Who is Gary Gensler? What New SEC Leadership Could Mean for Investment Advisers WHAT HAPPENED? President Biden recently named Gary Gensler, the Obama-era head of the Commodity Futures Trading Commission (CFTC), as his pick to be the new chairman of the Securities and Exchange Commission. Having a reputation as [...]
Investments in Certain Chinese Companies Restricted Under New Executive Order WHAT HAPPENED? On Jan. 6, 2021, the U.S. Securities and Exchange Commission issued a Risk Alert in response to an Executive Order regarding investments in certain Chinese companies. The Executive Order states that Chinese companies are increasingly using American [...]
The DOL’s New Fiduciary Rule Exemption: What You Should Know WHAT HAPPENED? Recently, the U.S. Department of Labor (DOL) finalized its new fiduciary rule exemption, which will allow advisers to receive compensation for otherwise prohibited rollovers and replaces previously issued rules and guidance. The new exemption is widely viewed [...]
Scam Risks in 2021 and How to Avoid Them Cybercriminals are becoming increasingly sophisticated and continue to find new ways to compromise both individuals’ and firms’ data security. Phishing attacks often use current events or crises to entice users to click infected links, download malicious programs or documents, or provide [...]
The SEC’s New Marketing Rule: Here’s What You Should Know Now WHAT HAPPENED? On Dec. 22, 2020, the U.S. Securities and Exchange Commission unanimously voted to pass proposed amendments to the advertising and cash solicitation rules, along with updates to other requirements for registered investment advisers. The formerly separate rules are [...]
2020 Compliance Round-Up: The Top 10 Regulatory Headlines for Investment Advisers This Year WHAT HAPPENED? Amid the unique changes and challenges 2020 has brought, there has been plenty of regulatory news from the U.S. Securities and Exchange Commission and the Office of Compliance Inspections and Examinations (OCIE) in the [...]
Firm Fined for Violating Custody Rule and Miscalculating Performance Fees WHAT HAPPENED? Recently, the U.S. Securities and Exchange Commission charged a private fund adviser with violating sections of the Advisers Act governing performance fee calculations, the Custody Rule, and written policies and procedures and annual review requirements; the firm [...]
SEC exam trends: 5 areas of focus for RIAs WHAT HAPPENED? Although routine examinations may include requests related to any area of your firm’s operations, examiners may focus on certain compliance risks that have been identified or those itemized in a Risk Alert. Staying up to date with SEC [...]
Private fund adviser ordered to pay over $1 million after violating partnership agreement WHAT HAPPENED? Recently, the United States Securities and Exchange Commission sanctioned a registered investment adviser for violating antifraud provisions of the Advisers Act. The violations stemmed from the adviser overcharging limited partners of a private equity [...]
OCIE Risk Alert: common compliance program issues WHAT HAPPENED? On Nov. 19, 2020, the Office of Compliance Inspections and Examinations of the U.S. Securities and Exchange Commission (OCIE) released a Risk Alert outlining common compliance concerns among registered investment advisers. The list was compiled based on recent compliance examinations [...]