Investment Adviser Securities & Exchange Commission

News & Analysis as of

SEC Approves FINRA Rules Addressing “Pay-to-Play” Practices

The Securities and Exchange Commission (the “SEC”) recently approved the Financial Industry Regulatory Authority, Inc. (“FINRA”) proposal to adopt FINRA Rules 2030 and 4580, which set forth pay-to-play restrictions, and...more

SEC's Focus on Private Equity Firms Continues with Recent Action

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

The Municipal Advisor Regulatory Framework - Where We Are and Where to Next

On September 19, 2016, the Municipal Securities Rulemaking Board ("MSRB") advised Congress that it had "just concluded development of a core regulatory framework for municipal advisors." This by no means signals a significant...more

SEC Charges Adviser With Improper Valuation

Sometimes it can be difficult to do the right thing. For example, in the SEC’s latest case involving an investment adviser, a valuation error was discovered. A correction was made. The investors were compensated. The adviser,...more

Your Daily Dose of Financial News

For a start-up looking to unseat Bloomberg as the go-to insider source for financial news [other than this blog, of course], there’s a surefire way to gain some instant credibility: hire one of Bloomberg’s former top execs,...more

Regulatory Update and Recent SEC Enforcement Actions

On June 2, 2016, the SEC announced that it hired Christopher R. Hetner, a cybersecurity expert, as the Senior Adviser to the Chair for Cybersecurity Policy. The hire is indicative of the SEC’s focus on cybersecurity measures...more

SEC Adopts Rules for Reporting Separately Managed Accounts on Form ADV and Revised Recordkeeping Rules

Amendments to Form ADV - Information Regarding Separately Managed Accounts - The SEC’s final amendments to Part 1A of Form ADV include items intended to collect more information about each adviser’s SMAs. The...more

This Week In Securities Litigation

The Commission announced the filing of a record number of enforcement actions for the last fiscal year. The enforcement statistics highlight areas of concentration such as insider trading, investment advisers and private...more

SEC FY 2016: A Record Year for Enforcement Cases Against Funds and Advisers

On October 11, 2016, the Securities and Exchange Commission announced that it prosecuted a record number of enforcement cases against investment advisers and investment companies in the fiscal year ended September 30, 2016....more

SEC Announces Record Number of Investment Adviser Cases for FY 2016

The Securities and Exchange Commission today announced its enforcement results for fiscal year 2016, reaching new highs in the number of actions filed and money ordered forfeited through disgorgement and penalties. The SEC...more

SEC Proposes New BCP Rule and Issues Guidance

On June 28, 2016, the Securities and Exchange Commission (the “SEC”) released a proposed rule (the “Proposed Rule”) that would require registered investment advisers (“RIAs”) to adopt written business continuity and...more

Choosing an Investment Adviser for a Special Needs Trust

Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the...more

6th Circuit Orders Pay-to-Play Challenge to Merits Panel

The Sixth Circuit this week declined the SEC’s request to dismiss a Constitutional challenge to the new MSRB pay-to-play rules.  Instead, the Court ordered the case to a merits panel for consideration.  The Republican parties...more

The Evolution of Advice: Digital Investment Advisers as Fiduciaries

The landscape for investment advice is shifting, and an innovative model has emerged that combines technology and investment expertise to deliver high-quality advice at a lower cost than traditional investment advisory...more

Pay-To-Play Meets The California Labor Code

In 2010, the Securities and Exchange Commission adopted a rule (17 CFR § 206-4(5)) prohibiting an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or...more

The Federal Securities Pay-to-Play Regulatory Framework is Complete - A Primer for Financial Services Firms

On September 20, 2016, the Securities and Exchange Commission ("SEC") issued two orders effectively completing the federal pay-to-play regulatory framework for investment advisers, municipal advisors, underwriters of...more

SEC Amendments to Form ADV and Advisers Act Rules Change Investment Adviser Reporting Requirements

Proposals made by the Securities and Exchange Commission (SEC) in 2015 to amend Form ADV and certain rules under the Investment Advisers Act of 1940 (Advisers Act) (SEC Proposes Significant Reporting Requirement Amendments to...more

First Ever SEC Fintech Forum

On September 27th, 2016, the SEC announced it will host a public forum to discuss financial technology (Fintech) innovation in the financial services industry. The press release notes that the forum is designed to foster...more

SEC Adopts Changes Impacting Private Fund Advisers

The SEC’s recently-adopted changes to Form ADV and Rule 204-2 of the Investment Advisers Act of 1940, as amended (the so-called “books and records rule”), raise important considerations for many private fund advisers –...more

Why is Anyone Surprised with the SEC Examining Firms with Previously Disciplined Advisors?

On Monday, September 12, 2016, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced that a “Supervision Initiative” will take place across the country. OCIE staff will conduct focused RIA...more

SEC Charges Hedge Fund Executive Cooperman with Insider Trading

Later this year the Supreme Court is expected to hand down what may well be the most significant insider trading case in years when U.S. v. Salman, No. 15-628 (S.Ct.) is decided. The decision has the potential to end the...more

SEC's New Rule Requires Additional Disclosures on Form ADV

On August 25, 2016, the SEC adopted Release No. IA-4509 (the “New Rule” or the “amendments”) that amends Form ADV to increase the amount of information that registered investment advisors (“Advisors”) must disclose to the...more

Funds and Investment Advisers: Changes Coming in AML Compliance

Anti-money laundering (AML) regulation has continued to evolve since it was introduced in 1970 under the broad regulatory scheme commonly known as the Bank Secrecy Act. While funds and investment advisers have not been...more

SEC Adopts Changes to Form ADV and Books and Records Rules

On August 25, the Securities and Exchange Commission (the SEC) adopted amendments to Form ADV Part 1 that will require SEC-registered investment advisers to provide a significant amount of new information. The SEC adopted...more

SEC Approves FINRA Pay-to-Play Rules

Placement agents to private funds who seek investments by state and local pension plans must comply with restrictions on political contributions and related activities. On August 25, 2016, the Securities Exchange...more

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