The New Marketing Rule Part 5 - Challenges for Performance Advertising What happened? On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) passed amendments to the advertising and cash solicitation rules, along with updates to other requirements for registered investment advisers. The formerly separated rules are now combined [...]
SEC’s ESG Taskforce Fines Investment Adviser $1.5 Million for Misstatements Concerning ESG What happened? On May 23rd, the Securities and Exchange Commission (SEC) charged BNY Mellon Investment Adviser, Inc. for misstatements and omissions about Environmental, Social, and Governance (ESG) considerations, according to a press release from the SEC. The SEC [...]
The New Marketing Rule Part 4 - Implications for Social Media What happened? On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) passed amendments to the advertising and cash solicitation rules, along with updates to other requirements for registered investment advisers. The formerly separated rules are now combined [...]
The New Marketing Rule Part 3 - General Prohibitions What happened? On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) passed amendments to the advertising and cash solicitation rules, along with updates to other requirements for registered investment advisers. The formerly separated rules are now combined under the [...]
The New Marketing Rule Part 2 - What are Testimonials and Endorsements? What happened? On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) passed amendments to the advertising and cash solicitation rules, along with updates to other requirements for registered investment advisers. The formerly separated rules are [...]
Risk Alert on MNPI What happened? Restrictions on the use of material non-public information (“MNPI”) are one of the cornerstones of the SEC’s regulatory framework. The Division of Examinations (“EXAMS”) published a risk alert on examination trends relating to compliance with MNPI regulation. In addition to highlighting observed deficiencies regarding [...]
IMPORTANT :: PHISHING ALERT, MESSAGE POSING AS FINRA DEFICIENCY LETTER WITH MALICIOUS LINKS OR ATTACHMENTS What happened? There is an active phishing campaign coming from the @claims-finra.org domain. Messages refer to a potentially malicious attachment and may reference “Deficiency Letters.” Messages also try to elicit a reply in a short period [...]
The New Marketing Rule: Part 1 - What is an Ad? What Happened? On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) passed amendments to the advertising and cash solicitation rules, along with updates to other requirements for registered investment advisers. The formerly separated rules are now [...]
Reminder: Annual Form PF filing Due April 30, 2022 Although IARD/PFRD is scheduled to be available Saturday the 30th, we recommend filing be completed by April 29th If you are an SEC registered investment adviser and manage private funds, you must file a Form PF if you had at least [...]
2022 SEC Examination Priorities: ESG, Private Funds, Data Security, and Digital Assets WHAT HAPPENED? On March 30, 2022, the Division of Examinations (the Division) published its 2022 Examination Priorities. These annual priorities highlight practices, products, and services that present heightened risks to investors or U.S capital markets. The Four Pillars: These priorities [...]