SEC Held Compliance Outreach Program for Investment Advisers and Investment Companies
On April 19, 2016, the Securities and Exchange Commission (“SEC”) held their National Compliance Outreach seminar, which covered a number of topics, including:
SEC Chair White Requests Additional Resources for Expanding Oversight of Investment Advisers
During her testimony to the U.S. Senate Subcommittee on Financial Services and General Government Committee on Appropriations, Chair White outlined the SEC’s top priorities for allocating the additional funding requested under their fiscal year 2017 (October 1, 2016, through September … Read More
SEC Chair White to Recommend Required Third-Party Compliance Reviews
In her testimony yesterday before the Committee on Financial Services of the United States House of Representatives SEC Chair Mary Jo White shared the following regarding third-party compliance reviews: At my direction, the staff is also preparing a recommendation to … Read More
SEC Fines Firm for Failure to Adopt Cybersecurity Policies and Procedures
Recently the Securities and Exchange Commission (“SEC”) charged a St. Louis Investment adviser that had experienced a breach of client non-public information with failing to create and implement cybersecurity policies and procedures. According to the SEC’s press release, for over … Read More
FinCEN Proposed Rule to Prescribe Standards for Anti-Money Laundering Programs
On August 25, 2015, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of Treasury (“Treasury”), proposed a rule that would “prescribe minimum standards for anti-money laundering programs (“AML”) to be established by investment advisers.” This rule would … Read More
Purported Adviser in San Diego Charged with Stealing From Clients
Last week, the Securities and Exchange Commission (“SEC”) charged a “purported adviser in San Diego with stealing money from clients for personal use” and running a Ponzi scheme. The Southern California firm, Coast Capital Management (“Coast Capital”), owned by Paul … Read More
Masqueraded Lies Cost Small Businesses More Than $4 million
False promises and masqueraded lies cost a handful of small businesses more than $4 million. According to a recent Securities & Exchange Commission (“SEC”) press release, Nicholas Lattanzio, a New Jersey resident has been accused of “posing as a hedge … Read More
The Current Landscape of Anti-Money Laundering
Core Compliance℠ featured in NSCP’s Currents, the April 2015 Special Reprint edition. In this article, we go in depth in an article detailing the current landscape of anti-money laundering. He reviews the regulations, the duties of investment advisers, industry trends, … Read More