Investment Management Legal + Regulatory Update -- April 2014

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In This Issue:

- Regulatory Updates:

..NEP Announces Never-Before-Examined Initiative; Examination Priorities for 2014; Division of Investment Management Lists 2013 Accomplishments; Sets 2014 Agenda; Money Market Fund Reform Inches Forward; FinCen Issues Guidelines for Marijuana-Related Businesses; Staff Roadmap for Alternative Investment Due Diligence Processes; NFA Requests Comments on Need for CPO/CTA Capital Requirements; Cybersecurity in the Regulatory Cross-hairs; Five Senators Slam OFR Asset Management and Financial Stability Report; SEC Staff Urges Bond Fund Advisers to Reassess Risk Management in Light of Market Volatility; Retirement Funds Rollovers: FINRA Ends 2013 by Identifying Its First 2014 Priority; SEC Intensifies Scrutiny of Fee-Based Accounts and Reverse Churning;

- Enforcement + Litigation:

..The SEC Speaks: Reflections and Enforcement Initiatives in 2013; SEC Sanctions Adviser for Failing to Inform ERISA Clients of Improper Investment Allocation; CFTC Again Charges Civil Perjury – This Time for Statements Made in an Off-the-Record Interview; FINRA Continues to Focus on Suitability of Complex, Non-Traditional ETFs; Adviser Violated Advisers Act by Charging Performance Fees to Non-Qualified Clients; FINRA Continues Its Crackdown on Companies That Fail to Respond to Red Flags; SEC Sanctions Non-U.S. Firm for Failing to Register as Broker-Dealer/Adviser

- Department of Corrections:

..SEC Correction: Reinstating an Exception to an Exception to an Exception

-Tidbits

- Excerpt from NEP Announces Never-Before-Examined Initiative:

On February 20, 2014, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced that its National Exam Program (NEP) launched an initiative to “engage with” investment advisers that have never been examined by the SEC. NEP excluded from the initiative advisers to private funds that registered after the implementation of the Dodd-Frank Act and that are subject to the NEP’s presence exam initiative.

Please see full issue below for more information.

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Topics:  Cybersecurity, Financial Regulatory Reform, FinCEN, FINRA, Marijuana, Money Market Funds, NEP, NFA, Retirement Plan, SEC

Published In: Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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