News & Insights: Investment Administration

SEC Updates Custody Rule FAQs to Address COVID-19 Concerns

The SEC updated FAQs on custody rule requirements in response to the pandemic.

SEC Issues Additional Relief and Guidance as COVID-19 Creates Obstacles

The SEC expanded on a recently released relief package to extend due dates for certain filings and documentation.

SEC Exams Now Focusing on Firms’ Pandemic Plans

In response to the pandemic, the SEC has a heightened focus on firms’ business continuity planning and practices.

COVID-19 UPDATE: A Breakdown of the SEC’s Regulatory Relief Provisions for Filings and Documentation

While the international COVID-19 outbreak continues to affect the lives of the world’s citizens and, by extension, the United States’ securities infrastructure, the SEC is taking steps to provide relief to firms and funds through delays in form filing and document delivery obligations.

COVID-19 UPDATE: How the SEC Continues Its Response Efforts

As efforts to contain the COVID-19 virus expand worldwide, the SEC remains focused on maintaining a fair and orderly market and continuing its operations. The Commission has transitioned most of its staff to work remotely and conducts remote exams and enforcement.

Form CRS: The Latest Tips for Preparing – UPDATE!

On Feb. 11, 2020, the SEC released a new Frequently Asked Questions about Form CRS. Among other helpful information, the FAQs address that adviser affiliates of a registered adviser may jointly file a four-page Form rather than a two-page disclosure.

Proposed Changes to Accredited Investor Definition

The SEC proposed changes to the definition of an “accredited investor.” Until this point, the accredited investor definition has been limited to evaluating only an individual’s income or net worth. With the proposed changes, the Commission hopes to increase access to investments in private capital markets.

Kansas Adviser Ordered to Pay Over $8.5M After Breaching Fiduciary Duty

On Dec. 10, 2019, the Securities and Exchange Commission released information that an adviser, Kornitzer Capital Management, Inc. (KCM), and its principal, John Kornitzer, were charged with breaching their fiduciary duty to clients and failing to implement proper policies and procedures.

OCIE Releases List of Common Investment Company, Money Market Fund, and Target Date Fund Compliance Issues

OCIE released a Risk Alert outlining common compliance observations among investment companies, money market funds, and target date funds. The alert outlines general weaknesses and deficiencies that OCIE staff noticed during recent examinations.

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.

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