Fairview® Flash Reports

//Fairview® Flash Reports

OCIE Releases Risk-Based Examination Initiatives

OCIE Releases Risk-Based Examination Initiatives WHAT HAPPENED? On November 8th, 2018, the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE), released its series of examination initiatives focused on mutual funds and exchange traded funds (collectively, “Funds”).  The goal of these initiatives is to assess industry [...]

SEC Releases Report on FY 2018 Results

SEC Releases Report on FY 2018 Results WHAT HAPPENED? On November 2nd, 2018, the Securities and Exchange Commission’s (SEC) Enforcement Division released an annual report summarizing its ongoing initiatives to protect investors and market integrity.  The report focuses on several SEC actions that took place in Fiscal Year (FY) [...]

Registration Renewal Statements to be posted by Early November

Registration Renewal Statements to be posted by Early November WHAT HAPPENED? Preliminary IARD annual renewal statements will be available through e-bill beginning on Monday, November 12, 2018. Preliminary statement payments will be due on Monday, December 17, 2018. WHAT DOES THIS MEAN FOR ME? Fairview® [...]

SEC Charges Adviser for Lacking Cybersecurity Procedures

SEC Charges Adviser for Lacking Cybersecurity Procedures WHAT HAPPENED? On September 26th, 2018, the Securities and Exchange Commission (SEC) announced its charges against a broker-dealer and registered investment adviser (RIA) for its failure to provide adequate cybersecurity policies and procedures. The RIA has agreed to pay $1 million to [...]

SEC Charges Adviser for Failures to Disclose Conflicts of Interest

SEC Charges Adviser for Failures to Disclose Conflicts of Interest WHAT HAPPENED? On September 13th, 2018, the Securities and Exchange Commission (SEC) released its charges against a Registered Investment Advisor (RIA) for allegedly failing to disclose the compensation it received under an agreement with a third-party broker-dealer (“Custodian”). The [...]

SEC Charges Broker with “Cherry-Picking”

SEC Charges Broker with “Cherry-Picking” WHAT HAPPENED? On Wednesday, September 12th, the Securities and Exchange Commission (SEC) charged a broker with allegedly misusing client account information to allocate gainful trades into their own accounts and unprofitable trades into client retirement accounts, also known as “cherry-picking.” Allegedly, the charged broker [...]

Citigroup Agrees to Pay $10.5 Million for Violating Books and Records Rule and Inadequate Internal Controls

Citigroup Agrees to Pay $10.5 Million for Violating Books and Records Rule and Inadequate Internal Controls WHAT HAPPENED? On August 16th, 2018, the Securities and Exchange Commission (SEC) released its charges against Citigroup for books and records violations, inadequate internal controls and poor trade administration. From 2013 to 2016, [...]

RIA Settles SEC Charges for Violations of Advisers Act and Custody Rule

RIA Settles SEC Charges for Violations of Advisers Act and Custody Rule WHAT HAPPENED? On July 17th, 2017, the Securities and Exchange Commission (SEC) released its final charges against a registered investment adviser for violations of the Investment Advisers Act of 1940 (the “Advisers Act”) and Custody Rule. According [...]

SEC Charges Investment Adviser for Misleading Retail Investors

SEC Charges Investment Adviser for Misleading Retail Investors WHAT HAPPENED? On July 18th, 2018, the Securities and Exchange Commission (SEC) charged a registered investment adviser and its chief executive officer (CEO) with distributing investor money in precarious investments and hiding the substantial commissions made in return. According to the [...]