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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 SunTrust With Improperly Recommending Costlier Mutual Funds

SEC Charges SunTrust With Improperly Recommending Costlier Mutual Funds WHAT HAPPENED? On September 14, 2017, the SEC charged SunTrust Investment Services with receiving more than $1.1 million in client fees by improperly recommending costlier share classes of mutual funds when cheaper shares were available.  The SEC alleged that SunTrust [...]

OCIE Announces Most Frequent Advertising Rule Risks Identified in Examinations

OCIE Announces Most Frequent Advertising Rule Risks Identified in Examinations WHAT HAPPENED? On September 14, 2017, the Office of Compliance Inspections and Examinations (“OCIE”) announced the most frequent compliance issues with the Advertising Rule that were identified in their recent deficiency letters and examinations.  The Advertising Rule states that [...]

Shortened Settlement Cycle for Securities Transactions

Shortened Settlement Cycle for Securities Transactions WHAT HAPPENED? On September 5, 2017, the securities industry changed the business day standard settlement cycle of securities transactions covered by the T+3 settlement cycle to a T+2 settlement cycle.  The amended rule began covering securities that were traded on September 5, 2017, [...]

By | 2017-09-15T21:08:58+00:00 September 14th, 2017|Fairview Flash Reports, U.S. Securities and Exchange Commission|

PE Firm Charged for Improperly Allocating Overhead and Portfolio Expenses to Funds

PE Firm Charged for Improperly Allocating Overhead and Portfolio Expenses to Funds WHAT HAPPENED? On September 11, 2017, the SEC charged a registered investment adviser (“the RIA”) and its principal (collectively, “Respondents”) with improperly allocating fees and expenses to two private equity funds (collectively, “the Funds”) managed by Respondents.  [...]

By | 2017-09-14T01:20:39+00:00 September 13th, 2017|Fairview Flash Reports, U.S. Securities and Exchange Commission|

SEC Charges Investment Adviser with Defrauding Clients and Prospective Clients

SEC Charges Investment Adviser with Defrauding Clients and Prospective Clients WHAT HAPPENED? On August 31, 2017, the SEC charged an investment adviser and its principal (collectively, the “Defendant”) with misleading clients and prospective clients about the performance track record of an investment strategy they offered.  The SEC explained that the [...]

Action Advisers Should Take Prior to January 30, 2018, to Comply with the Custody Rule

Action Advisers Should Take Prior to January 30, 2018, to Comply with the Custody Rule THE CUSTODY RULE As summarized in a previous Flash, the SEC published a ‘no-action’ letter in February 2017, stating that custody requirements can be triggered under certain circumstances when an adviser participates in first-party and [...]

By | 2017-09-08T18:47:07+00:00 September 6th, 2017|Fairview Flash Reports, U.S. Securities and Exchange Commission|

Preparing Compliant Advertising (Including GIPS)

Preparing Compliant Advertising (Including GIPS) THE AD RULE Advertising is often a key focus of the SEC’s examinations, making it imperative for investment advisers to remain up to date on the requirements of marketing-related regulations.  All written communication provided to more than one person and any notice that solicits investment advisory [...]

SEC Charges Hedge Fund Adviser with Failure to Prevent Insider Trading

SEC Charges Hedge Fund Adviser with Failure to Prevent Insider Trading WHAT HAPPENED? On August 21, 2017, the SEC charged a hedge fund advisory firm with failing to implement and enforce adequate policies and procedures designed to prevent insider trading.  The adviser’s policies and procedures required only an initial review [...]

SEC Conducts Surprise Examinations

SEC Conducts Surprise Examinations WHAT HAPPENED? The SEC’s Boston Regional Office has confirmed that it has randomly visited close to 20 registered investment advisers in the region to conduct examinations without providing any prior notice.  During these examinations, the SEC staff has met with the firm’s Chief Compliance Officer, and [...]