On 11 September 2023, the Securities and Exchange Commission (SEC) announced charges against nine investment advisers for violations of: (i) the hypothetical performance requirements set forth in Advisers Act Rule 206(4)-1...more
On 15 February 2023, the Securities and Exchange Commission (SEC) announced a proposed overhaul of the custody framework for SEC-registered investment advisers (investment advisers). The proposed reforms—which would amend and...more
More than a month has passed since the 4 November compliance date for the Securities and Exchange Commission’s (SEC) Modernized Marketing Rule for Investment Advisers (the Marketing Rule or the Rule), and many in the industry...more
On 22 December 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments (the final rule) to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of...more
On 5 August 2020, the Securities and Exchange Commission (SEC) proposed amendments to the advertising rules for registered investment companies and business development companies as part of a package of comprehensive...more
The Securities and Exchange Commission (“SEC”) on April 21, 2020, proposed a new rule to codify fair valuation requirements for funds registered under the Investment Company Act of 1940, as amended (“1940 Act”). ...more
SEC ADVERTISING AND CASH SOLICITATION PROPOSALS: OVERVIEW -
- On November 4, 2019, the SEC proposed amendments to modernize rules addressing investment adviser advertisements and payments to solicitors
- In proposing...more
RECENT SEC ENFORCEMENT ACTIONS -
FEES AND EXPENSE ALLOCATIONS -
ECP Manager (Sept. 27, 2019) Administrative Proceeding File No. 3-19535 -
- A PE adviser settled claims which alleged that it caused its fund to overpay...more
On November 4, 2019, the U.S. Securities and Exchange Commission (“SEC”) published proposed amendments (the “proposed amendments” or “proposed rule”) to Rule 206(4)-1 (the “Advertising Rule”) under the Investment Advisers Act...more
On June 28, 2019, the CFA Institute published the 2020 edition of the Global Investment Performance Standards (the “2020 Standards”). The Global Investment Performance Standards (“GIPS”) are voluntary ethical standards that...more
Sections:
- Executive Summary
- Material Changes Proposed by the Exposure Draft
- Effect of the Proposed Revisions Certain Investment Managers and Transactions -
Executive Summary -
On August 30, 2018 the CFA...more
On July 10, 2018, the Securities and Exchange Commission (the “SEC”) reaffirmed the application of the securities laws to social media use. Specifically, the SEC published five settlement orders (the “Settlements”) arising...more
In recent months, a series of regulatory developments have clarified current guidance and signaled the potential for significant future changes to the rules that govern performance presentations by investment advisers. ...more
The CFA Institute GIPS Executive Committee (the “Executive Committee”) recently issued a consultation paper related to the commencement of its GIPS 20/20 initiative (the “Consultation Paper”). The GIPS 20/20 initiative is an...more
On May 27, 2014, an administrative law judge (ALJ) found ZPR Investment Management, Inc. (ZPRIM) and its former owner, Max Zavanelli, to have violated the Investment Advisers Act of 1940 for publishing misleading...more
At the Global Investment Performance Standards (“GIPS®”, or “GIPS Standards”) 2013 Annual Conference, held Sept. 19th and 20th in Boston, MA, speakers Annie Lo (CFA Institute) and Ann Putallaz (AFP Consulting, LLC) and...more