Registration, Disclosure and Filing Requirements

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By the Numbers: SEC Division of Enforcement Publishes FY2019 Report

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

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, [...]

SEC Proposes Changes to Advertising and Solicitation Rules

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 [...]

Pair of Advisers Fined for Failing to Disclose Interest in Publicly Traded Company

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

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 [...]

Alaska Investment Adviser Ordered to Pay Over $400K in SEC Settlement

Alaska Investment Adviser Ordered to Pay Over $400K in SEC Settlement WHAT HAPPENED? On July 24, 2019, the US Securities and Exchange Commission released a settlement with an Alaska investment adviser, which was penalized for its failure to properly disclose compensation conflicts to clients. Foundations Assets Management (FAM) and [...]

OCIE Releases Findings After Examining Firms Employing Persons with Disciplinary Histories

OCIE Releases Findings After Examining Firms Employing Persons with Disciplinary Histories WHAT HAPPENED? On July 23, 2019, the Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert which outlines the findings of examinations of over 50 advisers in 2017. All the examined advisers were selected based on [...]

Regulation Best Interest: What You Should Know

Regulation Best Interest: What You Should Know WHAT HAPPENED? On June 5, 2019, the Securities and Exchange Commission adopted Regulation Best Interest (BI) which is intended to raise the standard of conduct for broker-dealers working with retail customers. The regulation had been under consideration since April 2018 and was [...]

SEC Adopts Rules and Interpretations Including Form CRS and Regulation Best Interest

SEC Adopts Rules and Interpretations Including Form CRS and Regulation Best Interest WHAT HAPPENED? On June 5, 2019, the Securities and Exchange Commission announced the adoption of a package of rules and interpretations intended to increase transparency for retail investors in their relationships with investment advisers and broker-dealers. The [...]

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. [...]