All SEC-registered investment advisers (“advisers”) are required to annually renew their state notice filings and state representative and branch registrations through the IARD Renewal Program....more
On June 5, 2024, the United States Fifth Circuit Court of Appeals (the “Court”) vacated the Private Fund Advisers Rule (the “Rule”) adopted by the SEC on August 23, 2023. In reaching its decision, the Court concluded that the...more
This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers....more
6/4/2024
/ Compliance ,
Electronic Communications ,
Enforcement Actions ,
FinCEN ,
Insider Trading ,
Instant Messaging Apps ,
Investment Adviser ,
Marketing ,
Material Nonpublic Information ,
Registered Investment Advisors ,
Regulation S-P ,
Risk Alert ,
Say-on-Pay ,
Securities and Exchange Commission (SEC) ,
Text Messages
The SEC recently settled charges against five registered investment advisers for violations of the marketing rule (“Marketing Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”)....more
5/1/2024
/ Advertising ,
Civil Monetary Penalty ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Marketing ,
Policies and Procedures ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement
The SEC recently announced charges against Senvest Management, LLC (“Senvest”), a registered investment adviser with approximately $3 billion in regulatory assets under management, for failures to maintain and preserve...more
The staff (“Staff”) of the SEC’s Division of Investment Management recently issued a new FAQ (the “FAQ”) on Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940 in which the Staff confirmed that the...more
Dorsey’s 2024 Private Funds Compliance Calendar addresses certain key regulatory obligations that may apply to private funds and private fund advisers.
The 2024 Private Funds Regulatory Compliance Calendar (“Calendar”)...more
The SEC’s Division of Examinations (the “Division”) announced its examination priorities for fiscal year 2024. This eUpdate includes observations on the examination priorities and a list of examination priorities that impact...more
11/16/2023
/ Compliance ,
Cryptoassets ,
Disclosure Requirements ,
Emerging Technologies ,
Enforcement Priorities ,
Environmental Social & Governance (ESG) ,
Form ADV ,
Investment Adviser ,
Private Funds ,
Private Investment Funds ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission (the “SEC”) adopted a new short position and short activity disclosure requirement under Rule 13f-2 of the Securities Exchange Act of 1934 (the “Exchange Act”). Under Rule 13f-2, an...more
11/10/2023
/ Banking Sector ,
Broker-Dealer ,
Brokers ,
Disclosure Requirements ,
Equity Securities ,
Financial Services Industry ,
Institutional Investors ,
Insurance Industry ,
Investment Adviser ,
New Regulations ,
Pension Funds ,
Regulation SHO ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers. Please contact us with any questions on the topics covered below.
The SEC Adopts Significant New Rules for Private...more
10/16/2023
/ Amended Rules ,
Analytics ,
Beneficial Owner ,
Compliance ,
Compliance Dates ,
Custody Rule ,
Enforcement Actions ,
Filing Deadlines ,
Form PF ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
New Rules ,
Private Funds ,
Proposed Rules ,
Registered Investment Advisors ,
Reporting Requirements ,
Risk Alert ,
Schedule 13D ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On August 23, 2023, the Securities and Exchange Commission (“SEC”) adopted new rules and rule amendments (the “Final Rules”) under the Investment Advisers Act of 1940 (“Advisers Act”) to enhance the regulation of private fund...more
The Securities and Exchange Commission (the “SEC”) proposed new rules under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to address the risks to investors from conflicts of interest associated...more
8/17/2023
/ Analytics ,
Artificial Intelligence ,
Broker-Dealer ,
Conflicts of Interest ,
Financial Services Industry ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Machine Learning ,
Proposed Rules ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers....more
On May 3, 2023, the Securities and Exchange Commission (the “SEC”) adopted amendments (“Amendments”) to Form PF that will require: (i) current reporting by “large hedge fund advisers” of certain events that may indicate...more
On March 27, 2023, the SEC’s Division of Examinations (the “Division”) issued a Risk Alert on its observations from examinations of newly-registered advisers. The Division focused on whether newly-registered advisers...more
On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed changes that would amend and re-designate Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) as...more
The SEC’s Division of Examinations (the “Division”) announced its examination priorities (“Examination Priorities”) for fiscal year 2023. This eUpdate summarizes key points from the Examination Priorities that impact...more
The staff (“Staff”) of the SEC’s Division of Investment Management recently issued an FAQ (the “FAQ”) to clarify that, under Rule 206(4)-1 (the “Marketing Rule”) of the Investment Advisers Act of 1940, an SEC-registered...more
Dorsey has recently published a 2023 Private Funds Compliance Calendar. The calendar includes obligations and deadlines that could potentially apply to an SEC-registered investment adviser, or CFTC-registered commodity pool...more
The Securities and Exchange Commission (the “SEC”) recently proposed new rule 206(4)-11 and related recordkeeping and reporting requirements (collectively, the “Proposed Rule”) under the Investment Advisers Act of 1940 (the...more