Non-Enforcement -
A Source of Concern for the SEC — The Outsourcing by Investment Advisers and Funds of Compliance Activities -
In a recent National Exam Program Risk Alert (dated November 9, 2015) the U.S....more
Non-Enforcement -
SEC Decides Against Mounting an Appeal in Koch Ruling -
The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more
11/2/2015
/ Auditors ,
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Breach of Duty ,
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Risk Mitigation ,
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Testimonial Statements ,
Valuation
Non-Enforcement Cybersecurity Is At the Top of SEC Examination Concerns In a recent SEC “risk alert” for registered broker-dealers and investment advisers, the SEC’s Office of Compliance Inspections and Examinations (OCIE)...more
10/1/2015
/ Blue Sky Laws ,
Board of Directors ,
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Securities and Exchange Commission (SEC) ,
Security Risk Assessments ,
Senior Managers ,
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Shareholder Distributions ,
Swing Pricing
Non-Enforcement -
Form PF — What Purpose?
SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more
8/31/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Board of Directors ,
Breach of Duty ,
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UK
Non-Enforcement - States are Accommodating Crowdfunding Offerings While the SEC Continues to Ponder Crowdfunding Rules -
The SEC first proposed rules in October 2013 for the crowdfunding exemption which was included in...more
8/3/2015
/ Accountants ,
Asset Valuations ,
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Fee Disclosure ,
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Hedge Funds ,
Investment Company Act of 1940 ,
Investors ,
JOBS Act ,
Private Equity Funds ,
Public Pension ,
Securities and Exchange Commission (SEC)
Be Careful to Adhere to Best Practices When Approving Advisory Agreements -
The Securities and Exchange Commission instituted and settled an administrative proceeding against an investment adviser, its principal, and...more
Compliance Issues With Private Equity Fund Managers Remains a Concern With the SEC - In May of last year, the SEC rang the alarm bells after conducting sweep examinations of private equity fund managers. At that time, the SEC...more
The SEC announced that a compliance professional has been awarded $1.4 million to $1.6 million for reporting misconduct inside his firm to the SEC. The SEC recently noted that it has paid $50 million to 17 whistleblowers, out...more
Non-Enforcement Matters - SEC 2015 Rulemaking Geared to Asset Managers - Certain Personnel of Registered Municipal Advisers Will Be Subject to Qualification Exams - Rulemaking Completed for Reg A+, But Will It Matter? -...more
Non-Enforcement
- 2015 Legislative Agenda Includes Dodd-Frank Revisit and Cybersecurity.
Enforcement
- SEC Enforcement Action Underscores Importance of Custody Rule Compliance
- Joint SEC/State...more
Non-Enforcement Advisers to Private Funds Among Targets of the SEC’s 2015 Examination Program The U.S. Securities and Exchange Commission (SEC) recently announced the 2015 examination priorities for its Office of Compliance...more
SEC Looks to Step Up Oversight of the Fund Industry -
At a recent conference, Mary Jo White, SEC chairman, announced that the SEC will look to increase its scrutiny of the mutual fund asset management segment to ensure...more
When the U.S. Congress passed the crowdfunding exemption under the Jumpstart Our Business Startups Act (the “Jobs Act”) in 2012, there was much anticipation and optimism for the ability of issuers of securities to be able to...more
Non-Enforcement
- Assets Under Management by Registered Investment Advisers Have Increased Substantially
- Will “Accredited Investor” Definition Be Changed?
- Excessive Fee Case Withstands Dismissal
-...more
Non-Enforcement
- Cost of Proposed User Fees by Registered Investment Advisers Further Discussed
- SEC Valuation Guidance for All Funds
- Update on Insider Trading in Mutual Fund...more
SEC Proposes Extension of Principal Trade Rule for Registered Advisers/Broker-Dealers -
The SEC has proposed extending to December 31, 2016, the sunset date for the expiration of Rule 206(3)-3T (the “Rule”) under the...more
Renewed Call for Investment Adviser User Fees -
As we reported in previous editions of our Investment Management Newsletter, various persons have proposed that a user fee be imposed on SEC registered investment...more
As reported in the May 2014 edition of Legal News: Investment Management Update, the SEC has made cybersecurity readiness a high-priority item to review when it conducts examinations of registered broker-dealers and...more
7/1/2014
/ Affiliated-Business Arrangements ,
Affiliates ,
Broker-Dealer ,
Cybersecurity ,
Dodd-Frank ,
Enforcement ,
Enforcement Actions ,
Investment Adviser ,
Retaliation ,
Sanctions ,
Securities and Exchange Commission (SEC)
Concerns Noted During Private Equity Adviser Exams -
Routine examinations by the SEC at advisory firms who manage the assets of private equity funds have uncovered some serious concerns about the way such advisers...more
5/30/2014
/ Enforcement ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Mutual Funds ,
OCIE ,
Popular ,
Private Equity ,
Private Equity Funds ,
Professional License ,
Securities and Exchange Commission (SEC) ,
Whistleblowers
Enforcement Matters:
Improper Calculation of Client Advisory Fees Results in Enforcement Action -
In a recent action (In the Matter of Transamerica Financial Advisors, Inc., Investment Advisers Act Release No....more
In a recent SEC no-action letter (RS Global Natural Res. Fund, SEC no-action letter, available 3/6/14), the SEC stated that it would take a non-enforcement position if a SEC registered investment adviser to a fund registered...more
SEC Reminds Funds That Shareholders Should Be Allowed to Vote on Each Material Amendment to Charter Documents -
The Staff of the Division of Investment Management has issued guidance to funds reminding them that when...more
SEC Initiates Enforcement Action Against Hedge Fund Adviser -
The SEC initiated an administrative proceeding on January 8, 2014 against Patrick G. Rooney (“Rooney”), the sole owner and managing partner of Solaris...more
Investment Advisers — Are Your “IA Reps” Registered as Required? Why You Should Care -
As we approach the end of the calendar year, it is a good time for investment advisers to check if all of its personnel who are...more
Non-Enforcement Matters
- SEC Focused on Compliance Programs
- SEC Beefing Up its Risk and Examinations Office
- SEC Guidance on Valuation of Portfolio Securities
- Affiliated Exchange-Traded Funds May...more