News & Insights: Books & Records

Compliance Considerations for RIAs and BDs Trading Digital Asset Securities

Digital assets continue to be a hot topic among regulators as these securities gain momentum in the marketplace.

OCIE Risk Alert: common compliance program issues

OCIE released a Risk Alert outlining common compliance concerns among registered investment advisers. The list was compiled based on recent compliance examinations of advisers.

Does your firm include text messages in its recordkeeping?

If your firm conducts any business via text message, all electronic records should be maintained on a secure archival platform and be easily retrievable.

Department of Labor Announces 18-Month Delay of the Fiduciary Rule

The Department of Labor has announced that the applicability date of the Fiduciary Rule’s Best Interest Contract Exemption, the Principal Transactions Exemption and specific amendments to Prohibited Transaction Exemption 84-24 (PTE)s have been delayed from Jan.1, 2018, to July 1, 2019.

Reminder that the New Form ADV Rules Took Effect on October 1, 2017

All Form ADVs filed on or after October 1, 2017, must now report the new information required by the updated form.

SEC Provides Updates from Investigation of 2016 Cyber Intrusion

The SEC provided an update on its ongoing staff investigation of the 2016 cyber intrusion into the EDGAR system.

PE Firm Charged with Improper Allocation of Broken Deal Expenses

The SEC charged a registered investment adviser with improperly allocating broken deal expenses between three private equity funds it manages.

Amendments to the Books and Records Rule, Effective October 1st

Effective Oct. 1, advisers will be required to comply with the revised Books and Records Rule. Under the new rule, advisers must maintain additional records supporting the calculation and distribution of performance information.

OCIE Announces Most Frequent Advertising Rule Risks Identified in Examinations

On September 14, 2017, the OCIE announced the most frequent compliance issues with the Advertising Rule identified in their recent deficiency letters and examinations.

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

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. 

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