Whether a third-party statement is a testimonial depends upon all of the facts and circumstances relating to the statement. The term “testimonial” is not defined in Rule 206(4)-1(a)(1), but SEC staff consistently interprets that term to include a statement of a client’s experience with, or endorsement of, an investment adviser. Therefore, depending on the facts
Six good safeguarding tips: Shred financial documents and other printed personal material before discarding. Do not leave your laptop computer, iPad, iPhone or Blackberry in your car (or Starbucks) unattended. Do not leave a computer you are logged on to unattended or unprotected. Do not share your passwords with other persons (and do not post
The SEC has charged a Dallas-based registered investment adviser’s primary equity trader with insider trading and trading ahead of large block trades for the adviser’s clients through one of his wife’s brokerage accounts. The trader failed to report his wife’s accounts and one of his accounts, and holdings and transactions in these accounts to the
On April 10th, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) jointly approved a final rule requiring broker-dealers, mutual funds, federally registered investment advisers, and certain other regulated entities to adopt programs designed to detect and address identity theft. The final rule release is available online by clicking here. These rules
In recent testimony before the U.S. House of Representatives Committee on Financial Services, Chairman Mary Jo White of the U.S. Securities and Exchange Commission (“SEC”) discussed some of the recent activities of the SEC. The testimony addressed several key areas of SEC oversight and focus including the areas of SEC enforcement and the SEC’s inspection
Mary Jo White, head of the Securities and Exchange Commission, told the House Financial Services Committee that the agency’s top priority is increasing examination of financial advisers. “Significant additional coverage is essential if investors are to be appropriately protected,” she said. The SEC doesn’t have an opinion on whether that should be accomplished through more
The Securities and Exchange Commission today announced that Carlo V. di Florio will leave the agency after leading its National Exam Program for more than three years. Mr. di Florio will depart later this month to lead a new division of risk and strategy at the Financial Industry Regulatory Authority (FINRA).
With the recent passage of the Identity Theft Red Flags Rules by the SEC (in effect, applying existing rules specifically to investment advisers), the topic of identity theft has once again moved front and center. However, whatever their obligations on a federal level, advisers cannot lose sight of the fact that they also have obligations