News & Insights

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

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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OCIE Releases List of Common Principal and Agency Cross Trading Compliance Issues

The OCIE issued a Risk Alert regarding common principal and agency cross trading compliance concerns.

New SEC Guidance on Proxy Voting Process: What You Should Know

The SEC released guidance on the proxy voting process. The guidance outlines considerations advisers should make when choosing to begin or continue working with a proxy advisory firm.

Alleged Cryptocurrency Scam Serves as Reminder of Digital Assets Risks

The SEC issued a press release regarding charges against Reginald “Reggie” Middleton and his two companies. The complaint, alleges that Middleton and his companies knowingly defrauded customers through the trade of a cryptocurrency called VERI tokens.

Enabling Firms to Present Pooled Fund Specific Performance

With the 2020 edition of the GIPS®, firms are now able to present pooled fund specific performance. The changes pertaining to pooled funds were made to better accommodate the marketing of pooled funds.

SEC Charges Investment Adviser and His Father with Breaching Fiduciary Duty After Taking Advantage of Elderly Client

The SEC charged a registered investment adviser, breaching their fiduciary duty to their largest client, a 92-year-old woman. The Commission found that the Principal of the firm, Christopher de Roetth, and his father, Peter de Roetth, had coerced the client into amending the terms of her trust.

Alaska Investment Adviser Ordered to Pay Over $400K in SEC Settlement

The SEC released a settlement with an Alaska investment adviser, which was penalized for its failure to properly disclose compensation conflicts to clients.

OCIE Releases Findings After Examining Firms Employing Persons with Disciplinary Histories

OCIE released a Risk Alert that outlines the findings of examinations of over 50 advisers in 2017. All the examined advisers were selected based on their employment with individuals with previous disciplinary events.

Ability to Once Again Allocate Cash to Carve-Outs

Before January 1, 2010, firms were allowed to include carve-outs with allocated cash in composites. This provision limited many firms’ ability to market potential strategies and/or attain compliance with the GIPS standards due to system limitations.

How are Advisers Selected for an OCIE Exam?

The reasons OCIE may select an adviser for examination are various and shifting, depending on commonly identified risk factors and changes in regulation. The SEC takes steps to be transparent about which conditions may cause an adviser to be selected for examination.

SEC Accepts Public Comment on Private Securities Offering Exemptions

The call for comment is directed toward startups, investors, and entrepreneurs who have worked within the existing exempt offering framework.

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