SEC Restores Investigative Powers for Senior Enforcement Staff WHAT HAPPENED? On Feb. 9, 2021, the Acting Chair of the U.S. Securities and Exchange Commission, Allison Herren Lee, announced in a public statement that the regulator has granted investigative powers to the enforcement division. This action reinstates the division’s previously [...]
NSCP Currents: Preparing for the LIBOR Transition and the Division's LIBOR Exam
Regulatory Freeze Could Bring Changes to New SEC Marketing Rule WHAT HAPPENED? On Jan. 20, 2021, President Biden’s first day in office, the White House issued a memorandum indicating a regulatory freeze. The freeze requires all rules from U.S. departments and agencies that are not yet published in the [...]
Who is Gary Gensler? What New SEC Leadership Could Mean for Investment Advisers WHAT HAPPENED? President Biden recently named Gary Gensler, the Obama-era head of the Commodity Futures Trading Commission (CFTC), as his pick to be the new chairman of the Securities and Exchange Commission. Having a reputation as [...]
Investments in Certain Chinese Companies Restricted Under New Executive Order WHAT HAPPENED? On Jan. 6, 2021, the U.S. Securities and Exchange Commission issued a Risk Alert in response to an Executive Order regarding investments in certain Chinese companies. The Executive Order states that Chinese companies are increasingly using American [...]
The DOL’s New Fiduciary Rule Exemption: What You Should Know WHAT HAPPENED? Recently, the U.S. Department of Labor (DOL) finalized its new fiduciary rule exemption, which will allow advisers to receive compensation for otherwise prohibited rollovers and replaces previously issued rules and guidance. The new exemption is widely viewed [...]
Scam Risks in 2021 and How to Avoid Them Cybercriminals are becoming increasingly sophisticated and continue to find new ways to compromise both individuals’ and firms’ data security. Phishing attacks often use current events or crises to entice users to click infected links, download malicious programs or documents, or provide [...]
The SEC’s New Marketing Rule: Here’s What You Should Know Now UPDATE: 3/5/2021 On March 5, 2021, the Marketing Rule was published in the Federal Register, setting in motion the need for firms to prepare for compliance. Fairview will publish more information on an ongoing basis about the Rule [...]
2020 Compliance Round-Up: The Top 10 Regulatory Headlines for Investment Advisers This Year WHAT HAPPENED? Amid the unique changes and challenges 2020 has brought, there has been plenty of regulatory news from the U.S. Securities and Exchange Commission and the Office of Compliance Inspections and Examinations (OCIE) in the [...]
Firm Fined for Violating Custody Rule and Miscalculating Performance Fees WHAT HAPPENED? Recently, the U.S. Securities and Exchange Commission charged a private fund adviser with violating sections of the Advisers Act governing performance fee calculations, the Custody Rule, and written policies and procedures and annual review requirements; the firm [...]