Core Compliance and the Latest Developments in the Financial Services Industry

As the regulatory and legal landscape applicable to the financial services industry continues to go through unprecedented changes, Core Compliance 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. The Dodd-Frank Wall Street Reform and Consumer Protection Act ushered in a new era, which is only beginning to take shape. Upon its enactment, the Dodd-Frank Act brought about an immediate change to the definition of “accredited investor” as used in Regulation D, thereby significantly affecting the capital raising activities of businesses involved in ongoing private offerings.  Click here for more information.

In addition to implementing significant revisions to existing laws and creating new ones, the Dodd-Frank Act requires over 400 rulemaking initiatives, studies, and reports by various regulatory agencies, and authorizes Congress to exercise a significant amount of oversight and influence over the process. The SEC has indicated that it plans to adopt upwards of one hundred new rules or rule revisions in the next twelve to eighteen months.  The SEC is also expected to adopt rules pertaining to the new $100 million thresholds for federal registration as an investment adviser and the requirement for advisers to private funds (which have previously been exempt from registration) to register with the SEC or the states.

On the same day the Dodd-Frank Act became law, the SEC released the long-anticipated revisions to Form ADV Part 2, drastically changing the form and content of the disclosures documents investment advisers are required to provide to new and existing clients.  Click here for more information.

For more information on any of the above topics, contact us at (619) 278-0020 to schedule your consultation.

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