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Reminder: Renewal and Notice Filing Fees for Investment Advisers Due by December 18

As a reminder, investment advisers who are subject to any state registration, renewal or notice filing fees must have funded their IARD accounts by December 18 in order to cover such fees (with a recommendation from IARD to...more

Passive Business Rule - Delayed, Withdrawn and Amended –What it Means for You

Small Business Investment Companies (“SBICs”) are generally prohibited from investing in passive (i.e., non-operating) small businesses under the Small Business Investment Act of 1958 (the “Act”) and its implementing...more

SEC Adopts Rules to Enhance Adviser Reporting

Recently enacted SEC rules have imposed several amendments to Form ADV that advisers should be aware of, and which will apply to all Form ADVs filed after September 31, 2017 (for most advisers with a December 31-year end, the...more

DOL Seeks to Extend Fiduciary Rule Transition Period

Advisers and other fiduciaries impacted by the U.S. Department of Labor’s (“DOL”) Fiduciary Rule should note that, according to a recent Notice of Administrative Act filed by the DOL in an ongoing litigation in the District...more

DOL Provides Temporary Enforcement Relief on Fiduciary Rule

The U.S. Department of Labor (“DOL”) issued a Field Assistance Bulletin (FAB 2017-01) on Friday, March 10, 2017 to address near-term compliance concerns relating to a proposed 60-day delay of the Fiduciary Rule. As previously...more

Further Uncertainty on DOL Fiduciary Rule

We reported in a Foley Adviser on February 3 that President Trump had delayed implementation of the Fiduciary Rule by 180 days. This was based on the draft executive order that the White House had circulated that day. We have...more

Presidential Memorandum Delays Effectiveness of Fiduciary Rule

On February 3, 2017, President Trump issued a presidential memorandum to the U.S. Department of Labor (“DOL”), which delays by 180 days the effective date (originally scheduled for April 10, 2017) of the DOL’s adopted, but...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

Investment Advisers - Annual Compliance Reviews - All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their compliance...more

SEC Increases Performance Fee Thresholds

As noted in a previous alert, the Securities and Exchange Commission has now issued an Order, effective as of August 15, 2016 (the "Effective Date"), which amends SEC Rule 205-3 (the “Performance Fee Rule”) under the...more

SEC Issues Notice of Intent to Increase Performance Fee Thresholds

On May 24, 2016, the Securities and Exchange Commission published in the Federal Register a notice of the Commission’s intent to issue an order (the “Proposed Order”) amending SEC Rule 205-3 (the “Performance Fee Rule”) under...more

SEC Waives Custody Rule Requirements for Certain Affiliated Sub-Advisers

Under the SEC Rule 206(4)-2, the “custody rule,” registered investment advisers with custody of client funds or securities are required to take a number of steps designed to safeguard those client assets. One such step is...more

Leap Year Means Earlier Due Date for Form ADV

As a reminder, Form ADV for registered advisers (Parts 1 and 2A) and Exempt Reporting Advisers (relevant portions of Part 1) must be updated within 90 days after the end of their fiscal year. For advisers with a fiscal year...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

Investment Advisers - Annual Compliance Reviews: All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their...more

SEC Issues Report on Review of “Accredited Investor” Definition

On December 18, 2015, the Securities and Exchange Commission (the “SEC”) issued a report evaluating the definition of “accredited investor” as part of its obligations under the Dodd-Frank Wall Street Reform and Consumer...more

Reminder: Renewal and Notice Filing Fees for Investment Advisers Due by December 18

As a reminder, investment advisers who are subject to any state registration, renewal or notice filing fees must fund their IARD accounts by December 18 in order to cover such fees. This deadline applies to the following...more

Possible Examination by SEC of Exempt Reporting Advisers

Marc Wyatt, Acting Director of the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”), recently took part in a meeting of the ABA Hedge Fund Sub-Committee on November 20,...more

SBIC Advisers Relief Act Expected to be Adopted into Law

On December 4, 2015, President Obama is expected to sign into law The SBIC Advisers Relief Act, which amends several key registration provisions and exemptions of the Investment Advisers Act of 1940 (the “Advisers Act”), that...more

OCIE Issues Risk Alert Relating to Outsourced Chief Compliance Officers

On November 9, 2015, the Office of Compliance Inspections and Examinations (“OCIE”) released the findings of its Outsourced CCO Initiative, which examined nearly 20 investment advisers and investment companies that are...more

SEC to Recommend Additional Compliance Rules for Investment Advisers

David W. Grim, Director of the SEC’s Division of Investment Management (the “Division”), recently noted in testimony before a U.S. House of Representatives subcommittee that the Division is developing new rule recommendations...more

FinCEN Proposed AML Rule For Investment Advisers

The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of Treasury, issued a proposed anti-money laundering rule applicable to investment advisers registered with the U.S. Securities and Exchange...more

SEC Division of Investment Management Issues Guidance on Personal Trade Reporting of Accounts Over Which Reporting Persons Have No...

Under Rule 204A-1 of the Investment Advisers Act of 1940, a registered investment adviser’s written code of ethics must include requirements for reporting of personal securities holdings and trading activity by the adviser’s...more

SEC Proposes Rules Imposing Additional Reporting and Recordkeeping Requirements for Investment Advisers

On May 20, 2015, the SEC announced proposals to modify and increase the amount of information that it collects from investment companies (“ICs”) and investment advisers (“IAs”) and to create new rules that impose additional...more

SEC Issues Cybersecurity Guidance Update for Investment Advisers

On April 28, 2015, the SEC’s Division of Investment Management (the “Division”) issued a Guidance Update regarding the SEC’s initiative to assess cybersecurity preparedness and threats in the securities industry, further...more

Important Deadlines and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity...

Investment Advisers - Annual Compliance Reviews: All investment advisers registered with the Securities and Exchange Commission (“SEC”) are required to review their compliance policies and procedures at least...more

Reminder: Renewal and Notice Filing Fees for Investment Advisers Due by December 12

As a reminder, investment advisers who are subject to any state registration, renewal or notice filing fees must fund their IARD accounts by December 12 in order to cover such fees. This deadline applies to the following...more

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