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). In...more
- The Paycheck Protection Program (PPP), contained within the stimulus package signed by President Trump on March 27, 2020, creates a $349 billion loan facility to help “small” businesses make payroll and pay certain other...more
On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a comprehensive interpretation (the “Interpretation”) of the fiduciary duties that investment advisers owe to their clients under the Investment Advisers...more
6/13/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Duty of Care ,
Duty of Loyalty ,
Enforcement Actions ,
Fiduciary Duty ,
Financial Services Industry ,
Informed Consent ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Retail Investors ,
Securities and Exchange Commission (SEC)
• On December 14, the SEC’s OCIE issued a Risk Alert summarizing the findings of its limited-scope examination initiative relating to electronic messaging.
• Noting a “pervasive use” of electronic messaging by adviser...more
12/18/2018
/ Best Practices ,
Books & Records ,
Bring Your Own Device (BYOD) ,
Cybersecurity ,
Electronic Communications ,
Email Policies ,
Employee Training ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Guidance ,
OCIE ,
Policies and Procedures ,
Recordkeeping Requirements ,
Risk Alert ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
Text Messages
At 11:00 p.m. U.K. time on 29 March 2019 the United Kingdom is expected to leave the European Union (“BREXIT Day”). The below timeline sets out milestones in the lead up to BREXIT Day, and thereafter. Please note that there...more
On April 6, 2018, the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department sanctioned a number of Russian businessmen and companies, as well as Russian government officials and two state-owned entities. The...more
• In an unusual move, the government has decided to pursue a False Claims Act (FCA) suit against a private equity firm based on an alleged commission scheme at its pharmacy portfolio company to promote sales of products...more
3/22/2018
/ Anti-Kickback Statute ,
Civil Monetary Penalty ,
Drug Compounding ,
Due Diligence ,
False Claims Act (FCA) ,
Federal Funding ,
Fraud and Abuse ,
Health Care Providers ,
Healthcare Fraud ,
Investors ,
Medical Reimbursement ,
Patients ,
Pharmaceutical Industry ,
Pharmacies ,
Portfolio Companies ,
Prescription Drugs ,
Private Equity Firms ,
Qui Tam ,
Risk Mitigation ,
Treble Damages ,
TRICARE
On October 7, 2016, the Integrity Vice President (INT) of the World Bank Group (the “Bank”) released its annual report for fiscal year 2016 (the “Report”). In the Report, INT provides insight into the Bank’s efforts to combat...more
If you read one thing. . .
- On January 1, 2016, the Common Reporting Standard (CRS) enters into effect in key investment fund jurisdictions, including the Cayman Islands, Bermuda and the British Virgin Islands.
...more
If you read one thing...
- Proposed Regulation AT sets out minimum pre-trade safeguards and internal policy requirements on all “AT Persons,” which would generally include persons using algorithmic systems for generating...more
Registered investment advisers (RIAs) are required to review their policies and procedures on at least an annual basis. As an aid to the required review and to assist with timely completion of required compliance tasks, below...more
10/20/2015
/ Affiliates ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Secrecy Act ,
Chief Compliance Officers ,
Compliance ,
Conflicts of Interest ,
CPO ,
Cybersecurity ,
Department of Justice (DOJ) ,
Export Controls ,
FATCA ,
FinCEN ,
Foreign Affiliates ,
Foreign Investment ,
General Solicitation ,
Investment Adviser ,
Investment Funds ,
Patriot Act ,
Policies and Procedures ,
Private Funds ,
Proxy Voting Guidelines ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Social Media Policy ,
Whistleblowers
On September 22, 2015, the Commodity Futures Trading Commission (CFTC) proposed certain changes in a supplemental notice of proposed rulemaking (the “Supplemental Notice”) to the position limit aggregation rules and...more
Just one week after the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations issued a new risk alert on cybersecurity, the SEC brought an enforcement action against an investment adviser...more
If you read one thing...
- On September 15th, the SEC OCIE announced in a Risk Alert it will launch a second round of cybersecurity examinations of registered broker-dealers and investment advisers, which will be more...more
9/21/2015
/ Cybersecurity ,
Data Protection ,
Industry Examinations ,
NIST ,
OCIE ,
Risk Alert ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Security and Privacy Controls ,
Training
The European Securities and Markets Authority (ESMA) issued a consultation paper on 23 July 2015 in respect of the proposed guidelines on remuneration (UCITS Remuneration Guidelines) regarding the remuneration principles...more
The Bureau of Economic Analysis of the U.S. Department of Commerce requires all U.S. persons that own or control more than 10 percent of the voting securities (a “Direct Investment”) of a “foreign” business enterprise to...more
On April 28, the Securities and Exchange Commission (SEC) Division of Investment Management (the “Division”) published a Guidance Update setting forth cybersecurity concerns and advice for the registered investment ...more
In a landmark insider trading decision issued on December 10, 2014, the U.S. Court of Appeals for the 2nd Circuit made important pronouncements favorable to the defense on two recurring and important legal issues: (1) what is...more
The staff of the Commodity Futures Trading Commission (CFTC) yesterday changed its position and no longer requires a no-action request for delegation of commodity pool operator (CPO) functions from persons that might...more
Introduction -
Registered investment advisers are required to review their policies and procedures on at least an annual basis. As aid to the required review, below is a summary of material developments during the past...more
10/6/2014
/ Affiliates ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Broken Windows ,
Chief Compliance Officers ,
CPO ,
Cybersecurity ,
Export Controls ,
FATCA ,
Foreign Affiliates ,
Foreign Investment ,
General Solicitation ,
Investment Adviser ,
Policies and Procedures ,
Private Funds ,
Proxy Voting Guidelines ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Social Media Policy
The staff of the Commodity Futures Trading Commission (CFTC) published a no-action letter on September 9, 2014 (available here) that permits certain commodity pool operators (CPOs) to conduct general solicitation in private...more
9/12/2014
/ CFTC ,
CPO ,
Disclosure Requirements ,
Exemptions ,
General Solicitation ,
JOBS Act ,
No-Action Letters ,
Private Offerings ,
Reporting Requirements ,
Rule ,
Rule 144A ,
Rule 506(c) ,
Securities and Exchange Commission (SEC)
The U.S. Department of the Treasury requires U.S. resident issuers (including U.S. resident investment funds) and investment advisers managing foreign investment funds to report foreign residents’ holdings of U.S. securities,...more
On March 12, 2014, the Commodity Futures Trading Commission (CFTC) staff issued the long-awaited guidance letter relating to the delegation of commodity pool operator (CPO) functions from persons that might otherwise be...more