Recent SEC Proceedings

posted in: Compliance | 0

On Monday, the SEC provided a press release regarding recent administrative and cease-and-desist proceedings against three different firms.  These actions were centered around the validity of the compliance programs of the involved firms, and, in one case, the level of … Continued

Renewal Payment Deadline

posted in: Registration & Licensing | 0

Just a reminder that the deadline for payment of your firm’s annual renewal fees is December 12th. Don’t wait until the deadline to pay as the IARD system may take up to a week to process payments.

Massachusetts Proposed Regs

posted in: Registration & Licensing | 0

On November 2, 2011, the Massachusetts Securities Division proposed new regulations that would 1.) change the requirements for investment advisers with discretion or custody of client funds; 2.) change the definition of “institutional buyer” found in the regulations; and 3.) … Continued

Excellent Speech by the Head of OCIE

posted in: Compliance | 0

I commend you to read an excellent speech by Carlo di Florio, the Director of the SEC Office of Compliance Inspections and Examinations on the role of compliance and ethics in risk management. Here is the link: http://www.sec.gov/news/speech/2011/spch101711cvd.htm

FINRA Certification Period

posted in: Registration & Licensing | 0

Today starts the 30 day FINRA Certification Period for Super Account Administrators. According to the message sent out by FINRA: One of the responsibilities of FINRA Super Account Administrators (SAA) is to ensure that users in their organization who require … Continued

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