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Compliance Resolutions

posted in: Compliance | 0

Dear Compliance Professional, Happy New Year. Alas, it is only day 2 of the new year and I have already broken 80% of my resolutions (sadly, this is actually an improvement on last year’s efforts). Fortunately for you, however, the … Continued

Alert – Social Media

posted in: Advertising & Marketing, Alert! | 0

A copy of the SEC Social Media Document Request Letter is reprinted below. Perhaps it is time to revisit your social media policies and procedures.  …………………. DOCUMENTS TO BE PRODUCED Please produce the following documents within Adviser’s possession or custody … Continued

Alert – Cybersecurity

posted in: Privacy & Data Security | 0

Dear Compliance Professional, On April 15, 2014, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert as part of its 2014 initiative to assess Cybersecurity preparedness.  OCIE’s cybersecurity initiative is designed to assess cybersecurity preparedness in … Continued

FBI Probes High Speed Trading

posted in: Trade Practices | 0

The Federal Bureau of Investigation has launched a wide-ranging investigation into high-speed trading with an eye on whether some firms are acting on fast-moving market information that isn’t available to other traders.

SEC Exam Initiative

posted in: Alert!, SEC Examinations | 0

Dear Compliance Professional, The SEC today announced that its Office of Compliance Inspections and Examinations (OCIE) is launching an initiative directed at investment advisers that have never been examined, focusing on those that have been registered with the SEC for … Continued

SEC Exam Priorities – Update

posted in: Alert!, SEC Examinations | 0

Dear Compliance Professional, As part of its 2014 Exam priorities, the SEC announced that the “staff will utilize a number of strategies to conduct focused, risk-based examinations of the adviser population that has been registered for more than three years … Continued

FINRA Identifies 2014 Examination Priorities

posted in: Compliance | 0

In a letter to all FINRA member firms (the “FINRA Priorities Letter”), FINRA set forth its regulatory and examination priorities for 2014, highlighting significant risks and issues that could adversely affect investors and market integrity in the coming year. FINRA’s … Continued

SEC 2014 Exam Priorities

posted in: SEC Examinations | 0

Dear Compliance Professional, The Securities and Exchange Commission today announced its examination priorities for 2014, which cover a wide range of issues at financial institutions, including investment advisers and investment companies, broker-dealers, clearing agencies, exchanges and other self-regulatory organizations, hedge … Continued

SEC to Hold Compliance Outreach Program

posted in: Compliance | 0

The Securities and Exchange Commission announced the opening of registration for its Compliance Outreach Program’s National Seminar for investment companies and investment advisers.  The event is intended to help these firms’ Chief Compliance Officers (CCOs) and other senior personnel to … Continued

New SEC Final Rule

posted in: Private Investment Funds | 0

There is new joint Final Rule entitled: Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds It weighs in at a mere 964 pages. I am going to start reading … Continued

IARD User Fees

posted in: Registration & Licensing | 0

IARD user fees are always a source of confusion. That is because advisers swear up and down that they paid their renewal fees and this additional fee must be a mistake. But IARD user fees are separate and apart from … Continued

Policy Statement on Custody Requirements

posted in: Custody, State Compliance | 0

In conjunction with the release of a preliminary report describing an initiative by the Registration, Inspections, Compliance and Examinations Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth (the “Division”) to examine advisers that registered with … Continued

SEC Advisers to Pay User Fees?

posted in: SEC Examinations | 0

The recommendation of the Investor as Purchaser Subcommittee: “The SEC should request legislation from Congress that would authorize its Office of Compliance, Inspections, and Examinations (OCIE) to impose “user fees” on SEC-registered investment advisers, the revenue from which could be … Continued

Undisclosed Principal Transactions

posted in: Trade Practices | 0

The SEC recently announced charges against two Houston-based investment advisory firms and three executives for engineering thousands of principal transactions through their affiliated brokerage firm without informing their clients. In a principal transaction, an investment adviser acting for its own … Continued

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