Compliance Manual Pitfalls

posted in: SEC Examinations | 0

Remember that whispered voice in Field of Dreams. . . “If you build it, he will come?” Well, the SEC has its own version .  .  . “if you put it in your manual, we will make you prove you … Continued

The Role of the CCO

posted in: Compliance | 0

From a recent speech by the the head of the SEC’s Office of Compliance Inspections and Examinations (now known as the Examinations Division):

Summary of SEC Releases

posted in: Compliance | 0

The past few years have seen quite a bit of regulatory activity. The SEC’s Office of Compliance Inspections and Examination (now known as the “Office of Examinations”) issued nine Risk Alerts in 2020, five in 2019 and five more in … Continued

2019 SEC Examination Priorities

posted in: Compliance, SEC Examinations | 0

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission has released its 2019 examination priorities. You will not be surprised to see that cybersecurity is still on the list. Anti-money laundering will also figure … Continued

Frequently Asked Questions: Trade Aggregation

posted in: Trade Practices | 0

These Frequently Asked Questions are part of a series of frequently asked questions that address four primary areas of interest to investment advisers:      Compliance Program Components;      Daily Operations;      Client Protection; and      Registration … Continued

For 2 Advisers Cherry Picking Season is Over!

posted in: Trade Practices | 0

In two separate administrative actions, the SEC barred two state-registered investment adviser for allocating trades in client accounts in a manner that disadvantaged their respective clients. The SEC also fined the heck out of them.

7 Things Advisers Must Do To Avoid Custody

posted in: Custody | 0

A recent SEC No-Action Letter (Investment Adviser Association, February 21, 2017) clarified how an investment adviser can avoid having custody as a result of having a standing letter of instruction or other similar asset transfer authorization arrangement established by a client … Continued

3 Ways to Reduce Potential SEC Penalties

posted in: SEC Examinations | 0

One day you might find yourself in a situation where you have discovered – through the normal operation of your compliance policies and procedures or through your compliance testing – that your advisory firm has come up short in some significant manner. … Continued

SEC Cybersecurity Exam Requests

posted in: Privacy & Data Security | 0

Cybersecurity seems to be all the rage with both SEC and state regulators. However, advisers have been flying blind as to what the regulators may actually request during a cybersecurity exam. Thanks to our contacts in the industry, we were able … Continued