News & Analysis as of

Investment Advisers Act of 1940

SEC Files Administrative Proceeding Against An Investment Services Firm For Improperly Recommending Higher-Fee Mutual Funds To...

by Shearman & Sterling LLP on

On September 14, 2017, the Securities and Exchange Commission (“SEC”) filed an administrative proceeding against SunTrust Investment Services, Inc. (“STIS”), the investment services subsidiary of SunTrust Banks. STIS...more

SEC Office of Compliance Inspections and Examinations Announces Most Frequent Advertising Rule Compliance Issues for 2017

by Locke Lord LLP on

The Office of Compliance Inspections and Examinations (the “OCIE”) published a Risk Alert on September 14, 2017 discussing the most frequent issues that the OCIE observed during its examinations of investment advisers with...more

OCIE Spots Issues and Alerts Registered Advisers on Most Frequent Advertising Compliance Problems

On September 14, 2017, the National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert outlining registered investment adviser compliance issues relating to Rule...more

SEC Amendments to Form ADV and Recordkeeping Rules Go into Effect on October 1

by Morgan Lewis on

The amended Form ADV, which goes into effect October 1, 2017, will require investment advisers to expand the information they report on Form ADV about separately managed accounts and other important aspects of their advisory...more

Adviser Settles with SEC over Insider Trading Controls for Political Intelligence Firms

On August 21 2017, the SEC announced a settlement under which Deerfield Management Company L.P. (“Deerfield”), a hedge fund adviser, agreed to pay more than $4.6 million. The SEC charged Deerfield with failing to “establish,...more

SEC Charges Chief Compliance Officer for Failure to Verify Information

David I. Osunkwo was a principal at Strategic Consulting Advisors, LLC, or SC Consulting. SC Consulting offered compliance consulting and CCO services to two SEC registered investment adviser firms under common control, Aegis...more

Funds Talk: August 2017 - SEC Settles With Investment Adviser in Connection With a Conflict of Interest in a Client Transaction

On July 6, the Securities and Exchange Commission (SEC) reached a settlement with respondent Paramount Group Real Estate Advisor LLC (Respondent) regarding certain alleged violations of the Investment Advisers Act of 1940, as...more

Investment Adviser Settles SEC Allegations Over Directing Clients To High-Fee Mutual Fund Share Classes

by Shearman & Sterling LLP on

On August 1, 2017, Cadaret, Grant & Co., a Delaware investment adviser and broker-dealer, settled claims brought by the United States Securities and Exchange Commission (“SEC”) that it violated various provisions of the...more

Blockchain and Digital Token Update: SEC Releases Investigative Report and Investor Bulletin

by Perkins Coie on

On July 25, 2017, the Securities and Exchange Commission (“SEC”) released groundbreaking materials relating to blockchain tokens. These materials provide significant and welcome insight to the SEC’s and its staff’s thinking...more

Regulatory Considerations for Artificial Intelligence Programs Providing Advice to Individually Managed Accounts

Artificial intelligence (AI) is expected to revolutionize many areas of modern life, including the investment management industry. AI applications currently are being used to develop management programs for investment funds,...more

Funds Talk: July 2017 - SEC Updates Form ADV FAQs to Offer Guidance on Complying With Recent Rule Changes

The Securities and Exchange Commission’s (SEC) Division of Investment Management recently modified its “Frequently Asked Questions on Form ADV and IARD,” adding several new topics and updating one existing item....more

FINRA Releases New Guidance Regarding Social Media and Digital Communications

by Shearman & Sterling LLP on

On April 25, 2017, the Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 17–18, Social Media and Digital Communications (the “Regulatory Notice”), addressing certain frequently asked questions...more

Does A Political Yard Sign Really Violate Investment Advisers Act?

by Allen Matkins on

“Congress shall make no law . . . abridging the freedom of speech . . . .” Doug Cornelius recently published this post reporting that the SEC staff is taking the position that the pay-to-play rule, Rule 206(4)-5, applies...more

Funds Talk: June 2017 - SEC Proposes Changes to Investment Advisers Act in Response to FAST Act

On May 3, the Securities and Exchange Commission (SEC) released proposed amendments to certain rules under the Investment Advisers Act of 1940 (the Advisers Act) to reflect the impact of the Fixing America’s Surface...more

Family Offices May be Considered Investment Advisers for Purposes of FINRA Rule 5131

On May 9, 2017, FINRA issued an interpretive letter stating that family offices may be considered investment advisers for purposes of meeting the limited exception of FINRA Rule 5131.02(b). FINRA Rule 5131 addresses abuses in...more

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

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