News & Insights: Enforcement

OCIE: Private Fund Risk Alert

The OICE, released a Risk Alert that outlines recently observed compliance issues among private fund advisers. Over a third of SEC-registered advisers manage private funds, marking them as a special focus for OCIE.

Firm Misused MNPI, Ordered to Pay $1 Million

On May 26, 2020, the United States Securities and Exchange Commission released documentation detailing an enforcement action against a Los Angeles private equity firm and registered investment adviser, Ares Management, for its misuse of material nonpublic information (MNPI).

Adviser Fined $60,000 for Custody Rule Violation

On May 22, 2020, the SEC published information on an enforcement action against a registered investment adviser. The firm was investigated, and subsequently disciplined by the SEC for violating the Custody Rule.

SEC Makes Updates to Regulatory Relief Guidance

The SEC updated a set of frequently asked questions (“FAQs”) to guide COVID-19 regulatory relief.

Risk Alerts From OCIE: Form CRS and Reg BI

OCIE released two Risk Alerts to address upcoming compliance expectations for the new Form CRS and Regulation Best Interest requirements. OCIE acknowledges that the COVID-19 pandemic has created unusual issues for firms but will continue to conduct examinations as usual.

COVID-19 UPDATE: How the SEC Continues Its Response Efforts

As efforts to contain the COVID-19 virus expand worldwide, the SEC remains focused on maintaining a fair and orderly market and continuing its operations. The Commission has transitioned most of its staff to work remotely and conducts remote exams and enforcement.

Exam Takeaways: Five Facts About Recent Examination Practices

When the SEC starts an examination of your firm, it is very important to be prepared for possible timeframes and requests. read our flash report to learn about some patterns from the SEC’s examination tactics in the last year.

Exam Takeaways: SEC and DOL Joint Exams

Regulatory requirements and expectations for firms are constantly evolving; with that, examination practices are changing as well. An emerging approach to routine examinations includes exam teams from both the Securities and Exchange Commission and the Department of Labor collaborating on the examination.

What Does OCIE Look for When Examining Cybersecurity Practices?

The Commission published “OCIE Cybersecurity and Resiliency Observations,” which outlines effective cybersecurity practices utilized by recently examined firms.

SEC Comments on Emerging ESG Compliance Concerns

The SEC has increased its focus on socially responsible “environmental, social, and governance” funds, or ESG funds. In 2019, the amount of funds investing in ESGs nearly tripled compared to 2018, and there are no signs of the trend slowing down.

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