Core Compliance Blog Spotlight

Preparing for the U.S. Department of Labor’s Proposed Clarification on ERISA Proxy Voting

On August 31, 2020, the U.S. Department of Labor (DOL) released a proposal under the Employee Retirement Income Security Act of 1974 (ERISA) to amend fiduciary duties regarding proxy voting and shareholder rights. Read More
Core Compliance Blog Spotlight

What CCOs and Compliance Departments Need to Know About the SEC’s New Definition of ‘Accredited Investor’

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 ($300,000 for joint income) and/or a net worth of $1 million,... Read More

NFA Permanently Bars Hong Kong Futures Firm

June 11, 2020

On June 1, 2020 the National Futures Association (“NFA”) permanently barred Hong Kong-based commodity pool operator Bainbridge Asia Limited (“BAL” or the “Firm”) and its sole principal and associated person, Wai Man Yip, from membership and acting as a principal of an NFA member on the basis of...

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SEC Charges Private Equity Firm with Compliance Failures

June 05, 2020

On May 26, 2020, the Securities and Exchange Commission (“SEC”) announced that Los Angeles-based private equity firm and registered investment adviser, Ares Management LLC (“Ares” or the “Firm”) agreed to a cease-and-desist order, censure, and to pay a $1 million fine to settle charges that it...

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FINRA Updates Web CRD and IARD Security with Multi-Factor Authentication

May 21, 2020

The Financial Industry Regulatory Authority (“FINRA”) has upgraded the Web Investment Adviser Registration Depository (“IARD”) and Central Registration Depository (“CRD”) to include multi-factor authentication (“MFA”) in an effort to make the websites more secure:

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FINRA and Prometric Provide Updates on Online Testing and Test Center Solutions

May 15, 2020

The Financial Industry Regulatory Authority (“FINRA”) and Prometric Testing Centers have announced additional accommodations and updates for individuals seeking to take exams for the Securities Industry Essentials (“SIE”) and Series 6, 7, 65, 66, and 63 Exams, and fulfillment of continuing...

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New Guidance on COVID-19 Relief Relating to PPP Loan Eligibility, Form ADV Brochure Delivery, and more

May 06, 2020

On April 27, 2020, the Securities and Exchange Commission’s Division of Investment Management (the “SEC”) issued updated guidance concerning the following topics in response to COVID-19:

  • Disclosure requirements for investment advisers applying for loans through the U.S Small Business...
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MSRB Extensions of Deadlines during COVID-19 Pandemic

April 27, 2020

Due to the considerable operational obstacles faced by many entities under their regulatory umbrella due to COVID-19, the Municipal Securities Rulemaking Board (MSRB) has filed a rule change to provide regulatory relief by extending the compliance and testing deadlines for certain MSRB rules and...

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Compliance with Form CRS Requirements: OCIE Announces Examination Priorities

April 21, 2020

On June 5, 2019, the Securities and Exchange Commission (SEC) adopted Form CRS under both the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940, with a compliance deadline of June 30, 2020.

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Want to Advertise to Help Differentiate Your Firm? Read This First

April 14, 2020

Ask chief compliance officers what keeps them up at night and you’ll find the approval of marketing materials, social media communications, and other forms of advertising rank high on the list.

Two factors have combined to cloud best practices for investment advisers who want to advertise, a...

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SEC Reduces Regulatory Burdens for Advisers of RBICs

April 07, 2020

On March 2, the U.S. Securities and Exchange Commission took two important steps to alleviate red tape for investment advisers who provide capital to and work with Rural Business Investment Companies (RBICs).

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Two Important Concerns to Address Within Your Business Continuity Plan (BCP) for an SEC Examination

March 25, 2020

On March 23, 2020, the U.S. Securities and Exchange Commission (“SEC”) modified its announcement “OCIE Statement on Operations and Exams – Health, Safety, Investor Protection and Continued Operations are our Priorities.” Within the announcement the SEC determined that the Office of Compliance...

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