News & Analysis as of

Form ADV

Goodwin

SEC Sends Additional Message to Registered Investment Advisers on Marketing Rule Obligations Through Enforcement Actions

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On September 9, 2024, approximately one year since its first flurry of similar Marketing Rule actions, the Securities and Exchange Commission (the SEC) announced settlements with nine SEC-registered investment advisers (the...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Are Entities in Your Private Fund Structure Reportable under FinCEN’s Beneficial Ownership Regulation?

As of January 1, 2024, the Beneficial Ownership Information Reporting Requirements (the “Reporting Rule”) issued by Financial Crimes Enforcement Network (“FinCEN”) to implement Section 6403 of the Corporate Transparency Act...more

Kramer Levin Naftalis & Frankel LLP

SEC and FinCEN Propose Rule Requiring Investment Advisers to Enact Customer Identification Programs

On May 13, 2024, the Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department announced a joint notice of proposed rulemaking that would require investment...more

Vedder Price

SEC Staff's Latest Marketing Rule Risk Alert Highlights Initial Observations from Examinations

Vedder Price on

On April 17, 2024, the SEC’s Division of Examinations issued its latest risk alert regarding Rule 206(4)-1 of the Investment Advisers Act of 1940, known as the Marketing Rule. Following the examinations staff’s June 2023 and...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

SEC Division of Examinations Publishes Marketing Rule Risk Alert

The staff of SEC’s Division of Examinations (the “Staff”) recently issued a Risk Alert (the “Alert”) outlining the Staff’s initial observations from sweep exams conducted to assess SEC registered investment advisers’ (“RIAs”)...more

Royer Cooper Cohen Braunfeld LLC

The New Marketing Rule: Notes from the Field

On April 17th, the SEC issued a Risk Alert titled “Initial Observations Regarding Advisers Act Marketing Rule Compliance.” Perusing the list of failures, a sense of familiarity arose, given that one of our clients had been...more

BCLP

SEC Risk Alert on Compliance with the Marketing Rule-Examination Observations

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On April 17, 2024, the Division of Examinations (the “Division”) of the Securities and Exchange Commission (the “SEC”) published a Risk Alert entitled: “Initial Observations Regarding Advisers Act Marketing Rule Compliance”...more

Dinsmore & Shohl LLP

SEC Division of Examinations Risk Alert: Initial Observations Regarding Advisers Act Marketing Rule Compliance

Dinsmore & Shohl LLP on

On April 17, 2024 the Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) issued a Risk Alert regarding investment advisers’ compliance with amended Investment Advisers Act Rule 206(4)-1 (the...more

Goodwin

The SEC Amends the Internet Adviser Exemption

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On March 27, 2024, the US Securities and Exchange Commission (SEC) adopted amendments to Rule 203A-2(e) of the Investment Advisers Act of 1940 (the Advisers Act) (the Internet Adviser Exemption)....more

Dinsmore & Shohl LLP

Internet Adviser Registration Reforms

Dinsmore & Shohl LLP on

On March 27, 2024 the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 203A-2(e) under the Investment Advisers Act of 1940 (the “Advisers Act”). Rule 203A-2(e) provides an exemption from the prohibition...more

K&L Gates LLP

The SEC Limits the Internet Adviser Exemption

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Brief Overview - On 27 March 2024, the US Securities and Exchange Commission (SEC) adopted amendments (the Amendments) to Rule 203A-2(e) under the Investment Advisers Act of 1940 (Advisers Act). Rule 203A-2(e) is commonly...more

Stark & Stark

SEC Adopts Amendments to Modernize Internet Investment Adviser Registration Exemption

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On March 27, 2024, the Securities and Exchange Commission adopted amendments to modernize the rule for internet investment advisers relying on the exemption that qualifies them for SEC registration as smaller investment...more

Kilpatrick

More Screen Time: SEC Adopts Amendments to Internet-Only Investment Adviser Exemption

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On March 27, 2024, the Securities and Exchange Commission (“SEC”) announced amendments to the rule that allows internet-only investment advisers to register with the SEC (the “Rule”). The amended Rule eliminates the current...more

Mayer Brown

Considerations for the Home Stretch of Form ADV Updates for 2024

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On October 26, 2023, the Division of Investment Management of the US Securities and Exchange Commission (the “Division” and the “SEC” or “Commission,” respectively) updated the “Frequently Asked Questions on Form ADV and...more

Vedder Price

2024 Annual Compliance Obligation Reminders

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Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or with a state as well as commodity pool operators (“CPOs”) and commodity trading advisers (“CTAs”) registered with the U.S. Commodity...more

Quarles & Brady LLP

Annual Update of Form ADV and Recent Regulatory Changes Affecting Advisers (UPDATED)

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As a reminder, each registered investment adviser must file an annual updating amendment to its Form ADV within 90 days of its fiscal year end. This means an adviser with a December 31 fiscal year end will be required to file...more

Stark & Stark

Bitcoin for Investment Advisers - Integrating Bitcoin into Client Portfolios

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The SEC approved eleven spot Bitcoin ETFs on January 10, 2024. As a result, investment advisers may be curious about whether or how to integrate Bitcoin ETFs into client portfolios. This blog is intended to provide an update...more

Dorsey & Whitney LLP

2024 SEC Examination Priorities for Investment Advisers

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The SEC’s Division of Examinations (the “Division”) announced its examination priorities for fiscal year 2024. This eUpdate includes observations on the examination priorities and a list of examination priorities that impact...more

SEC Compliance Consultants, Inc. (SEC³)

Tips for SEC Exam Preparedness

For your reading pleasure, we present a list of tips for surviving a routine SEC Examination. This list has been compiled by SEC3 employees including ex-SEC examiners. It is not to be considered all-inclusive and is provided...more

Lowenstein Sandler LLP

Slew of Recent SEC Enforcement Actions: Guidance for Registered Investment Advisers

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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

Goodwin

SEC Sends Second Message to Private-Fund Sponsors on Audit Obligations Under Custody Rule Through Enforcement Actions

Goodwin on

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

ArentFox Schiff

Recent SEC Risk Alert Informs Advisors of Focus Areas for Upcoming Examinations Under Marketing Rule

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The DOE previously announced it would prioritize the following areas during examinations: The DOE will continue to focus on these areas, as well as the dissemination of advertisements that violate certain general...more

Foley & Lardner LLP

The SEC Renews its Emphasis on Compliance with the New Marketing Rule

Foley & Lardner LLP on

On June 8, 2023, the Securities and Exchange Commission’s (“SEC”) Division of Examinations (“Division”) released a risk alert (the “Risk Alert”) outlining the SEC’s broadened examination priorities with respect to revised...more

Goodwin

SEC Announces Focus Areas for Next Stage of Marketing Rule Exams

Goodwin on

On June 8, 2023, the Division of Examinations (EXAMS) of the Securities and Exchange Commission (the SEC) published a Risk Alert regarding its priorities for the next stage of examinations with respect to Rule 206(4)-1 (the...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

SEC’s Recent Enforcement Sweeps Targeting Off-Channel Communications of Fund Advisers

In this time of continuing digital transformation, the use of smartphones and messaging apps, such as WhatsApp, Signal, iMessage, Facebook Messenger, WeChat, and Telegram, has become increasingly popular in business practice....more

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