News & Insights: Investment Administration

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.

New SEC Guidance on Proxy Voting Process: What You Should Know

The SEC released guidance on the proxy voting process. The guidance outlines considerations advisers should make when choosing to begin or continue working with a proxy advisory firm.

SEC Charges Investment Adviser and His Father with Breaching Fiduciary Duty After Taking Advantage of Elderly Client

The SEC charged a registered investment adviser, breaching their fiduciary duty to their largest client, a 92-year-old woman. The Commission found that the Principal of the firm, Christopher de Roetth, and his father, Peter de Roetth, had coerced the client into amending the terms of her trust.

OCIE Releases Findings After Examining Firms Employing Persons with Disciplinary Histories

OCIE released a Risk Alert that outlines the findings of examinations of over 50 advisers in 2017. All the examined advisers were selected based on their employment with individuals with previous disciplinary events.

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.

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.

SEC Charges Investment Adviser for Misleading Retail Investors

The SEC charged a registered investment adviser and its CEO with distributing investor money in precarious investments and hiding the substantial commissions made in return.

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