News & Insights: Flash Reports

More than just the facts, Flash Reports provide context for what’s currently happening in the industry and translate that into what it means for your business.

SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information

The SEC adopted amendments to Regulation S-P requiring broker-dealers, investment companies, registered investment advisors, and transfer agents to implement and maintain policies and procedures regarding an incident response program that are designed to detect, respond, and recover from unwarranted access or use of client information.

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Reminder: LAST DAY to Submit IARD Form Filings is December 27

The last day to submit form filings via IARD and Web CRD is Thursday, December 27.  IARD and Web CRD will be available from 5:00 a.m. until 6:00 p.m. EST.

SEC Charges Dual Registrant with Deficient Compliance Infrastructure

The SEC released an Administrative Order to Cease and Desist against a dually registered investment adviser/broker-dealer and its sole principal.  The SEC sanctioned these individuals for violations of the Investment Advisers Act of 1940 and the Securities Exchange Act of 1934.

SEC Charges Adviser for Lacking Cybersecurity Procedures

SEC charges broker-dealer for failure to provide adequate cybersecurity policies and procedures. Contact us for help developing SEC-compliant policies.

SEC Charges Broker with “Cherry-Picking”

The SEC charged a broker with allegedly misusing client account information to allocate gainful trades into their own accounts and unprofitable trades into client retirement accounts, also known as “cherry-picking.”

SEC Charges Adviser for Failures to Disclose Conflicts of Interest

SEC released its charges against an RIA for allegedly failing to disclose the compensation it received under an agreement with a third-party broker-dealer.

RIA Settles SEC Charges for Violations of Advisers Act and Custody Rule

According to the SEC, the adviser failed to “adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act.”

Citigroup Agrees to Pay $10.5 Million for Violating Books and Records Rule and Inadequate Internal Controls

From 2013 to 2016, the SEC found that three traders of Citigroup Global Markets Inc. The SEC released its charges against Citigroup for books and records violations, inadequate internal controls and poor trade administration.

SEC Charges Investment Adviser for Misleading Retail Investors

The SEC charged a registered investment adviser and its CEO with distributing investor money in precarious investments and hiding the substantial commissions made in return.

Three Investment Advisers Settle with SEC on Campaign Contribution Charges

Rule 206(4)-5 of the Advisers Act specifically prohibits investment advisers from providing advisory services for compensation to a government entity for two years after the adviser makes a campaign contribution.

OCIE Releases List of Most Common Best Execution Issues Cited in Adviser Exams

On July 11th, 2018, the OCIE released a risk alert outlining the most common deficiencies cited in adviser examinations regarding best execution obligations.  The risk alert summarizes issues identified in deficiency letters from over 1,500 adviser examinations.

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