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IARD and PFRD Systems Inaccessible 3 weekend in April

IARD and PFRD Systems Inaccessible 3 weekends in April WHAT HAPPENED? The SEC announced that the IARD and PFRD systems will be unavailable during three weekends in April, plus Good Friday; the outages will occur: Friday, April 5 11:00 p.m. to Monday April 8 5:00 a.m.; Friday, April 12 [...]

By | 2022-12-19T10:56:14-05:00 Mar 20th, 2019|News|

BB&T Subsidiary Must Pay $5.7 Million After Policy Violation

BB&T Subsidiary Must Pay $5.7 Million After Policy Violation WHAT HAPPENED? On March 5, 2019, the U.S. Securities and Exchange Commission ordered BB&T Securities to pay $5.7 million following Valley Forge Asset Management’s intentional overcharging of clients. The undue charges occurred from 2013 to 2016 and involved requiring clients [...]

By | 2022-12-15T14:39:19-05:00 Mar 12th, 2019|News|

Reminder: Annual GIPS Notification Renewal Due June 30, 2019

Reminder: Annual GIPS Notification Renewal Due June 30, 2019 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: firm or asset owner name; primary and [...]

By | 2022-12-19T10:46:18-05:00 Mar 12th, 2019|Compliance, News|

Best Practices for Meeting the Distribution Requirement

Best Practices for Meeting the Distribution Requirement Global Investment Performance Standards (GIPS®) Provision 0.A.9. requires firms to make every reasonable effort to provide a compliant presentation to all prospective clients. Firms must not choose to whom they present a compliant presentation. As long as a prospective client has received a [...]

By | 2022-12-19T10:11:59-05:00 Mar 5th, 2019|Compliance, News|

SEC Requirement: Annual Amendment for Form ADV 2019

SEC Requirement: Annual Amendment for Form ADV WHAT HAPPENED? The SEC requires that investment advisers file a Form ADV Annual Amendment within 90 days of the end of the Adviser’s fiscal year.  If your fiscal year ended December 31, you will be required to file an annual amendment to [...]

By | 2022-12-20T09:11:41-05:00 Mar 4th, 2019|News|

FINRA Releases Report on Selected Cybersecurity Practices

FINRA Releases Report On Selected Cybersecurity Practices WHAT HAPPENED? On December 20, 2018, the Financial Industry Regulatory Authority (FINRA) released a Report on Selected Cybersecurity Practices (the “2018 Report”).  In it, FINRA outlines five topics of focus: Cybersecurity controls in branch offices; Methods of limiting phishing attacks; Identifying and [...]

By | 2022-12-19T12:48:13-05:00 Jan 23rd, 2019|CyberSecurity, News|

OCIE Announces 2019 Examination Priorities

OCIE Announces 2019 Examination Priorities WHAT HAPPENED? On December 20, 2018, the SEC’s Office of Compliance Inspections and Exams (“OCIE”) announced its 2019 examination priorities.  Key areas include cybersecurity, anti-money laundering (“AML”) programs, retail investors (particularly seniors), and entities providing critical market infrastructure services. Cybersecurity Cybersecurity endures as a [...]

By | 2022-12-19T12:47:06-05:00 Dec 28th, 2018|News|

ShareFile Accounts to Switch to Multi-Factor Authentication

ShareFile Accounts to Switch to Multi-Factor Authentication WHAT HAPPENED? The SEC’s Office of Compliance Inspections and Exams (“OCIE”) has announced that cybersecurity will continue to be a focal point for its examinations in 2019.  SEC Chairman Jay Clayton has echoed this sentiment, noting that the agency will include access [...]

By | 2022-12-20T09:19:03-05:00 Dec 28th, 2018|News|

OCIE Issues Risk Alert Outlining New Recommendations for Electronic Communications

OCIE Issues Risk Alert Outlining New Recommendations for Electronic Communications WHAT HAPPENED? On December 14th, 2018, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert reminding advisers of their obligations regarding the use of electronic messaging.  Under Rule 204-2 of the Advisers Act (the “Books [...]

By | 2022-12-19T12:54:23-05:00 Dec 20th, 2018|News|