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

Summary of Requirements for the SEC’s New Form CRS

December 05, 2019

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).

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Why the SEC’s Scrutiny of Digital Assets Creates Opportunity for Financial Advisers

December 03, 2019

On October 11, 2019, the Securities and Exchange Commission announced it had filed an emergency action against two offshore entities for conducting an alleged unregistered and ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion in investor funds.

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SEC Proposes Amendments to OTC Securities Quotations

November 15, 2019

Over the past several years, The Securities and Exchange Commission (“SEC”) has brought hundreds of enforcement actions over violations of federal securities involving over-the-counter (OTC) securities, resulting in tens of millions in harm to retail investors. In an effort to increase retail...

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SEC Charges Investment Advisers for Failing to Disclose Conflicts of Interest

November 12, 2019

Strategic Planning Group (“SPG”) agreed to settle charges with The Securities and Exchange Commission (“SEC”) for failing to disclose a conflict of interest by consenting to a cease-and-desist order, censure, and civil penalties of $200,000. Its principals, David A. Rourke and Jarrod A. Sherman...

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Hefren Tillotson, Inc. Settles Charges of Undisclosed Compensation

November 05, 2019

Registered investment adviser and broker-dealer Hefren-Tillotson, Inc. agreed to settle charges from the Securities and Exchange Commission (“SEC”) for undisclosed compensation it received from its unaffiliated clearing broker. The firm will pay disgorgement of $254,060, prejudgment interest of...

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Firm’s Willful Lack of Disclosure to Investors Results in $5.5M Fine

October 21, 2019

On Monday, September 16, 2019, the Securities and Exchange Commission settled charges against Marvell Technology Group for misleading investors when it engaged in an undisclosed revenue management scheme in order to meet publicly issued revenue guidance.

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SEC Shines Light on Agency and Trading Cross Transactions

October 16, 2019

The most recent Risk Alert distributed by the Securities and Exchange Commission ("SEC") focused on many compliance issues that have been identified relating to principal trading and cross agency transactions. The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) provided the...

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Broker-Dealers Fined $4.65 Mil for Inadequate EBS Reporting Processes

October 15, 2019

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 ongoing efforts to spot...

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Cryptocurrency Fraud Runs Rampant

September 17, 2019

Crypto criminals are having a big year, according to the Silicon Valley-based cybersecurity firm CipherTrace.

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How to Deter the Possibility of Insider Trading by Your Employees

September 10, 2019

On August 12, 2019, the Securities and Exchange Commission (SEC) announced it had filed civil proceedings against Bill Tsai, a junior analyst at RBC Capital Markets, for alleged insider trading.

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