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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.

Adviser Charged with Defrauding Clients

Adviser Charged with Defrauding Clients WHAT HAPPENED? On December 11, 2017, the SEC charged a dually registered investment adviser and broker-dealer, and its principal (collectively, the “Defendant”), with defrauding its clients and receiving $780,000 in ill-gotten gains.  Over the course of several years, Defendant repeatedly purchased securities from underwriters [...]

Department of Labor Announces 18-Month Delay of the Fiduciary Rule

Department of Labor Announces 18-Month Delay of the Fiduciary Rule WHAT HAPPENED? The Department of Labor has announced that the applicability date of the Fiduciary Rule’s Best Interest Contract Exemption, the Principal Transactions Exemption and specific amendments to Prohibited Transaction Exemption 84-24 (PTE)s have been delayed from January 1, [...]

Division of Enforcement Releases Annual Report

Division of Enforcement Releases Annual Report WHAT HAPPENED? On November 15, 2017, the SEC’s Division of Enforcement released its annual report for Fiscal Year 2017 (“FY 2017”).  The report explains how the Division of Enforcement’s decision making throughout FY 2017 was guided by the following five principles: Focus on [...]

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, [...]