Members of Kilpatrick’s Employee Benefits and Investment Management Teams recently presented a webinar on the topic of “Optimizing Retirement Plan Investment Committee Performance.” The discussion was focused on helping...more
On March 27, 2024, the Securities and Exchange Commission (“SEC”) announced amendments to the rule that allows internet-only investment advisers to register with the SEC (the “Rule”). The amended Rule eliminates the current...more
On May 5, 2023, the Securities and Exchange Commission (the “SEC”) announced its first enforcement action against an investment adviser for violations of Rule 22e-4(b) (the “Liquidity Rule”) of the Investment Company Act of...more
On May 3, 2023, the Securities and Exchange Commission (the “SEC”) adopted a new rule (the “Rule”) that amends Form PF, the confidential reporting form for certain SEC-registered investment advisers to privately-offered...more
Last week, the Securities and Exchange Commission (the “SEC”) proposed amendments to Regulation S-P (the “Proposal”) that would require registered investment advisers (“RIAs”), broker-dealers (“BDs”), investment companies...more
Each year, the SEC’s Division of Examinations (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their compliance...more
Last week, the Securities and Exchange Commission (the “SEC”) released a proposed rule (the “Proposed Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) that, if adopted as proposed, would require SEC...more
Each year, the SEC’s Division of Examinations (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their compliance...more
Not long after we released our recent alert titled SEC Continues Focus on Conflicts Disclosures in Enforcement Actions Totaling $106 Million in Fines and Disgorgement, the U.S. Securities and Exchange Commission (the...more
Yesterday, the U.S. Securities and Exchange Commission (“SEC”) announced that it has entered final administrative orders against 21 registered investment advisers (“RIAs”) and six broker-dealers (“BDs”) for failing to file or...more
In recent weeks, we have observed significant new developments in securities regulation related to two enforcement actions by the U.S. Securities and Exchange Commission (the “Commission”) and an unexpected (and, to our...more
On April 9, 2021, the SEC’s Division of Examinations (f.k.a. OCIE) (the “Division”) released a risk alert (the “Alert”) highlighting observations from exams of registered investment advisers (“RIAs”), registered investment...more
Each year, the SEC’s Division of Examinations (f.k.a. OCIE) (the “Division”) releases its priorities for the upcoming year, providing SEC registrants with a helpful tool to assist in managing, reviewing, and updating their...more
4/12/2021
/ Anti-Money Laundering ,
Broker-Dealer ,
Environmental Social & Governance (ESG) ,
ETFs ,
Fiduciary Duty ,
FinCEN ,
FinTech ,
Form CRS ,
Investment Adviser ,
OCIE ,
Registered Investment Advisors ,
Regulation Best Interest ,
REIT ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
In November 2020, the staff of the SEC’s Division of Examinations (f.k.a. OCIE) (the “Examinations Division” and its staff, “Examinations Staff”) issued two risk alerts (the “Alerts”) that, in our view, offer particularly...more
Throughout the year, every year, the SEC’s Divisions of Examinations (f.k.a. OCIE) (the “Examinations Division”) and Enforcement (the “Enforcement Division”) each respectively release guidance, observations, and priorities...more
UPDATE: As of December 30, 2020, Arizona, Arkansas, Michigan, and Rhode Island have joined Iowa in adopting the NAIC model rule for best interest standard in annuity sales. Alabama, Delaware, Kentucky, Maine, Nevada and Ohio...more
On December 10, 2019, the Commodity and Futures Trading Commission (“CFTC”) published amendments to the rules governing Commodity Pool Operators (“CPOs”) and Commodity Trading Advisers (“CTAs”) (the “New Rules"). Among other...more
On September 15, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a cybersecurity risk alert highlighting the increased use of “credential stuffing” attacks against investment advisers and...more
On August 12, 2020, the Office of Compliance Inspections and Examinations issued a risk alert related to COVID-19 compliance risks (“Risk Alert”). The Risk Alert applies to both investment advisers and broker-dealers and...more
On July 10th, the SEC proposed amendments to Exchange Act Rule 13f-1 that would raise the Form 13F reporting threshold from $100 million to $3.5 billion. If effected, this would be the first change to the reporting threshold...more
While the financial industry was busy enjoying family vacations and a relaxing break for the July 4th holiday, the SEC stayed busy releasing new guidance for industry participants. For example, OCIE recently released a risk...more
On April 15, 2020, the Investor Protection Bureau of the New York Department of Law (a division of the attorney general’s office) (the “Bureau”) published proposed amendments to regulations governing state-registered...more
In April and May 2020, the Securities and Exchange Commission (the “Commission”) entered a series of settled Orders assessing fines, instituting a bar, and ordering remedial action against registered investment advisers...more
On April 7, 2020, the SEC's Office of Compliance Inspections and Examinations ("OCIE") issued two risk alerts regarding the expected scope and content of initial examinations for compliance with Form CRS and Regulation Best...more
UPDATED: MAY 12, 2020: Yesterday, Iowa adopted its proposed regulation requiring annuity agents to act in the best interest of consumers, but delayed adoption (or revision, withdrawal) of the companion securities rules. The...more