On June 23, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released a risk alert (the Risk Alert) that identified three general areas of deficiencies in regard to its examination of private fund advisers:...more
Section 2(a)(41)(B) of the Investment Company Act of 1940 (1940 Act) requires that portfolio securities without readily available market quotations be valued at “fair value as determined in good faith by the board of...more
On Dec. 18, 2019, the Securities and Exchange Commission (SEC or Commission) proposed amendments to broaden the definition of “Accredited Investor” under Regulation D to cover a broader group of investors, including adding...more
12/20/2019
/ Accredited Investors ,
Comment Period ,
Fund Managers ,
Hedge Funds ,
Investment ,
Investment Funds ,
Investment Management ,
Private Equity ,
Private Funds ,
Proposed Amendments ,
Regulation D ,
Regulatory Agenda ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On Aug. 1, the Securities and Exchange Commission (the SEC) charged Commonwealth Equity Services LLC, dba Commonwealth Financial Network (Commonwealth), a registered independent investment adviser to private clients (but not...more
9/3/2019
/ Breach of Duty ,
Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Disgorgement ,
Enforcement Actions ,
Failure To Disclose ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Funds ,
Investment Management ,
Mutual Funds ,
Permanent Injunctions ,
Prejudgment Interest ,
Revenue Sharing ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Share Classes ,
Statutory Violations ,
Unjust Enrichment
On June 18, 2019, the SEC adopted final amendments (the “Amendments”) to the auditor independence rules set forth in Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”). The Loan Rule identifies debtor-creditor...more
6/21/2019
/ Auditors ,
Beneficial Owner ,
Bright-Line Rule ,
Debtor-Creditor ,
Investment Management ,
Loans ,
Regulation S-X ,
Regulatory Standards ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Shareholders
At an open meeting on June 28, 2018, the SEC adopted liquidity disclosure amendments and proposed new rules to ease the approval process for new exchange-traded funds (ETFs). ...more