U.S. Securities and Exchange Commission

/U.S. Securities and Exchange Commission

SEC Issues FAQs for Share Class Selection Disclosure Initiative

SEC Issues FAQs for Share Class Selection Disclosure Initiative WHAT HAPPENED? On May 1st, 2018, the Securities and Exchange Commission Division of Enforcement issued a list of 19 Frequently Asked Questions on the Share Class Selection Disclosure Initiative, going in-depth on adviser eligibility, disgorgement and the distribution of funds [...]

SEC Releases Proposal to Enhance Protections and Preserve Choice for Retail Investors

SEC Releases Proposal to Enhance Protections and Preserve Choice for Retail Investors WHAT HAPPENED? On April 18th, the Securities and Exchange Commission (SEC) voted to propose a set of rules and interpretations intended to improve the quality and transparency of investors’ relationships with investment advisers and broker-dealers while protecting [...]

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 to Release New Cyber Exam Initiative

SEC Office of Compliance Inspections and Examinations to Release New Cyber Exam Initiative WHAT HAPPENED? On March 22nd, Peter Driscoll, Office of Compliance Inspections and Examinations (OCIE) Director, announced plans for its third cybersecurity sweep exam in four years. The next cyber initiative, will focus on advisers who maintain [...]

Fifth Circuit Court of Appeals’ Split Decision Vacates DOL Fiduciary Rule

Fifth Circuit Court of Appeals’ Split Decision Vacates DOL Fiduciary Rule WHAT HAPPENED? On March 15th, the Fifth Circuit Court of Appeals vacated the Department of Labor’s (DOL) Fiduciary Rule, holding that the DOL surpassed its authority under the Employee Retirement Income Security Act.  The Fiduciary Rule, which was [...]

Bookkeeping Service Considered Custody, Leads to Enforcement

Bookkeeping Service Considered Custody, Leads to Enforcement WHAT HAPPENED? The Securities and Exchange Commission (SEC) recently settled an enforcement action against Financial Fiduciaries, alleging that the adviser had custody of client assets through a “dual employee” who served in various outside business activities. The dual employee worked as a [...]

SEC on Pace to Examine 20% of Advisors

SEC on Pace to Examine 20% of Advisors WHAT HAPPENED? According to Peter Driscoll, the Director of the Office of Compliance Inspections and Examinations, the Securities and Exchange Commission’s efforts are continuing to increase exam rates.  In Fiscal Year 2017, there was an 18% increase over Fiscal Year 2016.  [...]

SEC Announces Share Class Selection Disclosure Initiative

SEC Announces Share Class Selection Disclosure Initiative WHAT HAPPENED? On February 12, 2018, the Division of Enforcement of the Securities and Exchange Commission launched a self-reporting initiative to protect advisory clients from undisclosed conflicts of interest and return money to investors. The Share Class Selection Disclosure Initiative (SCSD Initiative) [...]

Dodd-Frank Whistleblower Protection Narrowly Applicable

Dodd-Frank Whistleblower Protection Narrowly Applicable WHAT HAPPENED? On Wednesday, February 21, the Supreme Court announced that whistleblower protections passed by Congress following the 2008 financial crisis only apply to those who report problems directly to the government.  The Supreme Court ruled that the protections under the Dodd-Frank Act that [...]

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