Core Compliance Blog Spotlight

Proposed Amendments to the Safeguards and Privacy Rules: FTC Seeks Comment

The Federal Trade Commission (FTC) has voted to propose alterations to two rules governing the protection of privacy and security of customer information in possession of financial institutions, the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act, specifically. Read More
Core Compliance Blog Spotlight

Flouting Compliance: Ascension Asset Management, LLC and Grenville M. Gooder, Jr.

On March 7, 2019 the Securities and Exchange Commission (SEC) filed a cease-and-desist order against Ascension Asset Management and its sole proprietor, Grenville M. Gooder, Jr. for numerous violations related to: Read More

SEC Considers Extension of Compliance Dates for Investment Adviser Registration and Deregistration Requirements Under Dodd-Frank

April 15, 2011

On Friday, April 8, 2011, the Associate Director of the SEC's Division of Investment Management, Robert E. Plaze, issued a letter to the President of the North American Securities Administrators Association (NASAA), indicating that the SEC will likely grant additional time for investment advisers...

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Government Shutdown Could Freeze Investigations and Enforcement Actions by SEC and Other Federal Regulators

April 08, 2011

Although the SEC would maintain some functionality in the event of a government shutdown, the majority of its activities, including inspections and examinations of registered investment advisers and broker-dealers would and ongoing enforcement actions would be discontinued until after a government...

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Will Private Fund Managers Have to Register Yet Again?

April 04, 2011

Currently, Rules 4.13(a)(3) and 4.13(a)(4), which were adopted by the Commodity Futures Trading Commission (“CFTC”), provide exemptions from registration as a Commodity Pool Operator (“CPO”) for managers of certain private funds provided that the private funds either: (i) limit their futures...

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Division of Investment Management Releases Responses to Questions About the Pay to Play Rule and Part 2 of Form ADV

March 28, 2011

Two of the more significant final rules adopted by the SEC over the past year were the new "pay to play" rule adopted on July 1, 2010 and the amendments to Part 2 of Form ADV adopted on July 28,2010. The Pay to Play Rule (Rule 206(4)-5 of the Advisers Act), among other things, generally prohibits...

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April Deadline Approaches for Firms Claiming GIPS Compliance

March 16, 2011

For firms that claim compliance with the Global Investment Performance Standards (GIPS), the 2010 edition of the GIPS standards must be adhered to when presenting performance for periods after December 31, 2010. This means that come April, when many firms will begin presenting performance for the...

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Proposed Amendments to Net Worth Standard Under New Definition of Accredited Investor

March 01, 2011

Section 413(a) of the Dodd-Frank Act requires the definition of “accredited investor” under various SEC rules promulgated under the Securities Act of 1933 to exclude the value of a person’s primary residence for purposes of determining whether the person qualifies as an ‘‘accredited investor’’ on...

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SEC Proposes Private Fund Reporting Rule Requiring Significant Additional Disclosures by Private Fund Advisers

February 18, 2011

On January 25, 2011, the SEC proposed new Rule 204(b)–1 under the Advisers Act to require that SEC-registered investment advisers report systemic risk information to the SEC on Form PF if they advise one or more private funds. The information provided on Form PF would be used by the Financial...

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SEC Study on Enhancing Investment Adviser Examinations Includes Possible Creation of SRO for Advisers

January 28, 2011

On January 19, 2011, the SEC submitted to Congress the much anticipated Study on Enhancing Investment Adviser Examinations, as required by Section 914 of the Dodd-Frank Act. The Study gives Congress three options for improving the SEC's examination program to address the challenges it faces as a...

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EBSA Announces Public Hearing on Proposed Amendment to Definition of “Fiduciary” Under ERISA

January 19, 2011

As discussed in a prior CCLS blog posting, the U.S. Department of Labor ("DOL") recently proposed significant amendments to the definition of "fiduciary" under the Employee Retirement Income Security Act of 1974 ("ERISA"). Due to the considerable attention and comments the proposed rule has...

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SEC Announces Limited Time Extension for Preparation and Delivery of Form ADV Part 2B Brochure Supplements

January 06, 2011

The new Form ADV Part 2, which requires investment advisers to provide significant additional information about the firm and its supervised persons than was required by previous versions of the form, was adopted on July 28, 2010. The revised Form includes Part 2A “firm brochure” (covering the...

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