Many compliance officers live in hope that if they ramp up their persuasive skills, engage employees with spectacular training presentations, and provide succinct and prompt advice, they will receive the respect and...more
Trump Picks New SEC Head, SEC Enforcement Starts Strong in 2025, and Latest Lessons from EXAMS: Details Matter and Duty of Care Fails - Welcome to our January 2025 Regulatory Roundup, where we provide practical advice on the...more
2/3/2025
/ Cryptocurrency ,
Disclosure Requirements ,
Enforcement Actions ,
Enforcement Priorities ,
Fiduciary Duty ,
Form PF ,
Investment Adviser ,
Presidential Appointments ,
Private Funds ,
Regulation D ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Trump Administration
As we look back on the SEC’s actions in 2024, we wanted to share our thoughts on lessons learned that we believe will carry through to 2025....more
1/27/2025
/ Asset Management ,
Beneficial Owner ,
Corporate Transparency Act ,
Cybersecurity ,
Form PF ,
Fund Managers ,
Incident Response Plans ,
Investment Adviser ,
Investment Management ,
MNPI ,
Policies and Procedures ,
Private Funds ,
Reporting Requirements ,
Risk Management ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Welcome to our December 20243 Regulatory Roundup, where we provide practical advice on the latest regulatory headlines. We start this issue with the SEC’s 2024 enforcement results, which fell somewhat short after its 2023...more
12/31/2024
/ Asset Management ,
Beneficial Owner ,
Compliance ,
Corporate Governance ,
Corporate Transparency Act ,
Disclosure Requirements ,
Enforcement Actions ,
Investment Adviser ,
Investment Firms ,
Publicly-Traded Companies ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In addition to basic blocking and tackling, compliance officers often have the thankless job of performing the annual review of their compliance program required by Advisers Act Rule 206(4)-7....more
12/16/2024
/ Broker-Dealer ,
Business Entities ,
Chief Compliance Officers ,
Compliance ,
Investment Adviser ,
Investment Companies ,
Policies and Procedures ,
Private Funds ,
Regulation S-P ,
Regulatory Oversight ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Compliance officers love checklists, so we’ve put together some “to dos” to consider completing before the end of the year. Enjoy!...more
12/3/2024
/ Capital Markets ,
Compliance ,
Employee Retirement Income Security Act (ERISA) ,
Investment ,
Investment Adviser ,
Investment Firms ,
Investment Management ,
Popular ,
Private Funds ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC)
After its fiscal year-end frenzy in September, the SEC relaxed slightly, with no new rule-making and fewer enforcement actions. So, I took a break last month and combined the October and November Roundups. (You’re welcome.)...more
11/27/2024
/ Asset Management ,
Compliance ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Greenwashing ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Firms ,
Private Funds ,
Registered Investment Advisors ,
Regulation S-P ,
Regulatory Requirements ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations
In the SEC’s burst of settlements at the end of its fiscal year, one case about the potential misuse of material nonpublic inside information (“MNPI”) shows just how far down in the weeds it is willing to go to prevent...more
10/21/2024
/ Capital Markets ,
Debt Restructuring ,
Distressed Debt ,
Enforcement Actions ,
Investment Adviser ,
Investment Firms ,
MNPI ,
Non-Disclosure Agreement ,
Private Funds ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Advisers Drafted by FinCEN for AML Duty, More Fines for E-Comm Retention Failures and a September Miracle, SEC Falls Back on Broken Windows Strategy, and a Refusal to Give Up on Private Fund Rules - FinCEN added to advisers’...more
10/1/2024
/ Anti-Money Laundering ,
Asset Management ,
Enforcement Actions ,
Exempt Reporting Advisers (ERAs) ,
FinCEN ,
Investment Adviser ,
Investors ,
Private Funds ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Settlement ,
Suspicious Activity Reports (SARs)
September 30 is the SEC’s fiscal year-end, so it's no surprise to see an uptick in enforcement cases this month. The latest slew of settlements involved violations of the Marketing Rule (Advisers Act Rule 204(4)-1) for...more
More Flack on WhatsApp, Hypothetical Performance SmackDown, A Timely Warning on the Pay-to-Play Rule, and Updates to Qualifying Venture Capital Fund Exemption - This month's big news from the SEC was more piggy-bank breaking...more
9/4/2024
/ Asset Management ,
Broker-Dealer ,
Campaign Contributions ,
Compliance Monitoring ,
Enforcement Actions ,
Fines ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Marketing ,
Pay-To-Play ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Self-Reporting ,
Settlement ,
Venture Capital ,
Workplace Communication
Most compliance officers struggle to determine whether they are conducting enough testing to satisfy their obligations under the Advisers Act. In its release adopting Advisers Act Rule 206(4)-7, the SEC stated that an...more
