2020 SEC Exam Priorities for RIAs
The SEC’s Office of Compliance Inspections and Examinations (OCIE) announced today its 2020 National Exam Program Examination Priorities.
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January 7, 2020
SEC Proposes Significant Amendments to Advertising and Solicitation Rules
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.
November 5, 2019
SEC ADOPTS FORM CRS AND OTHER 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.
June 6, 2019
New SEC Risk Alert on Regulation S-P
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.
April 22, 2019
SEC Alert on Electronic Communications – What Advisors Need to Know
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.
December 20, 2018
New SEC Alert on the Cash Solicitation Rule
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.
November 1, 2018
New SEC Proposals re Investment Advisers
On April 18, 2018, the SEC proposed an interpretation to reaffirm and clarify the Commission’s views regarding the fiduciary duty that investment advisers owe to their clients. In discussing this fiduciary duty, the SEC hopes to clarify for both advisers and their clients the legal obligations investment advisers have to their clients. In addition, the SEC proposed Form CRS, which would require advisers (and broker-dealers) to provide a “relationship summary” to retail investors.
April 19, 2018
Regulatory Filings – A Guide for U.S. Investment Advisors
Most chief compliance officers of registered investment advisors are intimately familiar with Form ADV. But what about Form 3 or Form 4 under Section 16? How about HSR? Your advisor may be subject to a number of shareholder and regulatory filings that, if not made timely and accurately, can have serious ramifications. This article provides an overview of some of the more common regulatory filings that advisors may be required to make with the SEC.
November 9, 2017
Alert – Advisor Charged for Failure to Disclose Conflict of Interest
A recent administrative proceeding involving a dual-registered investment advisor and broker-dealer demonstrates the importance of providing full and fair disclosure regarding any material conflict of interest and achieving best execution on behalf of advisory clients.
July 20, 2017
ALERT: SEC No-Action Letter on SLOA Arrangements and the Custody Rule
The SEC recently issued a no-action letter (Investment Adviser Association, February 21, 2017) that provides clarification regarding whether an investment advisor acting on a standing letter of authorization ("SLOA") has custody under the Advisers Act.
February 22, 2017