On August 23, 2023, the SEC adopted new rules and amendments to existing rules (collectively, the “New Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The New Rules are designed to increase...more
9/5/2023
/ Conflicts of Interest ,
D&O Insurance ,
Disclosure Requirements ,
Errors and Omissions Policy ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
PCAOB ,
Private Funds ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On June 23, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert identifying common deficiencies and compliance issues it has observed in examinations of registered investment...more
REGULATION -
DOL Issues Additional Guidance on Fiduciary Rule -
On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become...more
2/2/2017
/ Attorney-Client Privilege ,
Broker-Dealer ,
Brokers ,
Capital Acquisition Broker (CAB) ,
Conflicts of Interest ,
Cross-Selling ,
Department of Labor (DOL) ,
Examination Priorities ,
Exploitation ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Liquidity Risk Management Rule ,
Mutual Funds ,
OCIE ,
Pay-To-Play ,
Sales Load Variations ,
Section 36(b) ,
Securities and Exchange Commission (SEC) ,
Swing Pricing ,
Trustees
A recent enforcement action by FINRA underscores the regulator’s continuing concern regarding how financial advisers are paid to sell investment products. In a case announced on November 28, 2016, a member firm settled...more
Last week, OCIE published a National Exam Program Risk Alert highlighting the staff’s focus on advisers’ responsibility to act consistently with their clients’ best interests. According to OCIE, its latest sweep examination,...more
The SEC recently instituted proceedings against a registered investment adviser and its founder, CEO and majority shareholder for allegedly making material misstatements and omissions regarding the amount of assets...more
9/14/2015
/ CEOs ,
Compliance ,
Conflicts of Interest ,
Enforcement Actions ,
False Advertising ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Material Misstatements ,
Omissions ,
Policies and Procedures ,
Sanctions ,
Securities and Exchange Commission (SEC)
The SEC sanctioned a registered investment adviser for breaching its fiduciary duty by failing to disclose to its clients a conflict of interest created by a portfolio manager’s outside business activity and personal...more
In This Issue:
- Regulation: Long-Awaited Money Market Fund Rules Adopted
- SEC Staff Offers Guidance Regarding Investment Advisers and Proxy Advisory Firms
- SEC Staff Closes Loophole on BDC Asset...more
9/17/2014
/ Banks ,
CFTC ,
Conflicts of Interest ,
CPO ,
Dodd-Frank ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Hedge Funds ,
Investment Adviser ,
Liquidity Fees ,
Money Market Funds ,
Municipal Advisers ,
NAV ,
Pay-To-Play ,
Proxy Advisors ,
Redemption Gates ,
Securities and Exchange Commission (SEC) ,
Strategic Enforcement Plan ,
Whistleblowers
FINRA did not wait for any dust (or snow) to settle on the New Year before alerting the brokerage industry and the public about its regulatory and examination priorities for 2014. This year’s letter, issued earlier than ever...more
1/6/2014
/ Algorithmic Trading ,
Anti-Money Laundering ,
Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Crowdfunding ,
Employer Liability Issues ,
Enforcement ,
Financial Industry Regulatory Authority (FINRA) ,
High Frequency Trading ,
Qualified Benefit Plans ,
Recidivism
In This Issue:
Regulatory Updates -
SEC Continues to Look at a Uniform Fiduciary Standard for Broker-Dealers and Investment Advisers; SEC Grants Unusual Exemptive Relief from Pay-to-Play “Time-Out” Provision;...more
In an attempt to “increase transparency, strengthen compliance, and inform the public and the financial services industry about key risks,” the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its 2013...more
2/25/2013
/ Broker-Dealer ,
Conflicts of Interest ,
Corporate Governance ,
Enterprise Risks ,
Fund Distribution ,
Investment Adviser ,
NEP ,
OCIE ,
Revenue Sharing ,
Risk Management ,
Securities and Exchange Commission (SEC)