On August 23, 2023, the Securities and Exchange Commission (the SEC) voted 3-2 to adopt a final set of rules and amendments under the Investment Advisers Act of 1940 (collectively, the Final Rules) that significantly expand...more
The SEC’s final set of rules and amendments under the Investment Advisers Act of 1940 significantly expanded the regulatory compliance requirements for certain investment advisers. This table summarizes the applicability of...more
On August 23, 2023, the Securities and Exchange Commission (SEC) voted 3-2 to adopt a final set of rules and amendments under the U.S. Investment Advisers Act of 1940 (collectively, the Final Rules) that significantly expand...more
8/24/2023
/ Exempt Reporting Advisers (ERAs) ,
Final Rules ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Rules ,
Registered Investment Advisors ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On March 27, 2023, the Securities and Exchange Commission’s (SEC’s) Division of Examinations issued a Risk Alert setting forth typical focus areas reviewed by the staff during its examinations of newly registered advisers....more
On October 26, 2022, the U.S. Securities and Exchange Commission (SEC) proposed a new Rule 206(4)-11 and amendments to Rule 204-2 under the U.S. Investment Advisers Act of 1940 (Advisers Act), as well as amendments to Form...more
On June 5, 2019, the SEC voted to adopt a package of rules and interpretations related to standards of conduct for broker-dealers and investment advisers, including new rule Regulation Best Interest, new Form CRS, an...more
6/10/2019
/ Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Standard of Conduct
On August 7, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a summary of its observations (the report) from cybersecurity examinations of 75...more
8/31/2017
/ Broker-Dealer ,
Customer Information ,
Cybersecurity ,
Cybersecurity Examination Initiative ,
Data Protection ,
Data Security ,
Employee Training ,
Financial Services Industry ,
Information Reports ,
Inventory ,
Investment Adviser ,
Investment Companies ,
OCIE ,
Policies and Procedures ,
Popular ,
Ransomware ,
Regulation S-P ,
Risk Alert ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Senior Managers
On June 1, 2016, the Securities and Exchange Commission (the "SEC") accepted a settlement offer from a registered investment adviser of private equity funds, and its founder, principal and managing member. The settlement...more
6/17/2016
/ Broker-Dealer ,
Civil Monetary Penalty ,
Disgorgement ,
Enforcement Actions ,
Fraud ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Portfolio Companies ,
Private Equity Funds ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transaction-Based Compensation ,
Unregistered Brokers
On April 6, 2016, the Department of Labor (DOL) issued a widely anticipated final regulation that redefines who is a “fiduciary” of certain employee benefit and other plans for purposes of the Employee Retirement Income...more
4/26/2016
/ 401k ,
Administrative Exemption ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
IRS ,
Retirement Plan
The Securities and Exchange Commission (the “SEC”) recently announced its enforcement results for fiscal year 2015. The release touted high-impact and first-of their-kind actions, as well as an increase in the number and...more
11/5/2015
/ Asset Valuations ,
Cherry Picking ,
Conflicts of Interest ,
Cost Allocation ,
Disgorgement ,
Distribution Rules ,
Enforcement Actions ,
False Advertising ,
Investment Adviser ,
Penalties ,
Securities and Exchange Commission (SEC) ,
Whistleblowers
The Commodity Futures Trading Commission (“CFTC”) unanimously approved a final rule (“Final Rule”) that formally extends the existing registered futures association (“RFA”) membership requirement to registered introducing...more
9/14/2015
/ Brokers ,
CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Derivatives ,
Final Rules ,
Investment Adviser ,
Major Swap Participants ,
National Futures Association ,
NFA ,
Registered Futures Association Membership ,
Registration Requirement ,
Swap Dealers ,
Swaps
On August 25, 2015, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking (“NPRM”) that would impose certain anti-money laundering (“AML”) requirements on...more
9/11/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Currency Transaction Reports (CTR) ,
FinCEN ,
Investment Adviser ,
Know Your Customers ,
NPRM ,
OCIE ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury
The staff of the SEC Division of Corporation Finance (Staff) recently issued new Compliance and Disclosure Interpretations (CDIs) and an interpretive letter regarding the general solicitation prohibition in securities...more
8/14/2015
/ Administrative Interpretation ,
Angel Investors ,
CDIs ,
Compliance ,
Corporate Issuers ,
Disclosure ,
General Solicitation ,
Interpretive Letters ,
Investment Adviser ,
No-Action Letters ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC)
On May 20, 2015, the Securities and Exchange Commission (the “SEC”) proposed new rules, forms and amendments that would expand the information that registered investment advisers are required to report. The changes are...more
7/20/2015
/ Amended Regulation ,
Books & Records ,
Derivatives ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Private Funds ,
RAUM ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Umbrella Registration
In April 2015, the Securities and Exchange Commission (the “SEC”) Division of Investment Management issued a guidance update (the “Update”) identifying cybersecurity of registered investment companies and registered...more
On April 20, 2015, more than three years after withdrawing a similar proposal that was staunchly opposed by the financial services industry, the U.S. Department of Labor (DOL) published in the Federal Register a proposed...more
4/29/2015
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Pension Funds ,
Prohibited Transactions
Recent efforts by the Securities and Exchange Commission (SEC) to bring concentrated regulatory attention to investment managers sharpened over the past year to include a particular focus on the private equity and hedge fund...more
The U.S. Securities and Exchange Commission’s (SEC) Divisions of Investment Management and Corporation Finance issued a Staff Legal Bulletin on June 30, 2014 that provides guidance on the responsibilities of investment...more
On March 31, 2014, the Division of Investment Management (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued long-awaited guidance regarding investment advisers’ use of public commentaries on social...more
On April 5, 2013, David W. Blass, Chief Counsel of the Securities and Exchange Commission’s Division of Trading and Markets, addressed the American Bar Association’s Trading and Markets Subcommittee.1 Mr. Blass’ remarks...more
Below is a summary of certain recent guidance from the Securities and Exchange Commission (the “SEC”) that is applicable to investment advisers and broker-dealers, namely: (i) an SEC Risk Alert regarding the Custody Rule...more