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SEC’s Division of Examinations Sheds Light Regarding Exam Selection and Scoping

On September 6, 2023, the staff of the US Securities and Exchange Commission’s (the “SEC”) Division of Examinations (the “Division”) issued a risk alert describing how it selects investment advisers for examination and the...more

SEC Announces Focus Areas for Next Stage of Marketing Rule Exams

On June 8, 2023, the Division of Examinations (EXAMS) of the Securities and Exchange Commission (the SEC) published a Risk Alert regarding its priorities for the next stage of examinations with respect to Rule 206(4)-1 (the...more

Practical Guide to the Application of the Marketing Rule to Private Fund Placement Agents

This article focuses on how the new Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) affects the relationships between investment advisers registered with the U.S. Securities...more

SEC’s Division of Examinations Issues Risk Alert Regarding MNPI and Code of Ethics Compliance

On April 26, 2022, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (“EXAMS”) issued a risk alert concerning deficiencies related to Section 204A of the Investment Advisers Act of 1940 (“Advisers...more

SEC Raises Concerns With Misleading ESG Practices, Highlights Potential Violations

On April 9, 2021, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) issued a Risk Alert regarding the Division’s review of ESG investing. The Risk Alert provides insight into the...more

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