By the Numbers: SEC Division of Enforcement Publishes FY2019 Report WHAT HAPPENED? Recently, the Division of Enforcement of the Securities and Exchange Commission released their annual report which includes detailed information about the Commission’s enforcement efforts for fiscal year 2019. In line with OCIE’s 2019 Examination Priorities, the Commission [...]
OCIE Releases List of Common Investment Company, Money Market Fund, and Target Date Fund Compliance Issues WHAT HAPPENED? On Nov. 7, 2019, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission released a Risk Alert outlining common compliance observations among investment companies, money market funds, [...]
IARD Annual Renewal Dates WHAT IS COMING UP SOON? Every year at this time, FINRA will post its Renewal Statements in the IARD Portal. These fees are collected for system processing and jurisdiction-related renewals. Pertinent dates related to the renewal are as follows: Preliminary [...]
SEC Proposes Changes to Advertising and Solicitation Rules WHAT HAPPENED? On Nov. 4, 2019, the Securities and Exchange Commission released proposed amendments intended to modernize the advertising and solicitation rules under the Investment Advisers Act. After several decades of unchanged rulemakings, the Commission is in the process of amending [...]
SEC Adopts Rule Modernizing ETF Regulations WHAT HAPPENED? On Sept. 26, 2019, the Securities and Exchange Commission voted to adopt Rule 6c-11. The goal of the rule is to create a clear process to establish and operate exchange traded funds (ETFs) and to facilitate competition in this market. In [...]
Pair of Advisers Fined for Failing to Disclose Interest in Publicly Traded Company WHAT HAPPENED? On Sept. 24, 2019, the Securities and Exchange Commission released information that a registered investment adviser, Strategic Planning Group, and its principals, David Rourke and Jarrod Sherman, were charged for failing to disclose conflicts of interest to [...]
Company Charged with Violating Regulation ATS After Releasing Confidential Information WHAT HAPPENED? On Sept. 24, 2019, the Securities and Exchange Commission released information that TMC Bonds LLC, operator of an alternative trading system (ATS), will pay $2.1 million after being charged for failing to protect confidential information in violation [...]
OCIE Releases List of Common Principal and Agency Cross Trading Compliance Issues WHAT HAPPENED? On Sept. 4, 2019, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission issued a Risk Alert regarding common principal and agency cross trading compliance concerns. Principal and agency cross trading [...]
New SEC Guidance on Proxy Voting Process: What You Should Know WHAT HAPPENED? On Aug. 21, 2019, the US Securities and Exchange Commission released guidance on the proxy voting process. The guidance primarily outlines considerations advisers should make when choosing to begin or continue working with a proxy advisory [...]
Alleged Cryptocurrency Scam Serves as Reminder of Digital Assets Risks WHAT HAPPENED? On Aug. 13, 2019, the Securities and Exchange Commission issued a press release regarding charges against Reginald “Reggie” Middleton and his two companies, Veritaseum, Inc. and Veritaseum, LLC. The complaint, filed in Brooklyn, New York, alleges that [...]