News & Insights: Compliance Administration

RIA Examinations Expected to Rise by 25% Over Next 2 Years

Congress, SEC Chairman Clayton stated that the SEC is on track to increase the number of registered investment adviser (“RIA”) examinations by 20 percent in the fiscal year 2017 and by an additional 5 percent in the fiscal year 2018.

SEC Spoofed Emails Used In Spear Phishing Attack

Cisco’s Talos Intelligence Group has identified a targeted cyber-attack focusing on specific organizations. 

Reminder that the New Form ADV Rules Took Effect on October 1, 2017

All Form ADVs filed on or after October 1, 2017, must now report the new information required by the updated form.

PE Firm Charged with Improper Allocation of Broken Deal Expenses

The SEC charged a registered investment adviser with improperly allocating broken deal expenses between three private equity funds it manages.

Amendments to the Books and Records Rule, Effective October 1st

Effective Oct. 1, advisers will be required to comply with the revised Books and Records Rule. Under the new rule, advisers must maintain additional records supporting the calculation and distribution of performance information.

SEC Charges SunTrust With Improperly Recommending Costlier Mutual Funds

The SEC charged SunTrust Investment Services with receiving more than $1.1 million in client fees by improperly recommending costlier share classes of mutual funds when cheaper shares were available.

OCIE Announces Most Frequent Advertising Rule Risks Identified in Examinations

On September 14, 2017, the OCIE announced the most frequent compliance issues with the Advertising Rule identified in their recent deficiency letters and examinations.

PE Firm Charged for Improperly Allocating Overhead and Portfolio Expenses to Funds

The SEC charged a registered investment adviser (“the RIA”) and its principal (collectively, “Respondents”) with improperly allocating fees and expenses to two private equity funds (collectively, “the Funds”) managed by Respondents. 

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.

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.

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