A U.S. Securities and Exchange Commission (SEC) no-action letter issued on April 25, 2016 provides relief from the annual surprise audit requirement of the “Custody Rule” for a registered investment adviser (RIA)...more
The New York City Council recently passed two amendments to the New York City Human Rights Law that are likely to substantially affect the manner in which firms in New York City may evaluate the qualifications and background...more
10/5/2015
/ Background Checks ,
Broker-Dealer ,
Brokers ,
Credit Checks ,
Criminal Background Checks ,
Fair Chance Act ,
Financial Industry Regulatory Authority (FINRA) ,
Human Rights ,
Investment Adviser ,
Registered Investment Advisors ,
SCDEA ,
Securities and Exchange Commission (SEC) ,
SRO
The United States is proposing rules that, for the first time, would subject investment advisers registered or required to be registered (RIAs) with the U.S. Securities and Exchange Commission (SEC) under the Investment...more
The U.S. Securities and Exchange Commission (SEC or Commission) issued a cease and desist order (Order) on June 23, 2015, against Pekin Singer Strauss Asset Management Inc. (Adviser), an investment adviser registered under...more
8/6/2015
/ Asset Management ,
CCO ,
Cease and Desist Orders ,
Chief Compliance Officers ,
Compliance ,
Corporate Officers ,
Enforcement Actions ,
Ethics ,
Fraud ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Funds ,
Policy Violations ,
Portfolio Managers ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Tone At The Top
The U.S. Securities and Exchange Commission (SEC or Commission) recently proposed amendments to Form ADV and to Rule 204-2 (Recordkeeping Rule) and other rules under the Investment Advisers Act of 1940, as amended (Advisers...more
7/17/2015
/ CCO ,
Disclosure Requirements ,
Dodd-Frank ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
RAUM ,
Recordkeeping Requirements ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Umbrella Registration
The U.S. Securities and Exchange Commission’s (SEC) Divisions of Investment Management (IM) and Corporate Finance (CF) released a staff legal bulletin (Bulletin) on June 30, 2014, covering various issues involved with proxy...more
The staff of the Division of Investment Management (Staff) of the Securities and Exchange Commission (SEC) has issued an IM Guidance Update (Guidance Update) on the use of social media in investment adviser advertising. The...more
The Securities and Exchange Commission’s (the “SEC” or the “Commission”) Office of Compliance Inspections and Examinations (“OCIE”) announced in an April 15, 2014 Risk Alert (the “Alert”) that it will be conducting...more
The staff of the Division of Investment Management of the U.S. Securities and Exchange Commission (the “Staff”) has issued a no-action letter in response to a request by the Managed Funds Association (the “MFA Letter”),...more
The Securities and Exchange Commission (SEC) on January 9, 2014 announced its examination priorities for 2014. The priorities address: (i) market-wide issues, including fraud detection and prevention, corporate governance,...more
U.S. SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert on Alternative Investment Due Diligence Practices -
The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and...more
The SEC has amended1 Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 (“Securities Act”) to (1) permit, in certain circumstances, an issuer to engage in general solicitation and general advertising in...more
Recently, the Securities and Exchange Commission (“SEC”) and other U.S. financial regulators (collectively, “Regulators”) issued important guidance related to the need for industry participants to maintain business continuity...more
The Securities and Exchange Commission (SEC) has proposed a suite of amendments to Regulation D, Form D and Rule 156 under the Securities Act of 1933 (Securities Act) (Proposed Rules). According to the SEC, the Proposing...more
The Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) recently posted an IM Guidance Update that expands the applicability of an exception from the Custody Rule (as defined...more
The SEC has amended Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 (Securities Act) to (1) permit, in certain circumstances, an issuer to engage in general solicitation and general advertising in...more
7/28/2013
/ Accredited Investors ,
Advertising ,
Bad Actors ,
Broker-Dealer ,
Dodd-Frank ,
Form D Filing ,
Fund Managers ,
General Solicitation ,
Rule 144A ,
Rule 506 Offerings ,
Safe Harbors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Social Media
The role of proxy advisors has continued to attract attention from U.S. regulators and on Capitol Hill. Earlier this month, Commissioner Daniel M. Gallagher of the Securities and Exchange Commission (“SEC”) generated...more
The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities Exchange Commission (“SEC”) on February 21, 2013 announced its examination priorities for this year. These highlight market-wide issues such as...more
In a recent speech, Bruce Karpati, Chief of the Asset Management Unit (AMU)within the Division of Enforcement (Division) of the U.S. Securities and Exchange Commission (SEC), discussed his view of the current enforcement...more