FINRA’s new Know Your Customer and Suitability rules give rise to certain additional obligations that will require broker-dealer firms to revisit their internal controls and educate their staff on the new requirements. The rules, which were initially announced in this … Read More
On January 18, 2012, the staff of the Investment Management Division of the SEC issued a No-Action Letter (the “ABA Letter”) providing relief from registration for certain advisers that are affiliated with a registered adviser, subject to certain conditions. Significantly, … Read More
As reported in this prior post, efforts to eliminate the prohibition on general advertising and solicitation in Rule 506 of Regulation D have recently gained momentum at the federal level. The states appear to be following suit by proposing new … Read More
Pursuant to Rule 17a-5(d) under the Exchange Act, all SEC-registered broker-dealers must submit annual audit reports to the SEC and the firm’s designated examining authority (such as FINRA) no more than 60 days after its fiscal year-end. Accordingly, firms with … Read More
On February 8, 2012, the Commodity Futures Trading Commission (“CFTC”) issued final regulations that repeal the exemption from registration as a commodity pool operator (“CPO”) set forth in CFTC Regulation 4.13(a)(4), which is widely used by operators of private funds … Read More
Section 13(f) of the Securities Exchange Act of 1934 requires institutional investment managers with investment discretion over $100 million or more of certain equity securities to file quarterly reports disclosing their holdings using Form 13F. For purpose of Form 13F, … Read More
Recognizing the rapid growth of the use of social media in the securities industry, the SEC recently released a Risk Alert on the use of social media by investment advisers highlighting concerns that may arise from the use of social … Read More
While it is no secret that most advisers to hedge funds and other private funds will be required to register with the SEC as investment advisers by March 30, 2012, less attention has been paid to the fact that some … Read More