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Monthly Archives: April 2012
Common Deficiencies
In order to provide state-registered investment advisers with a better understanding of what they need to do to “stay out of trouble” we analyzed all the state-level compliance material (e.g., examination request lists, deficiency letters, policy notices, speeches) we have assembled over the years to develop a list of compliance issues that are of greatest
Did You Know?
. . . that the SEC annually examines only about 8% of the nearly 12,000 advisers registered with the agency.
You Ain’t Going to Get Away With it
Attorney, Wall Street Trader, and Middleman Settle SEC Charges in $32 Million Insider Trading Case The Securities and Exchange Commission announced a settlement in a $32 million insider trading case against a corporate attorney and a Wall Street trader. The SEC alleged that the insider trading occurred in advance of at least 11 merger and
SEC Versus State Registration
We have always contended that it is far easier to register as an investment adviser with the SEC than it is with most any state. Counterintuitive though it may be, registration with the SEC requires the filing of ONLY two documents (e.g., the ADV Part 1 and Part 2A). When registering as an investment adviser
ERISA 408(b)(2) – Fees and Expenses Disclosures
One of the disclosure required of Advisers by the Department of Labor under ERISA section 408(b)(2) is in regard to the fees and expenses relating to a Plan’s investment options. Fees and expenses include additional investment disclosures from providers of fiduciary services to an investment contract, product, or entity that holds plan assets and in
FINRA for Investment Advisers?
House Financial Services Committee Chairman Spencer Bachus, R-Ala., formally introduced a bill on Wednesday that would shift the oversight of investment advisers from the Securities and Exchange Commission to a separate agency – perhaps the Financial Industry Regulatory Authority Inc.
ERISA 408(b)(2) – Recordkeeping Disclosures
One of the disclosure required of Advisers by the Department of Labor under ERISA section 408(b)(2) is in regard to the cost of recordkeeping services. Recordkeeping services include services related to plan administration and monitoring of plan and participant and beneficiary transactions (e.g., enrollment, payroll deductions and contributions, offering designated investment alternatives and other covered
The High Cost of Misleading Investors
SEC Charges Father-and-Son Hedge Fund Managers Who Agree to Pay $4.8 Million to Settle Fraud Case The Securities and Exchange Commission today charged a Boston-based father-son duo of hedge fund managers and their firms with securities fraud for misleading investors about their investment strategy and past performance.
ERISA 408(b)(2) – Indirect Compensation
One of the disclosure required of Advisers by the Department of Labor under ERISA section 408(b)(2) is in regard to indirect compensation. “Indirect” compensation is compensation received from any source other than the covered plan, the plan sponsor, the covered service provider, or an affiliate. Examples of Indirect Compensation: Soft Dollars; 12b-1 fees (even if
California Requirements
For those SEC-registered advisers transitioning to registration in the State of California, you need to include the following two disclosures in your ADV Part 2A: “XYZ Advisors has disclosed all material conflicts of interest under section 260.238(k) of the California Code of Regulations regarding the firm, its representatives and its employees which could be reasonably
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