On April 2, 2020, the U.S. Small Business Administration (the “SBA”) issued a new interim final rule that provides implementation guidelines for interpreting its Paycheck Protection Program (“PPP”). As discussed in our main...more
On March 16, 2020, in response to the COVID-19 outbreak, the United States Securities and Exchange Commission (“SEC”) Division of Investment Management updated their Frequently Asked Questions (“FAQs”) relating to Form ADV...more
All federally registered investment advisers and exempt reporting advisers are advised that in response to the disruptions resulting from COVID-19, the SEC has provided relief to allow affected advisers to extend the due date...more
On January 30, 2020, five federal regulatory agencies, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board, the Office of the Comptroller of the Currency,...more
2/11/2020
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Investment Advisers -
ANNUAL COMPLIANCE REVIEWS -
All investment advisers registered with the Securities and Exchange Commission (“SEC”) or at the state level are required to review their compliance policies and procedures...more
2/7/2020
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REMINDER: SBA’s Office of Investment and Innovation has revised the semi-monthly draw application schedule for the 2019 holiday season with the first revised deadline occurring on Tuesday, November 19, 2019. The deadline for...more
On September 4, 2019, the Office of Compliance Inspections and Examinations (“OCIE”) published a risk alert identifying the most frequent compliance issues involving principal and agency cross transactions from exams...more
On September 17, 2019, the Licensing Department of the Investment Division of the U.S. Small Business Administration (“SBA”) announced that, effective immediately, all license applications should be submitted electronically...more
On August 14, 2019, the U.S. Small Business Administration (“SBA”) announced that it will charge a new fee on draws of committed SBA leverage made on and after October 1, 2019.
...more
On July 23, 2019, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing the findings of a recent series of exams focused on oversight practices of...more
On June 4, 2019, the Securities and Exchange Commission (“SEC”) announced that Deer Park Road Management Company, LP (“Deer Park”), a prominent private fund manager in the mortgage-backed securities space and registered...more
As a reminder, pursuant to an Interpretive Notice recently released by the National Futures Association (“NFA”), all commodity pool operators (“CPOs”) that are registered with the U.S. Commodity Futures Trading Commission...more
As a reminder, fund managers relying on the exemption from registration with the U.S. Commodity Futures Trading Commission (the “CFTC”) set forth in Rule 4.13(a)(3), commonly referred to as the “de minimis exemption,” must...more
Investment Advisers -
Annual Compliance Reviews -
All investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or at the state level are required to review their compliance policies and...more
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 17 in order to cover such fees (with a recommendation from IARD to...more
On October 31, 2018, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing the most common deficiencies relating to Rule 206(4)-3 (the “Cash...more
On October 10, 2018, the Department of the Treasury, which oversees the Committee on Foreign Investment in the United States (“CFIUS”), released interim regulations to implement portions of the Foreign Investment Risk Review...more
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) recently released a Risk Alert summarizing the most frequent compliance issues relating to fees and expenses from over 1,500...more
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
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
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
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
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
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
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