The California Department of Corporations (“DOC”) recently issued an invitation for comments regarding proposed amendments to the California investment adviser custody rule, which sets forth requirements for investment advisers with custody or possession of clients’ funds or securities. Investment adviser … Read More
On July 12, 2011, the SEC issued an order that raises the thresholds for whether investment advisers can charge performance fees to clients. The order was mandated by the Dodd-Frank Act, which required the SEC to adjust these dollar amount … Read More
Rule 17a-5 under the Exchange Act requires broker-dealers to undergo an annual audit conducted by an independent public accountant and to file an annual report containing audited financial statements and certain supporting schedules with the SEC and the broker-dealer’s designated … Read More
On May 25, 2011, the SEC adopted final rules establishing a whistleblower program pursuant to Section 922 of the Dodd-Frank Act. The final rules were approved by a narrow 3-2 vote by the five SEC commissioners, and are designed to … Read More
Rule 205-3 of the Advisers Act provides an exemption from the general prohibition on charging performance-based fees and permits SEC-registered investment advisers to charge such fees to “qualified clients.” Currently, a client is a “qualified client” under the dollar amount … Read More
The Investment Adviser Section of the North American Securities Administrators Association (NASAA) recently released proposed changes to the NASAA model investment adviser custody rule. The most controversial aspect of the model rule, as originally proposed, was the requirement that advisers … Read More
Section 413(a) of the Dodd-Frank Act requires the definition of “accredited investor” under various SEC rules promulgated under the Securities Act of 1933 to exclude the value of a person’s primary residence for purposes of determining whether the person qualifies … Read More