8/28/2024
/ Asset Management ,
Chief Compliance Officers ,
Compliance ,
Compliance Monitoring ,
Corporate Governance ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Portfolios ,
Policies and Procedures ,
Portfolio Managers ,
Regulatory Requirements ,
Risk Mitigation ,
Securities and Exchange Commission (SEC)
Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more
8/22/2024
/ Asset Management ,
Compliance ,
Conflicts of Interest ,
Disclosure Requirements ,
Financial Services Industry ,
Fund Managers ,
Hedge Funds ,
Investment Adviser ,
Investment Firms ,
Investment Management ,
Investors ,
Limited Partnerships ,
Private Equity ,
Private Funds ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
SEC Loses in ALJ Case, DOL’s Latest Fiduciary Rule Put on Hold, and SEC Reconsiders AI and Custody Rule Proposals - Welcome to our July Regulatory Roundup, where we provide a quick look at the latest regulatory developments....more
7/31/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Civil Monetary Penalty ,
Compliance ,
Cybersecurity ,
Department of Labor (DOL) ,
Enforcement Actions ,
Financial Markets ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Popular ,
Preliminary Injunctions ,
Prohibited Transactions ,
Regulatory Authority ,
Regulatory Oversight ,
Risk Management ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Seventh Amendment
Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more
6/28/2024
/ Advertising ,
Asset Management ,
Broker-Dealer ,
Compliance ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
Investors ,
Marketing ,
Private Equity Funds ,
Private Funds ,
Regulation BI ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
This article was originally published on Kitces.com, on May 15, 2024, and is available at at DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now about Giving Rollover Advice After September...more
6/10/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Duty of Care ,
Duty of Loyalty ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Final Rules ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
Investors ,
Prohibited Transactions ,
Registered Investment Advisors ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Security Rule
SEC DROPS NEW REQUIREMENT FOR INCIDENT RESPONSE PROGRAMS, PROPOSAL FOR RIAS TO ADOPT CIP, SEC EXAMS SHARES MARKETING RULE FAILURES, RIA SLAMMED FOR FAILING TO RETAIN TEXTS, AND SEC WINS ON SHADOW TRADING THEORY - Welcome to...more
5/30/2024
/ Compliance ,
Cybersecurity ,
Data Breach ,
Electronic Communications ,
Financial Institutions ,
FinCEN ,
Incident Response Plans ,
Insider Trading ,
Investment Adviser ,
Marketing ,
New Regulations ,
Policies and Procedures ,
Private Funds ,
Regulation S-P ,
Regulatory Oversight ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
SEC’s Division of Examinations (“EXAMS”) issued a risk alert on its Initial Observations Regarding Advisers Act Marketing Rule Compliance (the “Risk Alert”), giving compliance officers an unexpected gift by sharing examples...more
5/22/2024
/ Advertising ,
Chief Compliance Officers ,
Compliance ,
Disclosure ,
Investment Adviser ,
Investment Firms ,
Marketing ,
Policies and Procedures ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Social Media
Many chief compliance officers struggle every year with preparing the annual review required under Advisers Act Rule 206(4)-7. To help you out, here’s our guide to writing your annual report....more
4/30/2024
/ Annual Reports ,
Chief Compliance Officers ,
Compliance ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Firms ,
Policies and Procedures ,
Portfolio Managers ,
Regulatory Oversight ,
Risk Management ,
Securities and Exchange Commission (SEC)
Every year compliance officers face the unenviable job of performing their compliance program's annual review under Advisers Act Rule 206(4)-7). An essential element of that review is updating the firm's compliance policies...more
4/29/2024
/ Annual Reports ,
Asset Management ,
Beneficial Owner ,
Compliance ,
Corporate Transparency Act ,
Deadlines ,
Disclosure Requirements ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Firms ,
New Rules ,
Private Equity Funds ,
Private Funds ,
Regulatory Standards ,
Reporting Requirements ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
There are times when it makes sense to hire an expert. Securities regulations are complicated, and failure to comply can be costly, both in terms of fines and damage to reputation. Here are the top reasons registered...more
Compliance Update for the week Ending April 5, 2024 - For our clients and compliance colleagues, this weekly update will give you a quick look at the latest regulatory developments. Enjoy!...more
4/10/2024
/ Artificial Intelligence ,
Broker-Dealer ,
Compliance ,
Federal Register ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Hedge Funds ,
Investment Adviser ,
Investment Firms ,
Private Funds ,
Recordkeeping Requirements ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation