Core Compliance Blog Spotlight

Improper Disclosure: BB&T to Return $5+ Million to Retail Investors and Pay Penalty

BB&T Securities, a brokerage subsidiary of BB&T Corp., has settled with the Securities and Exchange Commission (SEC) over charges that a firm it had acquired misled clients and overcharged them for advisory services. Read More
Core Compliance Blog Spotlight

Non-Public Form N-PORT: Changes to Filing Date

Keeping up with the latest changes to filing requirements is a critical element of compliance at any firm. Read More

DOL Proposes Expansive New Definition of “Fiduciary” Under ERISA

November 16, 2010

The Department of Labor has published a proposed rule that would amend the definition of "fiduciary" and would significantly expand the categories of persons who would be deemed to be fiduciaries subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).

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SEC Provides Relief from PCAOB Inspection Requirements for Auditors to Private Funds

November 04, 2010

Under Rule 206(4)-2 of the Advisers Act (the “Custody Rule”), investment advisers to one or more private funds are deemed to have custody of the assets in the fund, and accordingly must implement certain procedures designed to protect those assets from loss, misuse or misappropriation. Under the...

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Department of Labor Issues New Disclosure Requirements for 401(k) Plans

October 29, 2010

On October 20, 2010, long-awaited Department of Labor (DOL) rules were released in their final form.  The new rules require plan fiduciaries, specifically the companies sponsoring 401(k) plans, to make detailed disclosures to plan participants. The rule officially takes effect December 20, 2010;...

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SEC Proposes New Family Office Definition Under Dodd-Frank Act

October 19, 2010

Currently, many “family offices” have been structured to take advantage of the exemption from registration under section 203(b)(3) of the Investment Advisers Act for any adviser that during the course of the preceding 12 months had fewer than 15 clients and neither held itself out to the public as...

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CCLS and the Latest Developments in the Financial Services Industry

October 18, 2010

As the regulatory and legal landscape applicable to the financial services industry continues to go through unprecedented changes, CCLS will stay on top of the latest developments and, through this page, provide updates and practical considerations for complying with the new laws and regulations....

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Delaware Supreme Court Holds that Hedge Funds Formed in Delaware May be Required to Disclose Names and Addresses of all Limited Partners Upon Request

October 11, 2010

The Delaware Revised Uniform Limited Partnership Act (“DRULPA”), under which many U.S. hedge funds are organized, entitles limited partners to access partnership information and records for purposes reasonably related to their interest as a limited partner, but DRULPA also provides the general...

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New CFTC Forex Rules to Take Effect Later This Month

October 04, 2010

The Commodity Futures Trading Commission (“CFTC”) has released final rules to drastically revise the regulatory structure pertaining to off-exchange retail foreign exchange (Forex) transactions, which are set to take effect on October 18, 2010. The adoption of the new rules is the latest effort by...

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SEC Announces Upcoming Plans to Implement New Registration, Reporting, and Recordkeeping Requirements for Investment Advisers

September 27, 2010

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) includes significant changes to the registration and reporting requirements under the Investment Advisers Act of 1940 (the “Advisers Act”), including requiring many advisers to private funds to register with the...

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State of California to Accept Revised Form ADV Part 2

July 22, 2010

In July, the U.S. Securities & Exchange Commission (“SEC”) announced much anticipated revisions to Form ADV Part 2 (the “Disclosure Brochure”), requiring investment advisers to provide clients and prospective clients with narrative, “Plain English” disclosures of the adviser’s business practices,...

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