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
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
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)
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
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
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