News & Analysis as of

Custody Rule

SEC Sanctions Adviser For Failing To Follow Its Procedures

by Dorsey & Whitney LLP on

It is axiomatic that investment advisers are required to the follow dictates of firm operating documents, internal procedures and disclosed policies and procedures. OCIE, when conducting inspections, focuses on such issues....more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission took the relatively unusual step of issuing an Exchange Act Section 21(a) report of an investigation last week. The report addressed the question of whether tokens issued by a firm using blockchain technology...more

ASIC seeks better compliance with asset holding requirements in funds management and custodial services

by Dentons on

On 22 June, following an industry review of custody of assets, ASIC released a report of its findings which indicated that custody of assets is and will remain its focus going forward and that it will continue to engage with...more

Court Awards Plaintiff Costs and Fees in Class-Action Against Angie’s List

by Zapproved LLC on

In Williams v. Angie’s List, Inc., No. 1:16-cv-00878-WTL-MJD (S.D. Ind. Apr. 10, 2017), the court finds that information ‘possessed’ by a party is subject to e-discovery. In this class-action employment case, the court...more

Blockchain and the Law - Overview of token sales and bitcoin property rights

by Perkins Coie on

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

SEC Staff Issues No-Action Relief on the Use of Standing Letters of Instruction and Related Guidance for Investment Advisers

by Dechert LLP on

The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC) released three related matters of guidance on February 21, 2017, which provide additional clarity to...more

Investment Advisers Should Take Note of SEC Updates on Custody Rule

by Pepper Hamilton LLP on

The Securities and Exchange Commission (SEC) recently released additional interpretations of the Custody Rule, Rule 206(4)-2 under the Investment Advisers Act of 1940. Registered investment advisers that have custody of...more

SEC Files 13 Touting Actions Charging 27 Persons

by Dorsey & Whitney LLP on

The SEC packaged a group of similar actions, apparently to send a message as it has done in the past. For example, previously the agency packaged a group of custody rule cases together into one announcement, making a point...more

The Adviser: A Quarterly Update for Private Funds

by Bryan Cave on

This Newsletter discusses recent key guidance releases, regulatory changes, noteworthy news and certain upcoming compliance deadlines. ...more

SEC Issues Custody Rule Guidance

In February, the Securities and Exchange Commission (SEC) issued two significant pieces of guidance on arrangements that may result in an investment adviser having “custody” of its client assets as that term is defined in...more

Separately Managed Accounts – SEC Provides Guidance on “Inadvertent” Custody and Reliance on Standing Letters of Authorization

by Ropes & Gray LLP on

The SEC’s Division of Investment Management recently published a three-page Guidance Update, Inadvertent Custody: Advisory Contract Versus Custodial Contract Authority (the “Guidance”). The purpose of the Guidance is to...more

Funds Talk: April 2017

SEC Offers Guidance on ‘Fast-Growing Trend’ of Robo-Advisers - As technology and robo-advisers become increasingly common options for asset managers and investors alike, the SEC is taking a closer look at some of the...more

SEC Issues New Sources of Custody Rule Guidance

by Proskauer Rose LLP on

On February 21, 2017, the SEC's Division of Investment Management provided additional guidance with respect to Rule 206(4)-2 under the Investment Advisers Act of 1940, as amended (the Custody Rule). The guidance addressed the...more

The Financial Report, Volume 6, Number 5

by DLA Piper on

Discussion and Analysis Last week, the SEC’s Office of the Investor Advocate announced that it will host an “Evidence Summit” to discuss strategies for raising retail investors’ understanding of critical investment...more

Financial Services Weekly News - March 2017 #2

by Goodwin on

Editor's Note - Marching On. Notwithstanding the industry’s watch of the Senate’s confirmation of new leadership for the Department of Labor (DOL) and the Securities and Exchange Commission (SEC), the DOL proposed a delay...more

Registered Investment Advisers Take Note: New SEC Custody Rule Guidance

Registered investment advisers should take note of recent pronouncements by the staff of the SEC's Division of Investment Management (the "Division") regarding Rule 206(4)-2 (the "Custody Rule") of the Investment Advisers Act...more

SEC Staff Identifies Several Paths to “Inadvertent Custody” Under the Advisers Act Custody Rule

by K&L Gates LLP on

Last week, the staff of the Securities and Exchange Commission (“SEC”) clarified its views on certain arrangements that can result in investment advisers having “custody” of client assets, as defined in rule 206(4)-2 (the...more

Funds Talk: March 2017

OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers - On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more

2016 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

by Morgan Lewis on

Executive Summary - The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and...more

SEC Grants Limited Relief from the Custody Rule for Advisers Relying on Clients’ Standing Letters of Instruction

In a letter to the Investment Adviser Association (IAA), the Staff of the Division of Investment Management said that investment advisers acting pursuant to a standing letter of instruction or other similar asset transfer...more

SEC Staff Provide New Custody Rule Guidance

by Locke Lord LLP on

On February 21, 2017 the Securities and Exchange Commission (the SEC) released new guidance concerning when a registered investment adviser is deemed to have “custody” for purposes of Adviser’s Act Rule 206(4) (the Custody...more

US SEC Publishes Risk Alert on Top Five Investment Adviser Compliance Issues Found During Inspections

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert on February 7, 2017 (Risk Alert), highlighting the “five compliance...more

OCIE to Investment Advisers: Focus on These Five Problem Areas

by Goodwin on

Only one month after releasing its exam priorities for this year, on February 7, 2017, the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert describing...more

OCIE Identifies Top Five Adviser Compliance Issues

In a new Risk Alert, OCIE’s National Exam Program provided investment advisers with insight into the five compliance topics most frequently identified in its exam deficiency letters. Registered investment advisers should...more

OCIE Issues Alert on the Five Most Frequent Compliance Topics Identified in Examinations of Investment Advisers

The SEC’s Office of Compliance Inspections and Examinations, or OCIE, has published a list of the five compliance topics most frequently identified in deficiency letters that are sent to SEC-registered investment advisers....more

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