SEC Proposes Rule Changes Related to Custody of Client Assets What happened? On February 15, 2023, the SEC proposed rule changes intended to strengthen custody protections for client assets managed by RIAs. The proposed amendment and redesignation of the Custody Rule (Rule 206(4)-2), as the Safeguarding Rule (Rule 223-1), [...]
Fairview General Counsel Amber Allen Elected to the NSCP Board of Directors Amber Allen, who serves as the General Counsel and Executive Vice President of Fairview®, LLC, was elected to the Board of Directors of the National Society of Compliance Professionals (NSCP) to serve up to a three-year term through [...]
Annual GIPS® Compliance Notification Renewal Due June 30, 2022 Firms and asset owners claiming compliance with the Global Investment Performance Standards (GIPS®) are required to notify CFA Institute of their claim of compliance annually by June 30, 2022. Organizations that are newly claiming compliance with the GIPS standards must submit the [...]
FINRA IRR & How it Relates to the GIPS Standards The Financial Industry Regulatory Authority (FINRA) released a regulatory notice allowing asset managers to present internal rates of return (IRR) in marketing materials, under certain circumstances. A key requirement for presenting IRR for an investment with ongoing operations is that the calculation must [...]
Performance Practice Leader of Fairview Appointed Chair of CFA Institute’s United States Investment Performance Committee We are pleased to announce that Fairview Performance Service’s Vice President and Performance Practice Leader, Greta Nathan, was appointed Chair of the CFA Institute’s United States Investment Performance Committee (USIPC). Greta will work alongside a group [...]
The SEC’s Latest Exam and Request List Trends WHAT HAPPENED? With new SEC leadership in place, including Chairman Gary Gensler and Director of Enforcement Gurbir Grewal, the Commission’s examination trends continue to evolve. Some focus areas, like cybersecurity and business continuity, are more relevant than ever with the changes [...]
Inaccurate Performance Information Leads to SEC Charges WHAT HAPPENED? The SEC recently settled with a registered investment adviser that posted false statements and misleading performance data on its public website. The adviser also had referral relationships with bloggers but did not make required investor disclosures about these connections. The [...]
Annual GIPS Notification Renewal Due June 30, 2021 Firms and asset owners claiming compliance with the Global Investment Performance Standards (GIPS®) are required to notify CFA Institute of their claim of compliance annually by June 30. The required information is minimal, including: Primary and secondary contact details. Firm or asset [...]
FBI Investigates Asset Owner’s Returns WHAT HAPPENED? A Pennsylvania pension fund is caught in a legal inquiry from the FBI that led to an investigation. The trouble began when the fund’s board members noticed the plan reported yearly investment returns that were barely over the threshold to avoid an [...]
SEC Exam Observations: ESG Investing Risks WHAT HAPPENED? Recently, the U.S. Securities and Exchange Commission released a Risk Alert outlining specific compliance concerns associated with environmental, social, and governance (ESG) investing. With these investment products increasing in popularity across capital markets, the SEC is expanding efforts to provide advisers [...]