Stay to up to date on trends and breaking news impacting financial services and compliance, performance, risk and cybersecurity.
Amendments to the Books and Records Rule, Effective October 1st
Amendments to the Books and Records Rule, Effective October 1st WHAT HAPPENED? Effective October 1st, advisers will be required to comply with the revised Books and Records Rule. Under [...]
SEC Charges SunTrust With Improperly Recommending Costlier Mutual Funds
SEC Charges SunTrust With Improperly Recommending Costlier Mutual Funds WHAT HAPPENED? On September 14, 2017, the SEC charged SunTrust Investment Services with receiving more than $1.1 million in client [...]
OCIE Announces Most Frequent Advertising Rule Risks Identified in Examinations
OCIE Announces Most Frequent Advertising Rule Risks Identified in Examinations WHAT HAPPENED? On September 14, 2017, the Office of Compliance Inspections and Examinations (“OCIE”) announced the most frequent compliance [...]
PE Firm Charged for Improperly Allocating Overhead and Portfolio Expenses to Funds
PE Firm Charged for Improperly Allocating Overhead and Portfolio Expenses to Funds WHAT HAPPENED? On September 11, 2017, the SEC charged a registered investment adviser (“the RIA”) and its [...]
SEC Charges Investment Adviser with Defrauding Clients and Prospective Clients
SEC Charges Investment Adviser with Defrauding Clients and Prospective Clients WHAT HAPPENED? On August 31, 2017, the SEC charged an investment adviser and its principal (collectively, the “Defendant”) with misleading [...]
Action Advisers Should Take Prior to January 30, 2018, to Comply with the Custody Rule
Action Advisers Should Take Prior to January 30, 2018, to Comply with the Custody Rule THE CUSTODY RULE As summarized in a previous Flash, the SEC published a ‘no-action’ letter [...]
Preparing Compliant Advertising (Including GIPS)
Preparing Compliant Advertising (Including GIPS) THE AD RULE Advertising is often a key focus of the SEC’s examinations, making it imperative for investment advisers to remain up to date on the [...]
SEC Charges Hedge Fund Adviser with Failure to Prevent Insider Trading
SEC Charges Hedge Fund Adviser with Failure to Prevent Insider Trading WHAT HAPPENED? On August 21, 2017, the SEC charged a hedge fund advisory firm with failing to implement and [...]
SEC Conducts Surprise Examinations
SEC Conducts Surprise Examinations WHAT HAPPENED? The SEC’s Boston Regional Office has confirmed that it has randomly visited close to 20 registered investment advisers in the region to conduct examinations [...]
Hedge Fund Manager Charged with Misappropriating Investor Funds
Hedge Fund Manager Charged with Misappropriating Investor Funds WHAT HAPPENED? On August 11, 2017, the SEC charged a hedge fund manager with misappropriating investor money between different funds he managed. [...]
DOL Provides Conflict of Interest FAQs Around Fiduciary Rule
DOL Provides Conflict of Interest FAQs Around Fiduciary Rule WHAT HAPPENED? On August 3, 2017, the DOL released a conflict of interest FAQs to provide additional clarification around the Fiduciary [...]
Dual Registrant Fails to Disclose Conflict of Interest from Revenue Sharing
Dual Registrant Fails to Disclose Conflict of Interest from Revenue Sharing WHAT HAPPENED? On July 19, 2017, the SEC charged a dually-registered investment adviser and broker dealer (“Respondent”) for failing to [...]
Upcoming Amendments to Form ADV
Upcoming Amendments to Form ADV WHAT HAPPENED? The new ADV reporting requirements go into effect October 1, 2017. Under the revised Form ADV, advisers will: require investment advisers to disclose [...]
SEC Fines Private Equity Firm for Inaccurate Disclosures
DOL Releases FAQ on Conflicts of Interest During the Transition Period WHAT HAPPENED? On July 6, 2017, the SEC charged a registered real estate private equity firm (“Respondent”) with executing [...]
SEC Updates Form ADV FAQs
SEC Updates Form ADV FAQs WHAT HAPPENED? On June 12, 2017, the SEC released new Form ADV FAQs to provide guidance on recent amendments made to the form. The additions to [...]
DOL Releases FAQ on Conflicts of Interest During the Transition Period
DOL Releases FAQ on Conflicts of Interest During the Transition Period WHAT HAPPENED? The Department of Labor has released an FAQ focused on the transition period after the June 9th [...]