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Fairview

About Fairview

Founded in 2005 with the goal of developing streamlined back office solutions for investment advisers. Fairview is now servicing investment advisers, foundations and funds with over $132 billion in collective assets.

SEC Charges Unregistered Fund Manager

SEC Charges Unregistered Fund Manager WHAT HAPPENED? On October 26, 2017, the SEC charged an unregistered investment adviser and its principals (“collectively, the “Respondents”) with engaging a private fund it managed (the “Fund”) in conflicted transactions without providing disclosure to the investors. The conflicted transactions that Respondents performed includes [...]

SEC Grants Relief to Broker-Dealers and Investment Advisers

SEC Grants Relief to Broker-Dealers and Investment Advisers WHAT HAPPENED? On October 26, 2017, the SEC released three no-action letters that will provide 30 months relief under the Investment Advisers Act of 1940 for US broker-dealers under the second Markets in Financial Instruments Directive (“MiFID II”).  MiFID II is [...]

Natural Disasters Emphasize Need for Business Continuity and Transition Plans

Natural Disasters Emphasize Need for Business Continuity and Transition Plans WHAT HAPPENED? The United States has experienced extreme turmoil in recent months from the widespread damage inflicted by Hurricane Harvey and Irma on numerous southern cities.  These hurricanes have demonstrated how natural disasters, whether expected or not, can impose [...]

House Panel Passes Bill to Repeal DOL Fiduciary Rule

House Panel Passes Bill to Repeal DOL Fiduciary Rule WHAT HAPPENED? On October 12, 2017, the House Financial Services Committee passed the Protecting Advice for Small Savers Act of 2017 (the “PASS Act”), which would repeal the DOL’s Fiduciary Rule.  This bill would keep fiduciary rulemaking under the SEC’s [...]

SEC Spoofed Emails Used In Spear Phishing Attack

SEC Spoofed Emails Used In Spear Phishing Attack WHAT HAPPENED? Cisco’s Talos Intelligence Group has identified a targeted cyber-attack focusing on specific organizations.  The malware began with a targeted spear phishing email to initiate the malware and infected U.S. state government servers to further develop the malware infection chain.  [...]

Reminder that the New Form ADV Rules Took Effect on October 1, 2017

Reminder that the New Form ADV Rules Took Effect on October 1, 2017 WHAT HAPPENED? On October 1, 2017, the amendments to Part 1A of Form ADV and the Investment Advisers Act of 1940 (the “Advisers Act”) took effect.  The amendments, which are described in a previous Flash Report, [...]

SEC Provides Updates from Investigation of 2016 Cyber Intrusion

SEC Provides Updates from Investigation of 2016 Cyber Intrusion WHAT HAPPENED? On October 2, 2017, the SEC provided an update on its ongoing staff investigation of the 2016 cyber intrusion into the EDGAR system.  The SEC announced that the third party performing the intrusion acquired the names, birth dates [...]

SEC Creates Cyber Unit and Retail Strategy Task Force

SEC Creates Cyber Unit and Retail Strategy Task Force WHAT HAPPENED? On September 25, 2017, the SEC announced the creation of the Enforcement Division’s Cyber Unit and Retail Strategy Task Force.  These new initiatives will support the SEC in identifying cyber-related misconduct and risks directly impacting retail investors, respectively. [...]

PE Firm Charged with Improper Allocation of Broken Deal Expenses

PE Firm Charged with Improper Allocation of Broken Deal Expenses WHAT HAPPENED? On September 21, 2017, the SEC charged a registered investment adviser with improperly allocating broken deal expenses between three private equity funds it manages (collectively, the “Private Equity Funds”) and separate co-investment vehicles (the “Co-Investors”).  From 2004 [...]