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.

2026 Examination Priorities Published by SEC Division of Exams

On November 17, 2025, the SEC’s Division of Examinations (“EXAMS”) published its 2026 Examination Priorities. The SEC’s fiscal year runs from October 1st to September 30th, and these annual priorities highlight practices and products viewed by EXAMS as presenting heightened risks to investors and the markets overall.

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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. 

SEC Charges Investment Adviser with Defrauding Clients and Prospective Clients

The SEC charged an investment adviser and its principal with misleading clients and prospective clients about the performance track record of an investment strategy they offered.

Action Advisers Should Take Prior to January 30, 2018, to Comply with the Custody Rule

the SEC published a ‘no-action’ letter in February 2017, stating that custody requirements can be triggered under certain circumstances when an adviser participates in first-party and third-party asset movement.

SEC Charges Hedge Fund Adviser with Failure to Prevent Insider Trading

Advisory firm policies should ensure firm’s compliance program is able to efficiently identify and address any potential risks.

SEC Conducts Surprise Examinations

The SEC’s Boston Regional Office has confirmed that it has randomly visited close to 20 registered investment advisers in the region to conduct examinations without providing any prior notice.

Hedge Fund Manager Charged with Misappropriating Investor Funds

On August 11, 2017, the SEC charged a hedge fund manager with misappropriating investor money between different funds he managed. These improper allocations were used to pay for legal and administrative expenses incurred by certain hedge funds during ongoing litigation with the SEC. 

DOL Provides Conflict of Interest FAQs Around Fiduciary Rule

On August 3, 2017, the DOL released a conflict of interest FAQs to provide additional clarification around the Fiduciary Rule. In the FAQ, the DOL provides guidance. The DOL will likely provide additional guidance during this transition period leading up to January 1, 2018.

Dual Registrant Fails to Disclose Conflict of Interest from Revenue Sharing

On July 19, 2017, the SEC charged a dually-registered investment adviser and broker dealer (“Respondent”) for failing to disclose compensation received from a third-party broker-dealer (“Broker”).

Upcoming Amendments to Form ADV

The new ADV reporting requirements go into effect October 1, 2017. Advisers should review their recordkeeping procedures and the information they will need to report in Part 1A of their Form ADV.

SEC Fines Private Equity Firm for Inaccurate Disclosures

The SEC charged a registered real estate private equity firm with executing a transaction between two funds (“Fund I” and “Fund II”) it advised on different terms than what was disclosed to the Fund I investor advisory committee (“Fund I IAC”).

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