Not long ago, the ability to invest in private offerings in the U.S. was limited to those whose annualized income and net worth afforded a country-club lifestyle. The requirements were an average income of $200,000 for the last two years … Read More
Investment advisers are regulated entities subject to various securities laws. State registered investment advisers are subject to the regulations of each state the firm is registered with; however, those are not the only securities laws that can apply to … Read More
Registered investment advisers (“RIAs”) and their employees are fiduciaries to their clients. As such, they are tasked with ensuring that the services being provided to clients are appropriate and in their best interest. The Securities and Exchange Commission (“SEC”) describes … Read More
The Securities and Exchange Commission (“SEC”) recently awarded two whistleblowers with monetary awards for providing significant information that helped the SEC stop fraudulent schemes. The first individual earned an award of $277,000 for bringing forward information that unveiled a scheme … Read More
Senior retail investors and cybersecurity. The only thing they have in common is their presence on the list of examination priorities this year for the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE). The priorities are published … Read More
During 2019, the Securities and Exchange Commission (“SEC”) issued an abundance of enforcement actions against financial firms, issuers, and auditors that involved disclosure deficiencies.[1] For financial firms, a majority of these circled around inaccurate, incomplete, or lack of disclosures involving … Read More
As the first filing deadline for the Securities and Exchange Commission’s (“SEC”) new Form CRS is approaching on June 30, 2020, the SEC Division of Investment Management and Division of Trading and Markets have published a frequently asked questions document … Read More
Compliance officers at investment advisory firms which serve retail clients will soon be impacted by the newly required relationship summary in Form ADV Part 3 (Form CRS).
On September 16, 2019, the Securities and Exchange Commission announced it had levied fines against two broker-dealers for providing incomplete and inaccurate securities trading information known as “blue sheet data.” The SEC often submits data requests as part of its … Read More
With another year winding down, compliance personnel needs to begin evaluating the status of compliance projects and schedule any remaining tasks to ensure completion. Consideration of any regulatory changes, guidance, and risk alerts issued during the year, emerging best practices … Read More