On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a comprehensive interpretation (the “Interpretation”) of the fiduciary duties that investment advisers owe to their clients under the Investment Advisers...more
6/13/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Duty of Care ,
Duty of Loyalty ,
Enforcement Actions ,
Fiduciary Duty ,
Financial Services Industry ,
Informed Consent ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Retail Investors ,
Securities and Exchange Commission (SEC)
Registered investment advisers (RIAs) are required to review their policies and procedures on at least an annual basis. As an aid to the required review and to assist with timely completion of required compliance tasks, below...more
10/20/2015
/ Affiliates ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Secrecy Act ,
Chief Compliance Officers ,
Compliance ,
Conflicts of Interest ,
CPO ,
Cybersecurity ,
Department of Justice (DOJ) ,
Export Controls ,
FATCA ,
FinCEN ,
Foreign Affiliates ,
Foreign Investment ,
General Solicitation ,
Investment Adviser ,
Investment Funds ,
Patriot Act ,
Policies and Procedures ,
Private Funds ,
Proxy Voting Guidelines ,
Reporting Requirements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Social Media Policy ,
Whistleblowers
Just one week after the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations issued a new risk alert on cybersecurity, the SEC brought an enforcement action against an investment adviser...more
If you read one thing...
- On September 15th, the SEC OCIE announced in a Risk Alert it will launch a second round of cybersecurity examinations of registered broker-dealers and investment advisers, which will be more...more
9/21/2015
/ Cybersecurity ,
Data Protection ,
Industry Examinations ,
NIST ,
OCIE ,
Risk Alert ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Security and Privacy Controls ,
Training
On April 28, the Securities and Exchange Commission (SEC) Division of Investment Management (the “Division”) published a Guidance Update setting forth cybersecurity concerns and advice for the registered investment ...more
Introduction -
Registered investment advisers are required to review their policies and procedures on at least an annual basis. As aid to the required review, below is a summary of material developments during the past...more
10/6/2014
/ Affiliates ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Broken Windows ,
Chief Compliance Officers ,
CPO ,
Cybersecurity ,
Export Controls ,
FATCA ,
Foreign Affiliates ,
Foreign Investment ,
General Solicitation ,
Investment Adviser ,
Policies and Procedures ,
Private Funds ,
Proxy Voting Guidelines ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Social Media Policy
The staff of the Commodity Futures Trading Commission (CFTC) published a no-action letter on September 9, 2014 (available here) that permits certain commodity pool operators (CPOs) to conduct general solicitation in private...more
9/12/2014
/ CFTC ,
CPO ,
Disclosure Requirements ,
Exemptions ,
General Solicitation ,
JOBS Act ,
No-Action Letters ,
Private Offerings ,
Reporting Requirements ,
Rule ,
Rule 144A ,
Rule 506(c) ,
Securities and Exchange Commission (SEC)
The staff of the Securities and Exchange Commission’s Division of Corporation Finance published “Compliance and Disclosure Interpretations” (CDIs) on Wednesday, December 4, 2013, that provide important clarification regarding...more
On August 13, 2013, the Commodity Futures Trading Commission (CFTC) adopted amendments to certain provisions of Part 4 of the CFTC regulations that are applicable to all commodity pool operators (CPOs) and commodity trading...more
8/21/2013
/ CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPO ,
Disclosure Requirements ,
Distribution Rules ,
Documentation ,
Investment Company Act of 1940 ,
Recordkeeping Requirements ,
RICs ,
Securities and Exchange Commission (SEC)
On July 10, 2013, the Securities and Exchange Commission (SEC) adopted amendments to its safe harbor rule for private placements of securities, Rule 506 of Regulation D under the Securities Act of 1933 (the “Securities Act”)....more
7/26/2013
/ Accredited Investors ,
Advertising ,
Bad Actors ,
General Solicitation ,
Marketing ,
Regulation D ,
Rule 144A ,
Rule 506 Offerings ,
Safe Harbors ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Verification Requirements
In their joint swap definitions release in July 2012, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) made a distinction between (i) a “compo” equity total return swap, in...more