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DOL Provides Conflict of Interest FAQs Around Fiduciary Rule

DOL Provides Conflict of Interest FAQs Around Fiduciary Rule WHAT HAPPENED? On August 3, 2017, the DOL released a conflict of interest FAQs to provide additional clarification around the Fiduciary Rule. In the FAQ, the DOL provides guidance regarding: Fiduciary status disclosures that must be provided by ERISA pension plan service providers [...]

By | 2017-08-19T06:35:38+00:00 August 18th, 2017|Fairview Flash Reports, United States Department Of Labor|

Dual Registrant Fails to Disclose Conflict of Interest from Revenue Sharing

Dual Registrant Fails to Disclose Conflict of Interest from Revenue Sharing WHAT HAPPENED? On July 19, 2017, the SEC charged a dually-registered investment adviser and broker dealer (“Respondent”) for failing to disclose compensation received from a third-party broker-dealer (“Broker”). Starting in 2002, Respondent waived transaction fees it and Broker would otherwise charge [...]

Upcoming Amendments to Form ADV

Upcoming Amendments to Form ADV WHAT HAPPENED? The new ADV reporting requirements go into effect October 1, 2017. Under the revised Form ADV, advisers will: require investment advisers to disclose additional information about their separately management account (“SMA”) business; require investment advisers to report specific information on general business operations, [...]

SEC Fines Private Equity Firm for Inaccurate Disclosures

DOL Releases FAQ on Conflicts of Interest During the Transition Period WHAT HAPPENED? On July 6, 2017, the SEC charged a registered real estate private equity firm (“Respondent”) with executing a transaction between two funds (“Fund I” and “Fund II”) it advised on different terms than what was disclosed to the Fund [...]

DOL Releases FAQ on Conflicts of Interest During the Transition Period

DOL Releases FAQ on Conflicts of Interest During the Transition Period WHAT HAPPENED? The Department of Labor has released an FAQ focused on the transition period after the June 9th implementation of the Fiduciary Rule and related prohibited transaction exemptions. The FAQ also provides guidance on specific provisions in the [...]

By | 2017-08-01T15:08:23+00:00 May 30th, 2017|Fairview Flash Reports, United States Department Of Labor|

Legal Risks Associated with Cyberattacks

Legal Risks Associated with Cyberattacks PROACTIVE MEASURES AGAINST CYBERATTACKS The recent ransomware attack that has affected more than 100,000 organizations has emphasized how immense the potential impact can be on the financial services industry. It is imperative for firms to protect their network from these types of threats through various technical [...]

By | 2017-08-01T15:08:35+00:00 May 24th, 2017|Fairview Flash Reports, Technology|

Labor Secretary Acosta Declines to Delay the Fiduciary Rule

Labor Secretary Acosta Declines to Delay the Fiduciary Rule WHAT HAPPENED? Yesterday, Labor Secretary Acosta confirmed that the Department of Labor (“DOL”) was unable to find “a principled legal basis to change the June 9 implementation date” for the Fiduciary Rule. NEXT STEPS Advisers should prepare for partial implementation [...]

By | 2017-08-01T15:09:01+00:00 May 23rd, 2017|Fairview Flash Reports, United States Department Of Labor|

SEC Releases Risk Alert on Ransomware

SEC Releases Risk Alert on Ransomware WHAT HAPPENED? On May 17, 2017, the SEC released a risk alert on a widespread ransomware attack, known as WannaCry, WCry or Wanna Decryptor. The hacker(s) conducting the cyber-attack have infiltrated the servers of organizations across more than 100 countries through a Microsoft® Remote Desktop Protocol [...]

SEC Amends Form ADV Part 1A and the Advisers Act

SEC Amends Form ADV Part 1A and the Advisers Act WHAT HAPPENED? The SEC adopted amendments to Part 1A of Form ADV and the Investment Advisers Act of 1940 (the “Advisers Act”) to better monitor various risks in the investment management industry. Collectively, the amendments will: require investment advisers to [...]