News & Analysis as of

Investment Advisers Act of 1940

ALERT: SEC Issues Risk Alert on Top Five Problem Areas in Investment Advisor Examinations

by Pullman & Comley, LLC on

For investment adviser firms, an audit by the Securities and Exchange Commission or state regulators can be cause for anxiety. Regardless of how carefully a firm’s chief compliance officer adheres to regulations, deficiencies...more

Financial Services Weekly News - May 2017 #2

by Goodwin on

Editor's Note - In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more

Real Estate Fund Advisers And Penumbra Registration

by Allen Matkins on

Last August, the Securities and Exchange Commission adopted amendments to Form ADV, the form used by investment advisers to register with the SEC and with the states. Included in these amendments were changes to allow...more

More On Real Estate Funds And The Investment Advisers Act

by Allen Matkins on

In a previous post, I began to delve into the question of what is a “real estate fund”. See SEC Staff Reports On “Real Estate Funds”, But What Exactly Are They? As noted in that post, a “real estate fund” as defined in Form...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 Issues Update for Advisers Relying on the Unibanco No-Action Letters

Recently, the staff (Staff) of the US Securities and Exchange Commission's (SEC) Division of Investment Management issued an information update (the "Information Update") for investment advisers registered under the...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

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

SEC Registered Investment Advisers—A Review of 2016 and a Look at What’s Ahead for 2017

by Robinson & Cole LLP on

As we near the seventh anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), private equity and hedge fund advisers are subject to an ever-increasing degree of supervision...more

SEC Staff Issues Guidance Update and Investor Bulletin on “Robo-Advisers”

by Dechert LLP on

The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC) published a Guidance Update (Guidance) on February 23, 2017, on the subject of automated investment advisers...more

SEC Weighs In on Robo-Advisers: Disclosure, Suitability, and Compliance Obligations

by Morgan Lewis on

The SEC’s Guidance recognizes that robo-advisers are fiduciaries, and provides suggestions on how they can meet the substantive requirements of the Investment Advisers Act of 1940. ...more

FINRA Requests Comment on Proposed Amendments to Rules Governing Communications with the Public

by K&L Gates LLP on

Introduction - On February 10, 2017, the Financial Industry Regulatory Authority, Inc. (“FINRA”) requested comments on proposed amendments to Rule 2210 (Communications with the Public) to allow performance projections in...more

Questions & Answers on State and Local Variations on the SEC Pay-to-Play Rule

by K&L Gates LLP on

Many states and municipalities have adopted laws and regulations that affect how investment managers may solicit investment advisory business, including investment in sponsored public and private funds, from the state...more

The Top Five "Gotcha" Deficiencies Plaguing Asset Managers and How to Avoid Them

by Sullivan & Worcester on

Let’s start with this caveat: as we all know, under the still-new Trump Administration, priorities may and are likely to change. Now that we got that off our chest, it is nevertheless not the time to sit back and wait. The...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

SEC Staff Issues Guidance Update and Investor Bulletin on Robo-Advisers

On February 23, 2017, the Securities and Exchange Commission (“SEC“) published information and guidance for investors and the financial services industry on the use of robo-advisers, described by the Staff as “registered...more

SEC's Division of Investment Management issues guidance for "robo-advisers" – key takeaways

by DLA Piper on

The Staff of the SEC's Division of Investment Management (IM), in conjunction with the Office of Compliance Inspections and Examinations (OCIE), has issued its second Guidance Update of 2017. [1] This Guidance focuses on...more

Personal Advice for Robo-Advisers: Beef Up Disclosure and Compliance

by Morrison & Foerster LLP on

Robo-advisers, those automated bots that offer up personalized investment advice with little, if any, human contact, face increased regulatory scrutiny as they grow more popular. After monitoring and engaging them for...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

FinCEN is extending its campaign to press title insurance companies to reveal the real buyers behind shell companies that pay cash for high-end real estate deals in select cities around the country....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

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

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

by BakerHostetler on

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

SEC Office of Compliance Inspections and Examinations Issues Risk Alert on Multi-Branch Adviser Initiative

by Dechert LLP on

Investment advisers registered with the U.S. Securities and Exchange Commission (SEC) may use a variety of business and organizational models, which may include structures with one or more branch offices. In announcing its...more

SEC Releases 16 New FAQs on Form PF

by Proskauer Rose LLP on

On January 18, 2017, the SEC released 16 new FAQs relating to Form PF. Of these 16, 3 relate to general filing information and the remaining 13 are specific to particular sections of Form PF. As a reminder, Rule 204(b)-1...more

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