The SEC issued a risk alert today that provided an overview of notable compliance issues identified by examination staff of OCIE (Office of Compliance Inspections and Examinations) with regard to Rule 206(4)-7 (the “Compliance Rule”) of the Advisers Act.
The SEC issued a risk alert yesterday relating to a series of examinations OCIE (Office of Compliance Inspections and Examinations) conducted that focused on investment advisors that operated from numerous branch offices and that had operations geographically dispersed from the advisor’s principal office.
The SEC yesterday amended the definition of an “Accredited Investor” to allow investors to qualify based on their professional knowledge, experience or certifications, in addition to the existing tests for income and net worth. The amendments also expand the list of entities that may qualify as accredited investors.
The SEC issued a risk alert for investment advisors and broker-dealers on August 12th with respect to COVID-19. In the risk alert, OCIE (Office of Compliance Inspections and Examinations) shared…
The SEC’s Office of Compliance Inspections and Examinations (OCIE) announced today its 2020 National Exam Program Examination Priorities.
The SEC announced yesterday that it voted to propose amendments to update and modernize rules under the Investment Advisers Act of 1940 (“Advisers Act”) relating to advertising and payments to solicitors. Amendments are also proposed to Form ADV, the investment advisor registration form, and the books and records rule to reflect the changes proposed to the advertising and cash solicitation rules.
The SEC adopted today a number of rulemakings and interpretations focused on bringing greater quality and transparency to the relationships between retail investors and investment advisors and broker-dealers. Of special interest to investment advisors is a new Form CRS Relationship Summary and an interpretation under the Investment Advisers Act of 1940 regarding the fiduciary duty of investment advisors.
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) has issued a risk alert relating to Regulation S-P, which requires SEC registered investment advisors to, among other things, provide privacy notices to their customers and adopt written safeguarding policies and procedures to safeguard customer information.
On December 14, 2018, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a risk alert to remind investment advisors of their obligations with respect to electronic communications and social media and to help advisors improve their systems, policies, and procedures.
On October 31, 2018, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a risk alert providing investment advisors with information regarding the most common deficiencies SEC staff have cited relating to Rule 206(4)-3 (the “Cash Solicitation Rule”) under the Investment Advisers Act of 1940.