Fairview Flash Reports

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SEC Votes on Whistleblower Rule Amendments

SEC Votes on Whistleblower Rule Amendments WHAT HAPPENED? On June 28, 2018, The Securities and Exchange Commission (SEC) voted to propose amendments to its whistleblower program. The whistleblower program, established in 2010, was created to give individuals an incentive to report “high-quality tips” to the Commission.  The goal of [...]

U.S. Supreme Court Ruling: SEC Judges Must be Appointed

U.S. Supreme Court Ruling: SEC Judges Must be Appointed WHAT HAPPENED? On June 21st, 2018, the U.S. Supreme Court ruled that Securities and Exchange Commission (SEC) administrative law judges are “Officers” and thus must be appointed by the president, the “Heads of Departments”, or “Courts of Law”, rather than [...]

RIA Settles Charges of Multi-Million Dollar Scheme

RIA Settles Charges of Multi-Million Dollar Scheme WHAT HAPPENED? On June 7th, 2018, a final consent judgment was entered against a Washington-based investment adviser (“Defendant”) after he mislead more than 100 investors to invest in his funds by providing fraudulent information in breach of his fiduciary duty. The Defendant [...]

SEC Orders Cease-and-Desist to Registered Investment Adviser for Multiple Violations of the Advisers Act

SEC Orders Cease-and-Desist to Registered Investment Adviser for Multiple Violations of the Advisers Act WHAT HAPPENED? On June 4th, 2018, the Securities and Exchange Commission (SEC) released its order instituting administrative and cease-and-desist proceedings against a registered investment adviser (“Respondent”) found to be in multiple violations of the Advisers [...]

SEC Proposed Regulation Best Interest: Its Impact on Broker-Dealers

SEC Proposed Regulation Best Interest: Its Impact on Broker-Dealers WHAT HAPPENED? On April 18th, the Securities and Exchange Commission (SEC) voted on a proposal known as Regulation Best Interest, a set of rules and interpretations intended to improve the quality and transparency of investors’ relationships with investment advisers and [...]

SEC Charges Hedge Fund Adviser with Deceiving Investors by Inflating Fund Performance

SEC Charges Hedge Fund Adviser with Deceiving Investors by Inflating Fund Performance WHAT HAPPENED? On May 9th, 2018, the Securities and Exchange Commission (SEC) announced its charges against a registered investment adviser with “inflating the value of private funds it advised by hundreds of millions of dollars.” The scheme [...]

SEC Issues FAQs for Share Class Selection Disclosure Initiative

SEC Issues FAQs for Share Class Selection Disclosure Initiative WHAT HAPPENED? On May 1st, 2018, the Securities and Exchange Commission Division of Enforcement issued a list of 19 Frequently Asked Questions on the Share Class Selection Disclosure Initiative, going in-depth on adviser eligibility, disgorgement and the distribution of funds [...]

SEC Releases Proposal to Enhance Protections and Preserve Choice for Retail Investors

SEC Releases Proposal to Enhance Protections and Preserve Choice for Retail Investors WHAT HAPPENED? On April 18th, the Securities and Exchange Commission (SEC) voted to propose a set of rules and interpretations intended to improve the quality and transparency of investors’ relationships with investment advisers and broker-dealers while protecting [...]

The National Institute for Standards and Technology Updates Cybersecurity Framework

The National Institute for Standards and Technology Updates Cybersecurity Framework WHAT HAPPENED? On April 17th, the National Institute for Standards and Technology (NIST) released an updated version of its Cybersecurity Framework, known as version 1.1.  The update concentrates on: vendor and supply chain risk management; governance measures, including integrating [...]