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 Dec. 31, you will be required to file an annual amendment to [...]
Large Trader Compliance Risks For Investment Advisers and Broker-Dealers WHAT HAPPENED? Recently, the Division of Enforcement of the U.S. Securities and Exchange Commission released a list of common compliance concerns noted during examinations of large traders, particularly with respect to Rule 13h-1. The Rule requires firms or individuals who [...]
SEC Restores Investigative Powers for Senior Enforcement Staff WHAT HAPPENED? On Feb. 9, 2021, the Acting Chair of the U.S. Securities and Exchange Commission, Allison Herren Lee, announced in a public statement that the regulator has granted investigative powers to the enforcement division. This action reinstates the division’s previously [...]
NSCP Currents: Preparing for the LIBOR Transition and the Division's LIBOR Exam
Regulatory Freeze Could Bring Changes to New SEC Marketing Rule WHAT HAPPENED? On Jan. 20, 2021, President Biden’s first day in office, the White House issued a memorandum indicating a regulatory freeze. The freeze requires all rules from U.S. departments and agencies that are not yet published in the [...]
Who is Gary Gensler? What New SEC Leadership Could Mean for Investment Advisers WHAT HAPPENED? President Biden recently named Gary Gensler, the Obama-era head of the Commodity Futures Trading Commission (CFTC), as his pick to be the new chairman of the Securities and Exchange Commission. Having a reputation as [...]
Investments in Certain Chinese Companies Restricted Under New Executive Order WHAT HAPPENED? On Jan. 6, 2021, the U.S. Securities and Exchange Commission issued a Risk Alert in response to an Executive Order regarding investments in certain Chinese companies. The Executive Order states that Chinese companies are increasingly using American [...]
The DOL’s New Fiduciary Rule Exemption: What You Should Know WHAT HAPPENED? Recently, the U.S. Department of Labor (DOL) finalized its new fiduciary rule exemption, which will allow advisers to receive compensation for otherwise prohibited rollovers and replaces previously issued rules and guidance. The new exemption is widely viewed [...]
Scam Risks in 2021 and How to Avoid Them Cybercriminals are becoming increasingly sophisticated and continue to find new ways to compromise both individuals’ and firms’ data security. Phishing attacks often use current events or crises to entice users to click infected links, download malicious programs or documents, or provide [...]
The SEC’s New Marketing Rule: Here’s What You Should Know Now UPDATE: 3/5/2021 On March 5, 2021, the Marketing Rule was published in the Federal Register, setting in motion the need for firms to prepare for compliance. Fairview will publish more information on an ongoing basis about the Rule [...]