News & Insights

Check out our Flash Reports for the latest SEC- and compliance-related news, trends, and insights.

Divided SEC Adopts Private Fund Adviser Reforms

On August 23, 2023, a divided SEC voted to adopt enhanced regulations of private fund advisers and to update the Compliance Rule for all investment advisers.

Flash Reports
08 Sep, 2017

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.

Flash Reports
06 Sep, 2017

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.

Flash Reports
29 Aug, 2017

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.

Flash Reports
29 Aug, 2017

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.

Flash Reports
29 Aug, 2017

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.

Flash Reports
18 Aug, 2017

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.

Flash Reports
01 Aug, 2017

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”).

Flash Reports
28 Jul, 2017

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.

Flash Reports
17 Jul, 2017

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”).

Flash Reports
16 Jun, 2017

SEC Updates Form ADV FAQs

On June 12, 2017, the SEC released new Form ADV FAQs to provide guidance on recent amendments made to the form. The additions to the FAQs are related to Items 1.I, 1.J, 5.D, 5.K, 7.B and Schedule R. The SEC also provided an update to Item 1.O of the Form ADV.