U.S. Securities and Exchange Commission

/U.S. Securities and Exchange Commission

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. [...]

SEC Charges Purported Hedge Fund Manager with Fraud

SEC Charges Purported Hedge Fund Manager with Fraud WHAT HAPPENED? On February 2nd, 2018, the Securities and Exchange Commission pressed charges against a hedge fund manager for fraud, ending an ongoing scheme. The SEC claims that since 2014 or earlier, the adviser collectively raised more than $5.3 million from [...]

Important Message from the SEC Regarding Annual Amendment Filing Deadline

Important Message from the SEC Regarding Annual Amendment Filing Deadline WHAT HAPPENED? Saturday, March 31st is the 90-day annual amendment deadline for Advisers with a Fiscal Year ending on December 31st, 2017.  Please be advised that the Investment Adviser Registration Depository (IARD) system will be open on Saturday, March [...]

SEC Demands a Jury Trial for Two Investment Advisers Representatives Charged with Fraud

SEC Demands a Jury Trial for Two Investment Advisers Representatives Charged with Fraud WHAT HAPPENED? On January 31st, 2018, the Securities and Exchange Commission (SEC) ordered a trial by jury to be held for alleged claims against two investment adviser representatives (advisers) on charged with fraudulent and misleading use [...]

SEC Chairman Clayton Provides Statement on Cryptocurrency and Initial Coin Offerings

SEC Chairman Clayton Provides Statement on Cryptocurrency and Initial Coin Offerings WHAT HAPPENED? On December 11, 2017, SEC Chairman Jay Clayton released a statement on cryptocurrencies and initial coin offerings (ICO) to serve as guidance as both markets continue to expand.  The statement provides Clayton’s concerns for the markets [...]

Private Equity Firm Charged with Failure to Disclose Accelerated Portfolio Monitoring Fees

Private Equity Firm Charged with Failure to Disclose Accelerated Portfolio Monitoring Fees WHAT HAPPENED? On December 21, 2017, the SEC charged a private equity fund adviser (“Respondent”) with failing to adequately disclose accelerated portfolio monitoring fees.  Between 2013 and 2015, Respondent accelerated the payment of future monitoring fees from [...]

SEC Charges Stock Trader with Insider Trading

SEC Charges Stock Trader with Insider Trading WHAT HAPPENED? On December 11, 2017, the SEC charged a stock trader (“Defendant”) with generating over $1 million in illegal insider trading profits.  Defendant collaborated with four former colleagues, posing as portfolio managers, to persuade investment bankers to share nonpublic information regarding [...]

SEC Modifies Final Rule for Form N-PORT

SEC Modifies Final Rule for Form N-PORT WHAT HAPPENED? The SEC has adopted a temporary final rule that will delay the compliance dates for filing a Form N-PORT.  The SEC made this modification in order to evaluate their data security practices for material, nonpublic information and uplift the EDGAR [...]

Adviser Charged with Defrauding Clients

Adviser Charged with Defrauding Clients WHAT HAPPENED? On December 11, 2017, the SEC charged a dually registered investment adviser and broker-dealer, and its principal (collectively, the “Defendant”), with defrauding its clients and receiving $780,000 in ill-gotten gains.  Over the course of several years, Defendant repeatedly purchased securities from underwriters [...]

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