SEC Charges Adviser in Soft Dollar Fraud

posted in: SEC Examinations | 0

The SEC charged an investment advisor with fraud for lying to clients about how brokerage commission rebates, or “soft dollars,” were being used and producing phony documents to cover up the fraud during an SEC examination. The SEC alleges that … Continued

SEC Postpones Fiduciary Rules

posted in: Compliance | 0

The SEC (and the Department of Labor) postponed efforts to extend a fiduciary standard to more financial advisers. “It’s extremely unlikely that there will be a rule this year,” an SEC official says.

Compliance Alert! Data Security

posted in: Alert!, Privacy & Data Security | 0

Dear Compliance Professional, The protection of a client’s non-public personal information is one of the most important tasks entrusted to an investment adviser. Unfortunately, it is also one of the most vexing issues confronting compliance professionals. Any time an adviser … Continued

Social Media

posted in: Advertising & Marketing | 0

Following a recent survey of state-registered investment advisers, the Massachusetts Division of Securities has determined that additional regulatory guidance concerning the use of social media is necessary. The Survey required responses to a variety of questions as to each investment … Continued

Good Riddance SEC? Not so Fast.

posted in: Registration & Licensing | 0

We now know that at the $90 million asset under management threshold, approximately 3,300 SEC-registered advisers will be required to transition to registration with one or more states. Quite a few of these transitioning SEC advisers are positively giddy with … Continued