Registration, Disclosure and Filing Requirements

/Registration, Disclosure and Filing Requirements

SEC Office of Compliance Inspections and Examinations Releases Risk Alert: Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations

SEC Office of Compliance Inspections and Examinations Releases Risk Alert: Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations WHAT HAPPENED? On April 12, 2018, the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) released a compiled list of compliance issues relating to [...]

SEC Charges Investment Adviser for Improperly Registering and Violating Multiple Rules

SEC Charges Investment Adviser for Improperly Registering and Violating Multiple Rules WHAT HAPPENED? On April 5th, 2018, the Securities and Exchange Commission (SEC) charged an investment adviser for improperly registering and violating several commission rules. According to the SEC, the sole owner of an investment firm falsely claimed more [...]

SEC Office of Compliance Inspections and Examinations Announces 2018 Examination Priorities

SEC Office of Compliance Inspections and Examinations Announces 2018 Examination Priorities WHAT HAPPENED? On February 7, 2018, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced the 2018 examination priorities.  The exam priorities are published to improve compliance, prevent fraud, monitor risk and implement policy. [...]

SEC Charges Purported Hedge Fund Manager with Fraud

SEC Charges Purported Hedge Fund Manager with Fraud WHAT HAPPENED? On February 2nd, 2018, the Securities and Exchange Commission pressed charges against a hedge fund manager for fraud, ending an ongoing scheme. The SEC claims that since 2014 or earlier, the adviser collectively raised more than $5.3 million from [...]

Important Message from the SEC Regarding Annual Amendment Filing Deadline

Important Message from the SEC Regarding Annual Amendment Filing Deadline WHAT HAPPENED? Saturday, March 31st is the 90-day annual amendment deadline for Advisers with a Fiscal Year ending on December 31st, 2017.  Please be advised that the Investment Adviser Registration Depository (IARD) system will be open on Saturday, March [...]

Private Equity Firm Charged with Failure to Disclose Accelerated Portfolio Monitoring Fees

Private Equity Firm Charged with Failure to Disclose Accelerated Portfolio Monitoring Fees WHAT HAPPENED? On December 21, 2017, the SEC charged a private equity fund adviser (“Respondent”) with failing to adequately disclose accelerated portfolio monitoring fees.  Between 2013 and 2015, Respondent accelerated the payment of future monitoring fees from [...]

SEC Modifies Final Rule for Form N-PORT

SEC Modifies Final Rule for Form N-PORT WHAT HAPPENED? The SEC has adopted a temporary final rule that will delay the compliance dates for filing a Form N-PORT.  The SEC made this modification in order to evaluate their data security practices for material, nonpublic information and uplift the EDGAR [...]

Adviser Charged with Defrauding Clients

Adviser Charged with Defrauding Clients WHAT HAPPENED? On December 11, 2017, the SEC charged a dually registered investment adviser and broker-dealer, and its principal (collectively, the “Defendant”), with defrauding its clients and receiving $780,000 in ill-gotten gains.  Over the course of several years, Defendant repeatedly purchased securities from underwriters [...]

Department of Labor Announces 18-Month Delay of the Fiduciary Rule

Department of Labor Announces 18-Month Delay of the Fiduciary Rule WHAT HAPPENED? The Department of Labor has announced that the applicability date of the Fiduciary Rule’s Best Interest Contract Exemption, the Principal Transactions Exemption and specific amendments to Prohibited Transaction Exemption 84-24 (PTE)s have been delayed from January 1, [...]

SEC Charges Unregistered Fund Manager

SEC Charges Unregistered Fund Manager WHAT HAPPENED? On October 26, 2017, the SEC charged an unregistered investment adviser and its principals (“collectively, the “Respondents”) with engaging a private fund it managed (the “Fund”) in conflicted transactions without providing disclosure to the investors. The conflicted transactions that Respondents performed includes [...]