News & Insights: Performance Services

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.

Enabling Firms to Present Pooled Fund Specific Performance

With the 2020 edition of the GIPS®, firms are now able to present pooled fund specific performance. The changes pertaining to pooled funds were made to better accommodate the marketing of pooled funds.

Ability to Once Again Allocate Cash to Carve-Outs

Before January 1, 2010, firms were allowed to include carve-outs with allocated cash in composites. This provision limited many firms’ ability to market potential strategies and/or attain compliance with the GIPS standards due to system limitations.

Large Cash Flows versus Significant Cash Flows: Which is Which?

The GIPS standards define a large cash flow as the level at which the firm determines that an external cash flow may distort performance if the portfolio is not valued.

Best Practices for Meeting the Distribution Requirement

Global Investment Performance Standards (GIPS®) Provision 0.A.9. requires firms to make every reasonable effort to provide a compliant presentation to all prospective clients.

SEC Charges Hedge Fund Adviser with Deceiving Investors by Inflating Fund Performance

The SEC announced its charges against a registered investment adviser for “inflating the value of private funds it advised by hundreds of millions of dollars.

SEC Conducts Surprise Examinations

The SEC’s Boston Regional Office has confirmed that it has randomly visited close to 20 registered investment advisers in the region to conduct examinations without providing any prior notice.

Upcoming Amendments to Form ADV

The new ADV reporting requirements go into effect October 1, 2017. Advisers should review their recordkeeping procedures and the information they will need to report in Part 1A of their Form ADV.

SEC Takes Strict Stance on General Solicitations of Certain Regulation D Offerings

In a review of a FINRA disciplinary action, the SEC affirmed its zero-tolerance policy for general solicitations of specific Regulation D offerings.

CFA Institute Issues Guidance Statement on Broadly Distributed Pooled Funds

A broadly distributed pooled fund is defined as a fund which is publicly available to multiple investors without a minimum quantity of investors required.

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