Investment Adviser Securities & Exchange Commission

News & Analysis as of

Examination Priorities for 2017 from FINRA and OCIE

In these uncertain times, the predictability and regularity of the annual priorities letters from FINRA and the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) is...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 2

Identifying Conflicts of Interest in Structured Products Offerings - With FINRA and other regulators focused on conflicts of interest in the broker-dealer industry, market participants are working diligently to identify...more

SEC Announces Enforcement Action for Failure to Disclose Banker Fee Arrangements

On February 14, 2016, the SEC settled an enforcement action against CVR Energy for providing misleading disclosure about the fees payable to CVR’s two financial advisors in connection with CVR’s defense of a hostile tender...more

Reminder: Certain U.S. Reporting and Compliance Obligations for Investment Advisers and Funds

The U.S. federal securities laws and the rules of U.S. self-regulatory organizations (such as the Financial Industry Regulatory Authority) impose certain reporting and compliance obligations on investment advisers and funds....more

UPDATE: Continued Regulatory Focus on US Political Contributions

Recent actions by financial industry regulators, including the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority, Inc. (“FINRA”), and the Municipal Securities Rulemaking Board (“MSRB”),...more

Your Daily Dose of Financial News

We learned about KraftHeinz’s offer to merge with Unilever only after it had been rejected. And now it appears to be off the table completely—all $143 billion of it....more

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

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

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

Office of Compliance Inspections and Examinations Issues Risk Alert on the Five Most Frequent Compliance Topics Identified in...

On February 7, 2017, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission (OCIE) published a Risk Alert listing of the five compliance topics most frequently identified in deficiency...more

This Week In Securities Litigation

Morgan Stanley settled another case with the Commission this week. This time its brokerage unit resolved an action centered on the improper sales of ETFs, admitting the facts in the Order. ...more

OCIE and FINRA Announce 2017 Examination and Regulatory Priorities

On January 4 and January 12, 2017, respectively, the Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) each...more

Common Compliance Issues for Investment Advisers

On February 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert listing the five most frequent compliance topics identified on investment adviser examinations completed within...more

Financial Services Weekly News - February 2017 #2

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

IA Sanctioned Based On Risk Areas In OCIE Alert

The Commission’s inspection staff – OCIE – issued an Alert about its national inspection program earlier this week, highlighting risk areas for investment advisers. Any adviser facing an inspection would do well to review the...more

Your Daily Dose of Financial News

While Wall Street’s been waiting with bated breath for the big Snap IPO, Jose Cuervo (yes, that Jose Cuervo, via parent company Becle) has briefly stolen a bit of its public offering thunder with its plans to sell shares on...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

Pennsylvania Treasurer Prohibition on Third-Party Placement Agents

The Treasurer of the Commonwealth of Pennsylvania has prohibited investment managers from using third-party placement agents for funds managed on behalf of the Commonwealth of Pennsylvania Treasury Department. The Treasury...more

"Change in Administration Presents Opportunity to Revisit DOL Fiduciary Rule"

In 2016, regulatory developments introduced fundamental changes in the legal standards that govern the relationship of broker-dealers with their customers. Although the changes are not applicable until April 10, 2017, most in...more

Ten Investment Advisory Firms Violate SEC's Pay-to-Play Rule

The Securities and Exchange Commission recently announced that ten investment advisory firms agreed to pay penalties in the tens of thousands of dollars to settle SEC charges that they violated the SEC’s pay-to-play rule,...more

Your Daily Dose of Financial News

Measuring growth according to GDP. It’s how we’ve always done it, but here’s an interesting argument that the transition to an online services-based economy may mean that we’re underestimating growth by as much as 2 percent...more

President Trump Issues Executive Orders Impacting Dodd-Frank Act And DOL Fiduciary Duty Rule

On Friday, February 3, 2017, President Trump signed two Executive Orders impacting the financial services industry. 1. Dodd-Frank Act - President Trump signed an Executive Order designed to review the regulations...more

The Trump Administration: President Trump Issues Executive Actions on Dodd-Frank and the DOL Fiduciary Rule

On February 3, 2017, President Trump signed two executive actions intended to provide a framework for scaling back the Dodd-Frank Act (“Dodd-Frank Act”) and rescinding or revising the Department of Labor’s “fiduciary rule.”...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

Investment Advisers - Annual Compliance Reviews - All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their compliance...more

Funds Talk: February 2017

Private Fund Advisers, Robo-Advisers, ETFs Among SEC, FINRA Exam Priorities for 2017 - As the new year begins, U.S. regulators highlighted the areas – some new and some familiar – which will be the focus of their...more

Investment Management Legal + Regulatory Update – February 2017

REGULATION - DOL Issues Additional Guidance on Fiduciary Rule - On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more

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