News & Analysis as of

Risk Alert

US Securities and Exchange Chairman Jay Clayton Raises Concerns About Virtual Currency Offerings

by Shearman & Sterling LLP on

US Securities and Exchange Chairman Jay Clayton raised concerns about virtual currency offerings or so-called initial coin offerings. He noted that ICOs are similar to securities offerings by firms required to register with...more

SEC's Office of Compliance Inspections and Examinations Issues Risk Alert for Municipal Advisors

by Bracewell LLP on

On November 7, 2017, the Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) issued a risk alert that described the staff’s observations from over 110 examinations...more

The Adviser: A Quarterly Update for Private Funds - November 2017

by Bryan Cave on

For several years the U.S. Securities and Exchange Commissions (“SEC”) has focused its enforcement efforts on how private fund advisers allocate fees and expenses to their fund clients and the adequacy of their disclosures to...more

SEC’s Most Recent Cybersecurity Move: What Registered Investment Advisors Need to Know

by Polsinelli on

As public concern over data security grows in the wake of the Equifax data breach, the U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of registered investment advisors (RIAs). In turn, RIAs should...more

CMS Advisory Opinion 2017-01 Approves Pop-up Alerts to Physicians Through Online Laboratory Portal

by Baker Ober Health Law on

A clinical laboratory has received a green light from CMS to offer pop-up notifications alerting physicians of various potential issues (Laboratory Alerts) through its web-based portal for ordering and reporting results of...more

OCIE Publishes Risk Alert on Most Frequent Advertising Rule Compliance Issues Found During Examinations

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a National Exam Program Risk Alert on September 14, 2017 (Risk Alert). The Risk Alert highlights...more

Funds Talk: October 2017 - SEC Report Highlights Financial Firms’ Cybersecurity Improvements and Shortcomings

On Aug. 7, 2017, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a risk alert summarizing the results of its second cybersecurity preparedness examination. ...more

OCIE Releases Risk Alert Regarding Advertisements of Investment Advisers

by Bracewell LLP on

On September 14, 2017, OCIE published a Risk Alert identifying issues associated with Rule 206(4)(1) of the Investment Advisers Act of 1940 (the “Advertising Rule”). The Risk Alert was based on observations of the OCIE staff...more

Funds Talk: October 2017 - SEC Issues Risk Alert Regarding Advertising Rule Compliance Based on Recent OCIE Examinations

On Sept. 14, 2017, the Securities and Exchange Commission (the “SEC”) issued a risk alert outlining certain compliance issues identified by the regulator’s Office of Compliance Inspections and Examinations (“OCIE”) related to...more

The SEC’s Office of Compliance Inspections and Examinations Warns Investment Advisers: “Don’t Mislead or We Will Proceed!”

On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert in which it highlighted a number of compliance issues it had identified relating to the so-called Advertising...more

SEC Issues Risk Alert on the Most Frequent Advertising Rule Compliance Issues and Use of Accolades in Advertisements

by Proskauer Rose LLP on

I. Advertising Rule Compliance Issues - On September 14, 2017, the staff of the SEC's Office of Compliance Inspections and Examinations (OCIE) issued a National Examination Program Risk Alert on the most frequent advertising...more

SEC Wants the Truth and Nothing but the Truth in Advertising

Tell the truth, the whole truth, and nothing but the truth: that’s the message to registered investment advisors from the Office of Compliance Inspections and Examinations (OCIE) in a recent risk alert about the SEC’s...more

SEC Issues Guidance on Investment Adviser Advertising Rule

by Dorsey & Whitney LLP on

On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a new Risk Alert outlining the most frequent compliance issues relating to Rule 206(4)-1 (the “Advertising Rule”) under the...more

OCIE Releases Cybersecurity Risk Alert

by Bracewell LLP on

On August 7, 2017, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing its most recent cybersecurity examination findings. As a part of its Phase...more

SEC Focuses on Initial Coin Offerings: Tokens May Be Securities Under Federal Securities Laws

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) has recently taken several actions to make clear that it is focused on and actively monitoring the rapidly growing market for so-called “token sales” or “initial coin...more

OCIE Releases Results of Cybersecurity Examination Initiative

On August 7, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a summary of its observations (the report) from cybersecurity examinations of 75...more

IRS Issues Urgent Warning to Beware IRS FBI Themed Ransomware Scam

The Internal Revenue Service today warned people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage....more

New SEC Investor Alert Re: Initial Coin Offerings

by Goodwin on

Today the SEC issued an Investor Alert warning investors about companies asserting they are engaging in an ICO, when in fact it is a scam. Specifically, “The SEC’s Office of Investor Education and Advocacy is warning...more

SEC Publishes Cybersecurity Risk Alert

by Balch & Bingham LLP on

On August 7 2017, the U.S. Securities and Exchange Commission (SEC), through its Office of Compliance Inspections and Examinations (OCIE), published a Risk Alert summarizing observations on how broker dealers, investment...more

The Good and the Bad from OCIE’s Cyber Examinations and What Firms Should Do Next

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a National Examination Program Risk Alert (Risk Alert) on August 7, 2017 regarding observations from...more

Corporate and Financial Weekly Digest - Volume XII, Issue 31

CFTC - CFTC Suspends Need of Formal Notice for Position Disaggregation Relief - On August 10, the Commodity Futures Trading Commission (the CFTC) issued no-action relief, eliminating the need for certain persons...more

OCIE Observations from the Second Round of Cybersecurity Examinations

by K&L Gates LLP on

On August 7, 2017, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a risk alert (the “Risk Alert”) summarizing observations from the second round of...more

SEC Cybersecurity Risk Alert Emphasizes Proactive Compliance and Ongoing Vigilance

by BakerHostetler on

On August 7, 2017, the Securities and Exchange Commission (SEC) released its latest cybersecurity risk alert, detailing findings from the examination of 75 broker-dealers, investment advisers and investment companies carried...more

SEC Watch: “Observations” from SEC’s Cybersecurity 2 Initiative

Last week, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released its “Observations from Cybersecurity Examinations” conducted pursuant to OCIE’s...more

SEC Report Highlights Financial Firms’ Cybersecurity Improvements and Shortcomings

On August 7, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert summarizing the results of its second cybersecurity preparedness examination. The...more

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Cybersecurity

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