In a Guidance Update published this week, the SEC’s Division of Investment Management said that it would not object if related investment advisors registered jointly with the SEC and operating a single advisory business...more
Two Halloween announcements by securities regulators may frighten investment advisers. The October 31 statements from the SEC and the North American Securities Administrators Association (NASAA) suggest that federal and...more
The Director of the SEC’s Division of Investment Management seeks a “successful collaboration” between fund directors and the SEC staff to further a common purpose: to protect investors....more
A federal court of appeals recently held out the possibility that insider trading prohibitions — at least under the classic theory — do not apply to mutual fund redemptions.
The U.S. Court of Appeals for the Seventh...more
The SEC’s Compliance Program Initiative bore more enforcement fruit. SEC today sanctioned three investment advisory firms for repeatedly ignoring compliance problems. The Initiative targets firms that fail to address...more
- Regulatory Updates:
CFTC Adopts “Substituted Compliance” Approach for Registered Investment Companies that are Commodity Pools; SEC’s Final Rules on General Solicitation and Bad Actor Disqualification for Investment...more
10/24/2013
/ Audits ,
Bad Actors ,
Broker-Dealer ,
CFTC ,
Commodity Pool ,
Compliance ,
Continuity of Enterprises ,
Dodd-Frank ,
Enforcement ,
Financial Industry Regulatory Authority (FINRA) ,
General Solicitation ,
Investment Adviser ,
JOBS Act ,
PCAOB ,
Private Funds ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC)
Stephen Cohen, the SEC’s Associate Director of Enforcement, tied robust compliance programs to enforcement “credits”.
In remarks to compliance and ethics professionals at the annual conference of the Society of...more
The SEC brought its first action for misleading and obstructing the work of a CCO this week, finding that a portfolio manager deliberately altered documents and misled the firm’s CCO in an attempt to hide violations of the...more
In a dramatic change of course, the Commodity Futures Trading Commission (CFTC) adopted final rules that apply a “substituted compliance” approach for disclosure and compliance obligations of registered investment companies...more
The Securities and Exchange Commission today charged the trustees of two “turnkey” mutual fund trusts with causing untrue or misleading disclosures about their review of the funds’ advisory contracts. The Commission also...more
In its annual summary of regulatory and examination priorities, the Financial Industry Regulatory Authority (FINRA) signaled that it will aggressively pursue market misconduct. The January 11, 2013 report follows closely on...more