News & Analysis as of

SEC Offers Guidance On Use of Social Media Commentary by Investment Advisers

On March 28, 2014, the Securities and Exchange Commission (“SEC”), Division of Investment Management, issued guidance that clarifies when it is permissible for an investment adviser or an investment adviser representative...more

Investment Advisers to Plans May Be Required to Deliver "Disclosure Guide" Under ERISA

On March 12, 2014, the U.S. Department of Labor (the DOL) issued a proposed amendment (the Proposed Amendment) to its final regulations (the Final Regulations) under Section 408(b)(2) of ERISA (commonly referred to as the...more

New Regulatory Guidance on Use of Social Media by Investment Advisers

Acknowledging the growing demand by consumers for information through social media, the Division of Investment Management set some ground rules on how investment advisers can use social media and publish advertisements...more

New Custody Compliance Tasks for California Registered Advisers Effective April 1

The California Commissioner of Business Oversight (“Commissioner”) recently amended California’s custody rule 10 C.C.R. Section 260.237 (the “New Custody Rule”). The New Custody Rule will be effective on April 1, 2014....more

Florida Regulator to Overhaul Securities and Investment Adviser Regulations

Pamela P. Epting, Director of the Division of Securities in the Florida Office of Financial Regulation, has announced a major reorganization and revision of the Division’s administrative rules and invited suggestions for...more

2014 Compliance Checklist for Investment Advisers

For those of you still easing into 2014, we thought that now would be a good time to help you plot out your regulatory and internal compliance schedules for the upcoming calendar year....more

SEC and DOL Reach $21 Million Settlement with Adviser Over Alleged Failure to Disclose and Correct Trading Errors and Improper...

The Securities and Exchange Commission (the “SEC”) and Department of Labor (“DOL”) reached settlements with Western Asset Management (the “Adviser”), a registered investment adviser and subsidiary of Legg Mason Inc., under...more

401(k) Advisors shouldn’t offer investment advice if they don’t know the compliance part of offering advice

The road to hell is paved with good intentions, so the person who does a good deed could end up getting punished. Most financial advisors on a 401(k) plan do many things beyond the scope of what they were hired to do,...more

Mark Your Calendars: Key Compliance Dates for Advisers

It’s hard to believe that January is almost over and 2013 just a blur. With matching speed, many of the compliance milestones that an investment adviser faces are fast approaching, and a compliance calendar with the key...more

SEC 2014 Adviser Examination Priorities Include Continuation of Presence Exams and Initiative Targeting Never-Before Examined...

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced the 2014 examination priorities (the “Announcement”) for its National Examination Program (the “NEP”). The priorities are organized according to...more

SEC Publishes 2014 Examination Priorities for Investment Advisers

On January 9, 2014, the U.S. Securities and Exchange Commission (SEC) published its 2014 examination priorities letter (“SEC Letter”) for its National Examination Program (NEP). The NEP covers all markets and entities...more

SEC Announces Examination Priorities for 2014

On January 9, the SEC announced its examination priorities for 2014, which cover a wide range of issues at financial institutions, including investment advisers and investment companies, broker-dealers, clearing agencies,...more

SEC Announces National Exam Program Priorities

The SEC National Examination Program announced its 2012 examination priorities. Those priorities are selected by senior staff from the National Exam Program’s offices along with senior SEC staff from the various Divisions and...more

A Compilation of Enforcement and Non-Enforcement Actions - December 31, 2013

Investment Advisers — Are Your “IA Reps” Registered as Required? Why You Should Care - As we approach the end of the calendar year, it is a good time for investment advisers to check if all of its personnel who are...more

The Financial Report - Volume 2, No. 22 • December 12, 2013 (Global)

OSC to hold derivatives reporting seminar. The Ontario Securities Commission announced that it will hold a seminar on January 15, 2014, on the reporting requirements under the new Derivatives Trade Repositories and...more

Policy Statement Released Concerning the Custody Rule for Massachusetts-Registered Investment Advisers

In light of custody-related deficiencies identified by the Massachusetts Securities Division in recent examinations of Massachusetts-registered investment advisers, the Division released a Policy Statement on November 14,...more

SEC’s Recent Actions Against Two Investment Advisers Raise Important Lessons for All Investment Advisers

Recently announced cases against two registered investment advisers and certain of their executives serve as timely reminders of where the SEC is focusing its attention. Although the SEC’s actions are based on alleged...more

SAC Pleads Guilty To Five Counts Of Securities Fraud; Agrees To Pay Largest Fine In History for Insider Trading Offenses

SAC Capital Advisors pleaded guilty last Friday to securities fraud claims brought by the U.S. Attorney in Manhattan. If approved, the deal would require SAC to pay a $1.2 billion penalty, including a $900 million criminal...more

SEC Targets Investment Adviser Community

The Enforcement Division of the Securities and Exchange Commission (SEC) and its Office of Compliance Inspections and Examinations (OCIE) are focusing their examination and disciplinary efforts on the investment adviser...more

SEC Charges Manager Of Private Equity Fund With Violation Of The Custody Rule

The SEC has settled an administrative action with the managing member of a fund of private equity funds. In an examination the SEC staff learned that the manager was violating the custody rule (Rule 206(4)-2 under the...more

SEC Announces Compliance Penalties Against Investment Advisory Firms, Executives

On October 23, the SEC announced penalties totaling $400,000 against three investment advisory firms and their executives for allegedly repeatedly ignoring problems with their compliance programs, which the SEC deemed...more

SEC Sanctions Three More Investment Advisers for Compliance Violations

The SEC’s Compliance Program Initiative bore more enforcement fruit. SEC today sanctioned three investment advisory firms for repeatedly ignoring compliance problems. The Initiative targets firms that fail to address...more

SEC Targets Investment Advisers With Previously Identified Exam Deficiencies

The SEC has sanctioned three investment advisory firms for repeatedly ignoring problems with their compliance programs. The enforcement actions arise from the agency’s Compliance Program Initiative, which targets firms...more

Investment Management Legal + Regulatory Update -- October 2013

- Regulatory Updates: CFTC Adopts “Substituted Compliance” Approach for Registered Investment Companies that are Commodity Pools; SEC’s Final Rules on General Solicitation and Bad Actor Disqualification for Investment...more

SEC Enforcement Division to CCOs: We Are in This Together!

Stephen Cohen, the SEC’s Associate Director of Enforcement, tied robust compliance programs to enforcement “credits”. In remarks to compliance and ethics professionals at the annual conference of the Society of...more

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