On April 17, 2012, in testimony before the House Oversight and Government Reform subcommittee, Mary Schapiro advised the SEC to consider rules issued by congressional mandates, as well as rules the SEC develops through its own authority. Schapiro acknowledged the … Read More
The Jumpstart Our Business Startups Act (the “JOBS Act”), which was signed into law by President Obama on April 5, 2012, ushers in significant changes to many of the federal securities laws. In addition to lowering the costs associated with … Read More
On January 18, 2012, the staff of the Investment Management Division of the SEC issued a No-Action Letter (the “ABA Letter”) providing relief from registration for certain advisers that are affiliated with a registered adviser, subject to certain conditions. Significantly, … Read More
Pursuant to Rule 17a-5(d) under the Exchange Act, all SEC-registered broker-dealers must submit annual audit reports to the SEC and the firm’s designated examining authority (such as FINRA) no more than 60 days after its fiscal year-end. Accordingly, firms with … Read More
In a recent press release, the SEC announced three enforcement actions against firms for failing to meet their obligations under Rule 206(4)-7 of the Advisers Act, commonly referred to as the “Compliance Program Rule.” Rule 206(4)-7 requires firms to (i) … Read More
The SEC’s annual Government-Business Forum on Small Business Capital Formation is sure to focus heavily on various means to remove current legislative and regulatory burdens on the ability to raise capital. I attended last year’s Forum, which focused on many … Read More
On November 9, 2011, the SEC issued a press release announcing that the SEC filed a total of 735 enforcement actions in its fiscal year ending September 30, the most ever in a single year in SEC history. More than … Read More
SEC-registered investment advisers with assets under management between $25 million and $100 million will generally be required to transition to state registration under the Dodd-Frank Act. Using information obtained from IARD, the California Department of Corporations issued a notice to … Read More
On August 12, 2011, the SEC’s new whistleblower incentive program took effect. The program is designed to reward individuals who voluntarily provide the SEC with original information relating to possible violations of the securities laws that lead to a successful … Read More
The Securities and Exchange Commission’s (SEC) Office of Compliance and Examinations (OCIE) has recently released its 2020 Examination Priorities. As expected, the SEC has significantly expanded its regulatory examination program and continues to make efforts to strengthen its risk-based approach … Read More