Social Media – Monitoring

posted in: Advertising & Marketing | 0

Investment advisers must be able to monitor what their supervised persons are saying about the firm in their social media posts and should be able to monitor what others are saying about the advisory firm.

Social Media – Capture

posted in: Advertising & Marketing | 0

Advisory firms must be able to capture and archive the posts and tweets of their supervised persons. Firm’s also need to be able to conduct a key word search for problematic terms.

Social Media – Disclaimers

posted in: Advertising & Marketing | 0

Social media posts are advertising. Any disclaimer that you would typically place on your advisory firm’s web site should also accompany any social media posts. Since the nature of social media is to allow third-parties to post comments, it is … Continued

Conduct Compliance Testing

posted in: Compliance | 0

“Forensic testing” is certainly the buzzword in compliance circles. Think CSI: Crime Scene Investigation. Essentially, an adviser should conduct some type of transactional or quality control tests that will assist the adviser in determining whether its activities are consistent with … Continued

Personal Liability and SEC Enforcement

posted in: Compliance | 0

Lest you think the SEC is not serious about holding individuals personally liable, here is an excerpt from a recent speech by Chairperson White: Individual Liability:  Any discussion of strong enforcement tools must include a discussion of our priority of … Continued

SEC Warns on CCO Outsourcing

posted in: Compliance | 0

The SEC recently conducted examinations of around 20 SEC-registered investment advisers and investment companies that outsourced their CCOs to unaffiliated third parties. The general takeaway is that outsourced CCOs sometimes were not knowledgeable about a firm’s business practices, did not have access to … Continued

Treasury Department Proposes AML Regs for Advisers

posted in: Client Relations | 0

On August 25, 2015, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) released proposed anti-money laundering (“AML”) regulations that would require investment advisers registered or required to register with the SEC to have written AML programs meeting certain minimum requirements … Continued

Keeping Trade Confirmations

posted in: Books & Records | 0

Recently an adviser asked if they still needed to keep trade confirmations since they were retained by their broker-dealer/custodian. I think an adviser must retain them in their books and records for three reasons: 1.  The repository at the BD … Continued

Testimonials

posted in: Advertising & Marketing | 0

Yesterday, for whatever reason, I was rummaging around a few adviser web sites and came across one that included a testimonial. How did I know it was a testimonial? Was it my compliance expertise? My familiarity with the nuances of … Continued

The Need for a Risk Assessment

posted in: Compliance | 0

The SEC has made it clear time and time again that the first step toward developing strong written policies and procedures is for an investment adviser to identify all areas that create risk exposure or the potential for risk exposure. Accordingly, … Continued

Three Steps in Developing an Effective IPS

posted in: Client Relations | 0

The initial questionnaire should accurately identify the client’s circumstances, investment objectives, risk tolerance, and all investment restrictions and preferences. Review of the questionnaire responses is a great time for the advisor to assess the client’s investment sophistication and to provide … Continued

1 2 3 4 5 15