News & Analysis as of

Recordkeeping Requirements Investment Advisers Act of 1940

Seward & Kissel LLP

SEC Enforcement Action Rundown

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Who may be interested: Registered Investment Advisers, Registered Investment Companies, Compliance Staff - Quick Take: The SEC recently announced a number of enforcement actions relating to recordkeeping failures,...more

Lowenstein Sandler LLP

Another Wave of SEC Settlements Underscore the Continued Priority of Record Retention Communication Compliance

On August 14, 2024, the U.S. Securities and Exchange Commission (SEC) announced another series of settlements regarding “off-channel communications.”1 As part of its Off-Channel Communications Initiative,2 the SEC settled...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for August 2024

More Flack on WhatsApp, Hypothetical Performance SmackDown, A Timely Warning on the Pay-to-Play Rule, and Updates to Qualifying Venture Capital Fund Exemption - This month's big news from the SEC was more piggy-bank breaking...more

White & Case LLP

SEC Continues Focus on Off-Channel Communications

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On August 14, the U.S. Securities and Exchange Commission (“SEC”) announced yet another wave of enforcement actions related to widespread “off-channel communications,” charging an additional 26 firms with failing to maintain...more

Seward & Kissel LLP

SEC Fines Twenty-Six Firms for Recordkeeping Failures in Latest Off-Channel Communications Sweep

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Who may be interested: Investment Advisers; Broker-Dealers; Registered Investment Companies - Quick Take: The SEC settled charges against twenty-six firms, including three investment advisers, eleven broker-dealers, and 11...more

Stark & Stark

More Than $390 Million in Penalties for Recordkeeping Failures

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The Securities and Exchange Commission (SEC) announced charges against 26 broker-dealers, investment advisers, and dually-registered firms for widespread and longstanding failures to maintain and preserve electronic...more

Proskauer - The Capital Commitment

Mid-Year Enforcement Update: SEC’s Continued Focus on Private Funds in 2024

As we reach the midpoint of 2024, the SEC has maintained its rigorous enforcement stance on the private funds industry, proposing new rules and oversight tools to better identify and investigate market practices. As 2024...more

Morrison & Foerster LLP

Fifth Circuit Vacates SEC Private Fund Adviser Rules

On June 5, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) unanimously vacated the “Private Fund Adviser Rules,” which the U.S. Securities and Exchange Commission (the SEC)...more

King & Spalding

Request for Comments on FinCEN and SEC rule on CIP

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The SEC and FinCEN Request Comments on their Proposed Rule on Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers - The Securities and Exchange Commission (“SEC”) and the...more

Seward & Kissel LLP

T+1 Settlement Cycle: Implications for Investment Advisers

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Starting May 28, 2024, the settlement cycle for most transactions in U.S. securities will shorten from T+2 to T+1 as a result of rule amendments adopted by the Securities and Exchange Commission (SEC).1 The SEC also adopted a...more

Royer Cooper Cohen Braunfeld LLC

Is it Time to Test Your Recordkeeping and Code of Ethics?

Washington D.C., April 3, 2024, the SEC announced charges against registered investment adviser Senvest Management LLC for widespread and longstanding failures to maintain and preserve certain electronic communications, as...more

BCLP

Regulators Impose Extraordinary Fine Amounts in Recent Off-Channel Communications Enforcement Actions

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The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have, in two separate recent settled enforcement actions involving off-channel communications (“OCC”), imposed fine...more

Vedder Price

SEC Staff Risk Alert Focuses on Preparations for T+1 Settlement

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On March 27, 2024, the staff of the SEC’s Division of Examinations issued a risk alert highlighting its intent to focus, during examinations and outreach on market participants’ preparations for the shortening of the standard...more

Stark & Stark

$6.5 Million Texting Penalty: Investment Adviser Charged by SEC for Recordkeeping Failures

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On April 3, 2024, the Securities and Exchange Commission announced charges against a registered investment adviser for recordkeeping failures regarding personal device communications and pre-clearance of securities...more

K&L Gates LLP

The SEC Fines Stand-Alone Adviser for Off-Channel Communications

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Overview - On 3 April 2024, the US Securities and Exchange Commission (the SEC) announced the first settlement with a stand-alone registered investment adviser for, among other things, failures to maintain and preserve...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for February 2024

Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s expanded definition of securities dealers; - •An...more

Dechert LLP

Recent New York Legislation Highlights Tension Between Employee Privacy and Regulatory Compliance for Broker-Dealers and Advisers

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As of today, March 12, 2024, a New York state statute, in certain circumstances, restricts employers “from requesting or requiring that an employee or applicant disclose any . . . means for accessing a personal account...more

K&L Gates LLP

The SEC's New Private Fund Adviser Rules: A Guide to Compliance (Updated)

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On 23 August, the US Securities and Exchange Commission adopted new rules and rule amendments that will impose substantial regulation on the management and operation of private funds by investment advisers. The Guide to...more

Seward & Kissel LLP

SEC Settles with Sixteen Firms for Charges of Widespread Recordkeeping Failures

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Who may be interested: Registered Investment Advisers, Broker-Dealers, Registered Investment Companies, Boards of Directors - Quick Take: The SEC recently settled charges against sixteen firms, including five...more

Davis Wright Tremaine LLP

The (New) Marketing Rule: Perspectives on RIA Compliance, One Year Later

As we move further away from the one-year anniversary of the compliance date for the SEC's new Marketing Rule 206(4)(1) under the Investment Advisers Act of 1940 (the "Marketing Rule"), Registered Investment Advisers ("RIAs")...more

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 4: The Quarterly Statement Rule

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As we have discussed in earlier Client Alerts, on August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - November 2023

...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more

Morrison & Foerster LLP

Private Fund Advisers: Presenting Track Record and Other Performance Information Under the Marketing Rule

Private fund advisers that are registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940 (the “Advisers Act”) are subject to certain rules governing their use of investment track...more

Dechert LLP

The SEC’s Private Fund Adviser Rules: Exploring The Critical Questions

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The Securities and Exchange Commission adopted new and amended rules under the Investment Advisers Act of 1940 (“Final Rules”) in August 2023 that will impose a broad set of new reporting, disclosure and other obligations on...more

Sullivan & Worcester

SEC Adopts Amendments to the Investment Company Names Rule (Rule 35d-1)

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On September 20, 2023, the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 35d-1[1] (the “Names Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), as well as amendments to certain...more

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