News & Insights: Compliance Administration

SEC Releases Proposal to Enhance Protections and Preserve Choice for Retail Investors

The SEC voted to propose a set of rules and interpretations intended to improve the quality and transparency of investors’ relationships with investment advisers and broker-dealers while protecting access to various investment relationships and products.

SEC Office of Compliance Inspections and Examinations Releases Risk Alert: Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations

OCIE released a compiled list of compliance issues relating to fees and expenses most frequently identified in deficiency letters sent to advisers.

SEC Office of Compliance Inspections and Examinations to Release New Cyber Exam Initiative

On March 22nd, Peter Driscoll, OCIE Director, announced plans for its third cybersecurity sweep exam in four years. The next cyber initiative will focus on advisers who maintain remote offices and advisers that have merged firms.

SEC Proposes Changes to Forms N-Port and N-1A Concerning Liquidity Disclosures

The SEC’s Proposing Release identifies three areas for potential revision to improve the current reporting and disclosure requirements of liquidity information by registered open-end investment firms.

Downloadable Resource for New ADV Reporting Obligation on Branch Offices

As of October 1st, 2017, the amended Form ADV requirements include a new reporting obligation for Part 1, Item 1(F) – Principal Office and Place of Business.

SEC on-Pace to Examine 20% of Advisers

The steady increase in examination rates is due to an internal restructuring of resources that have allowed for approximately 100 staff members to be reassigned from broker-dealer and market oversight units to the investment advisors and investment companies division.

SEC to Increase Exam Funding for Fiscal Year 2019

The SEC proposed a 3.5 percent increase from the 2018 fiscal budget, for a total of $1.658 billion.

SEC Office of Compliance Inspections and Examinations Announces 2018 Examination Priorities

On Feb. 7, 2018, the SEC’s OCIE announced the 2018 examination priorities. The exam priorities are published to improve compliance, prevent fraud, monitor risk and implement policy.

Important Message from the SEC Regarding Annual Amendment Filing Deadline

Saturday, March 31st is the 90-day annual amendment deadline for Advisers with a Fiscal Year ending on December 31st, 2017. 

SEC Demands a Jury Trial for Two Investment Advisers Representatives Charged with Fraud

The SEC ordered a trial by jury to be held for alleged claims against two investment adviser representatives on charges of fraudulent and misleading use of their client’s funds while working for a large, well-known Financial institution in Massachusetts.

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