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
Non-Enforcement Matters:
- No Rush to Advertise by Hedge Funds
- Updated Guidance From the SEC
- Results of Dodd-Frank Legislation on Investment Adviser Registration Numbers
Enforcement...more
Non-Enforcement Matters
- SEC to Monitor Fund Performance Claims
- Suit Against Exchange Traded Funds’ Investment Adviser Dismissed
- Counterparty Risk Management Practices for Mutual...more
Non-Enforcement Matters:
- Private Fund Issuers’ Use of New SEC Rule 506(c) Hardly a “Slam Dunk”
- Advisers Need to Revisit Their Business Continuity Plans.
Enforcement Matters:
- Registered...more
Non-Enforcement Matters
- Insider Trading in Mutual Fund Shares
- Incentive for Whistleblowers to Bypass Internal Reporting
- SEC Announces Compliance Outreach Sessions
- Implementation of FATCA Reporting...more
Re: Possible SRO for Investment Advisers and Fiduciary Standard for Broker-Dealers — What Others Are Saying -
In the ongoing debate over whether a supervisory regulatory agency, other than the SEC, should be delegated...more
Board Oversight of Distribution and Financial Intermediaries -
One of the SEC’s stated focuses is on payments for “distribution in guise.” Mutual funds are only permitted to pay for distribution of their shares if...more
5/31/2013
/ CFTC ,
Conflicts of Interest ,
Enforcement ,
Fund Managers ,
Identity Theft ,
Investment Management ,
Misappropriation ,
Mutual Funds ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Social Media
* Non-Enforcement Matters:
- Legislation Reintroduced to Charge Investment Advisor User Fees
- SEC Examination Program for Newly Registered Investment Advisers Reveals Common Areas of Concern
- Recent...more