From the SEC’s alert: Washington, D.C., Feb. 28, 2012 – The Securities and Exchange Commission today announced a rule proposal to help protect investors from identity theft by ensuring that broker-dealers, mutual funds, and other SEC-regulated entities create programs to … Continued
From the SEC’s Risk Alert: Washington, D.C., Feb. 27, 2012 – The Securities and Exchange Commission today released an alert to help firms prevent and detect unauthorized trading in brokerage and advisory accounts. The Risk Alert issued by the agency’s … Continued
Important tips for advisers on protecting their clients from cybercrime. http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20120205/REG/302059988
The SEC Final Rule Release that sets forth the increase in assets under management (AUM) threshold for SEC registration clearly states that the SEC is going to automatically deregister on June 28, 2012, any adviser that does not have the … Continued
Dear Compliance Professional, Recently the SEC tightened its rule on investment advisory performance fees by raising the net worth requirement for investors who pay performance fees and by excluding the value of the investor’s home from the net worth calculation. … Continued
The Securities and Exchange Commission today announced it is tightening its rule on investment advisory performance fees to raise the net worth requirement for investors who pay performance fees, by excluding the value of the investor’s home from the net … Continued
At the SEC seminar last week, Rosalind Tyson, director of the SEC’s Los Angeles office, said that firms should design compliance programs tailored to their core business activities and then follow through on them. “For heaven’s sake, don’t adopt policies … Continued
Regulatory issues impacting advisers: http://www.investmentnews.com/article/20120201/FREE/120129929
The Massachusetts Securities Division recently adopted new regulations related to investment advisers. The new regulations became effective February 3, 2012. The rules will generally not be enforced until August 3, 2012. The changes to the regulations did the following: Discretion … Continued
Many states require applicant for state registration to complete an affidavit of “no prior activity.” The choices are typically, no, you have not conducted advisory activities in this state or yes, you have conducted advisory activities in this state. If … Continued
Please note by March 1, 2012, advisers must ensure their agreements with third-party service providers with which they share personal information meet Massachusetts Data Privacy Act (201 CMR 17) requirements. http://www.mass.gov/ocabr/docs/idtheft/201cmr1700reg.pdf
The bombshell in the Dodd-Frank Act for family offices was the revocation of the “less-than-15-client exemption” for private investment advisers. That rule allowed single-family offices to avoid registration with the Securities and Exchange Commission under the Investment Advisers Act of … Continued