Misleading Investor Newsletters: Firm Principal Charged by SEC for Omitting Facts WHAT HAPPENED? The owner and principal of an Indiana-based investment advisory firm was recently fined by the U.S. Securities and Exchange Commission for knowingly misleading private fund investors. The violations took place throughout 2017 when the firm’s principal [...]
Firm Principal Fined by the SEC for Supervisory Violations WHAT HAPPENED? Recently, the U.S. Securities and Exchange Commission charged a California-based adviser with several compliance failures related to supervisory and disclosure practices. The violations occurred when the Principal of an investment advisory firm did not properly supervise an inexperienced [...]
Compliance Considerations for RIAs and BDs Trading Digital Asset Securities WHAT HAPPENED? Digital assets continue to be a hot topic among regulators as these securities gain momentum in the marketplace. While more comprehensive regulations around these trades are implemented, examiners from the U.S. Securities and Exchange Commission are emphasizing [...]
UPDATE: The SEC’s Marketing Rule is Officially Published – What Now? WHAT HAPPENED? On Friday, March 5, 2021, the U.S. Securities and Exchange Commission’s highly anticipated Marketing Rule was published in the Federal Register, setting in motion a series of regulatory requirements for investment advisers. The move to officially [...]
2021 SEC Examination Priorities: What You Should Know WHAT HAPPENED? On March 3, 2021, the Division of Enforcement of the U.S. Securities and Exchange Commission (the Division) released its list of 2021 Examination Priorities. The annual list outlines the regulator’s most pertinent exam initiatives and highlights important areas of [...]
SEC Requirement: Annual Amendment for Form ADV WHAT HAPPENED? The SEC requires that investment advisers file a form ADV Annual Amendment within 90 days of the end of the adviser’s fiscal year. If your fiscal year ended Dec. 31, you will be required to file an annual amendment to [...]
Six New Data Privacy Bills That Could Become Law in 2021 WHAT HAPPENED? State mandated data privacy regulations are constantly evolving to meet the needs of the changing cybersecurity landscape. Staying up to date with these rules is critical to maintaining a compliant and functional cybersecurity program at your [...]
Large Trader Compliance Risks For Investment Advisers and Broker-Dealers WHAT HAPPENED? Recently, the Division of Enforcement of the U.S. Securities and Exchange Commission released a list of common compliance concerns noted during examinations of large traders, particularly with respect to Rule 13h-1. The Rule requires firms or individuals who [...]
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