Videocast: Asset management regulation in 2020 videocast series – Advisers Act regulatory agenda
On September 5, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against five investment advisers for violating Rule 206(4)-2 (the Custody Rule) and Rule 204-1(a) (the ADV Reporting Rule) of the...more
On September 5, 2023, almost one year since its first flurry of similar Custody Rule actions, the SEC announced settlements with five SEC-registered investment advisers to private funds with respect to alleged violations of...more
The US Securities and Exchange Commission (SEC) released a proposal to amend Rule 206(4)-2, the “custody rule” (the “current rule”), which currently requires all investment advisors with the ability to possess client funds...more
On February 15, 2023, the U.S. Securities and Exchange Commission (SEC) proposed to exercise its authority by amending and re-designating Rule 206(4)-2 under the Investment Advisers Act of 1940 (the Custody Rule)....more
On February 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a proposed rule (the “Proposal”) under the Investment Advisers Act of 1940 (the “Advisers Act”), which would (i) amend certain provisions of the...more
On February 15, 2022 the US Securities and Exchange Commission (SEC) proposed sweeping changes to Rule 206(4)-2 (the Custody Rule) under the Investment Advisers Act of 1940 (Advisers Act), which would be redesignated as Rule...more
On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more
On February 15, the Securities and Exchange Commission (SEC) voted 4-1 to propose amendments to the Custody Rule under the Advisers Act (last amended in 2009 following the Bernard Madoff and Allen Stanford frauds). Over time,...more
Regulatory Developments - OCC Releases Strategic Plan for Fiscal Years 2023-2027 - On September 6, the OCC released its strategic plan for the next five years, covering fiscal years 2023-2027 (the Plan)....more
On September 9, 2022, the SEC announced settlements with nine SEC-registered investment advisers to private funds with respect to alleged violations of Rule 206(4)-2 under the Investment Advisers Act of 1940 (the...more
The US Securities and Exchange Commission (SEC) has proposed to amend and modernize certain rules under the Investment Advisers Act that deal with investment adviser advertising and payments to solicitors. The proposed...more
A. Adoption in 1962 - The SEC has regulated custodial practices of investment advisers since 1962, when it first adopted rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”) under...more
COVID-19 RELATED DEVELOPMENTS – SPECIAL REGULATORY UPDATE – New SEC Guidance on PPP Loans, Form ADV Brochure Delivery and the Custody Rule - On April 27, 2020, the staff of the Securities and Exchange Commission (the...more
A registered investment adviser (RIA) that has “custody” of client funds or securities must comply with the provisions of Rule 206(4)-2 under the Investment Advisers Act of 1940 (Rule), including those related to the use of a...more
As the outbreak of the coronavirus disease (COVID-19) spreads across the globe, its impact on markets, businesses and portfolios continues to grow. The challenges and opportunities COVID-19 presents to those in the investment...more
Like all of us, the SEC and its staff are moving rapidly to address changes to normal procedures required in the face of COVID-19. In response to questions recently raised by the Investment Advisers Association (IAA) on...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
Under rule 206(4)-2 of the Advisers Act, otherwise known as the Custody Rule, it is a fraudulent practice for a registered investment adviser to have custody of client funds or securities, unless the adviser takes certain...more
Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals. ...more
OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers - On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more