News & Insights

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

Stay Vigilant to Help Prevent Cyberattacks During the Holidays

Cybercrimes tend to increase during the holiday season, as malicious actors take advantage of the increased employee travel and distractions that are more common during the holiday season. To help protect from cyberattacks during the busy holiday season, the FBI and CISA compiled several recommendations that employees can take now to prevent from these kinds of attacks.

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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”).

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.

DOL Releases FAQ on Conflicts of Interest During the Transition Period

The Department of Labor has released an FAQ focused on the transition period after the June 9th implementation of the Fiduciary Rule and related prohibited transaction exemptions.

Legal Risks Associated with Cyberattacks

The recent ransomware attack that has affected over 100,000 organizations has emphasized how immense the potential impact can be on the financial services industry. Firms must protect their network from these threats through various technical lines of defense.

Labor Secretary Acosta Declines to Delay the Fiduciary Rule

Labor Secretary Acosta confirmed that the Department of Labor (“DOL”) was unable to find “a principled legal basis to change the June 9 implementation date” for the Fiduciary Rule.

SEC Releases Risk Alert on Ransomware

On May 17, 2017, the SEC released a risk alert on a widespread ransomware attack, known as WannaCry, WCry or Wanna Decryptor.

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