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 additional information about their separately management account (“SMA”) business; require investment advisers to report specific information on general business operations, [...]
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 a transaction between two funds (“Fund I” and “Fund II”) it advised on different terms than what was disclosed to [...]
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 the FAQs are related to Items 1.I, 1.J, 5.D, 5.K, 7.B and Schedule R. The SEC also provided an update [...]
Legal Risks Associated with Cyberattacks PROACTIVE MEASURES AGAINST CYBERATTACKS The recent ransomware attack that has affected more than 100,000 organizations has emphasized how immense the potential impact can be on the financial services industry. It is imperative for firms to protect their network from these types of threats through various technical [...]
Labor Secretary Acosta Declines to Delay the Fiduciary Rule WHAT HAPPENED? Yesterday, Labor Secretary Acosta confirmed that the Department of Labor (“DOL”) was unable to find “a principled legal basis to change the June 9 implementation date” for the Fiduciary Rule. NEXT STEPS Advisers should prepare for partial [...]
SEC Releases Risk Alert on Ransomware WHAT HAPPENED? On May 17, 2017, the SEC released a risk alert on a widespread ransomware attack, known as WannaCry, WCry or Wanna Decryptor. The hacker(s) conducting the cyber-attack have infiltrated the servers of organizations across more than 100 countries through a Microsoft® Remote Desktop [...]
SEC Amends Form ADV Part 1A and the Advisers Act WHAT HAPPENED? The SEC adopted amendments to Part 1A of Form ADV and the Investment Advisers Act of 1940 (the “Advisers Act”) to better monitor various risks in the investment management industry. Collectively, the amendments will: require investment advisers to [...]
SEC Releases ‘No-Action’ Letter Concerning the Custody Rule WHAT HAPPENED? On February 21, 2017, the SEC released a ‘no-action’ letter to address confusion surrounding the Investment Advisers Act Rule 206(4)-4 (the “Custody Rule”) and its requirements for first-party money movement and third-party money movement. The letter is intended to [...]