News & Insights: Investment Administration

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 Charges Investment Adviser for "Improperly" Registering and Violating Multiple Rules

According to the SEC, the principle, sole owner of an investment firm falsely claimed more than $100 million in AUM from 2012-2016 to meet the minimum eligibility requirement for SEC registration.  The owner of the firm also made violations to the custody rule by failing to provide quarterly statements to clients and by failing to organize an annual surprise audit of assets. 

Fifth Circuit Court of Appeals’ Split Decision Vacates DOL Fiduciary Rule

On March 15th, the Fifth Circuit Court of Appeals vacated the DOL Fiduciary Rule, holding that the DOL surpassed its authority under the Employee Retirement Income Security Act.

SEC Announces Share Class Selection Disclosure Initiative

The SEC launched a self-reporting initiative to protect advisory clients from undisclosed conflicts of interest and return money to investors.

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.

SEC Charges Purported Hedge Fund Manager with Fraud

The SEC claims that since 2014 or earlier, the adviser collectively raised more than $5.3 million from at least six investors by misrepresenting the adviser’s prior money-management and industry experience.

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.

SEC Chairman Clayton Provides Statement on Cryptocurrency and Initial Coin Offerings

SEC Chairman Jay Clayton released a statement on cryptocurrencies and initial coin offerings (ICO) to guide as both markets continue to expand. 

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