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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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.

Regulation Best Interest: What You Should Know

The SEC adopted Regulation Best Interest (BI) which is intended to raise the standard of conduct for broker-dealers working with retail customers. The regulation had been under consideration since April 2018 and was passed by the Commission in a three-to-one vote.

Investment Adviser Overcharges Clients by $367,000, Charged with Fraud

On May 28, 2019, the SEC charged an investment adviser with overcharging clients by at least $367,000. Stephen Brandon Anderson, owner, and operator of River Source Wealth Management charged a majority of customers advisory fees.

Composite Minimums: Common Issues

Establishing a composite minimum helps define discretion. Since these composite minimums are tied to discretion, they may be composite specific.

Use of "May" in Form ADV Deemed Negligent by D.C. Circuit Court

D.C. Circuit Court of Appeals in Robare Group, Ltd. v. SEC ruled against RIA for failing to properly disclose a fee arrangement.

SEC Adopts Rules and Interpretations Including Form CRS and Regulation Best Interest

The SEC adopted a package of rules and interpretations intended to increase transparency for retail investors in their relationships with investment advisers and broker-dealers. The package includes Regulation Best Interest, the Form CRS Relationship Summary, and two new interpretations of the Advisers Act of 1940.

OCIE Warns of Cloud-Based Server Security Risks

OCIE discovered several security risks related to the storage of customer information by broker-dealers and advisers, particularly related to the use of cloud-based servers. The primary risk was found to stem from firms choosing not to utilize available security features on storage platforms.

Form CRS: What You Should Know

In April 2018, the SEC released a proposed rule requiring investment advisers to provide a relationship summary to prospective clients. Form CRS, or Form 3, is intended to give retail clients simple information about investment advisers, written clearly, and concisely.

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