Highlights of the SEC’s 2014 OCIE National Examination Priorities
To start the new year, the Securities and Exchange Commission’s (“SEC’s”) Office of Compliance Inspections and Examinations (“OCIE”) released its 2014 National Examination Program Priorities. The purpose of this announcement, according to OCIE, is to “communicate with investors and registrants … Read More
Background Check Requirement for Massachusetts IA Representatives to Take Effect in January 2014
Unlawful activities and prosecuted corruption by investment adviser representatives (“IAs”) in the Commonwealth of Massachusetts will now be harder to hide due to a new regulation requiring background checks for IAs which was passed by the Office of the Massachusetts … Read More
SEC Announces National Seminar for IA Compliance Outreach Program on January 30, 2014
The beginning of the year 2014 is upon us, and the Securities and Exchange Commission (“SEC”) has announced the date and open registration for the agency’s Compliance Outreach Program (“COP”) annual National Seminar in Washington, D.C., to be held on … Read More
When Is An Investment Adviser Managing Venture Capital Funds Exempt From Registration?
Many investment advisers may be aware of the exemption from Securities and Exchange Commission (SEC) registration that is available for those who manage venture capital funds. But who exactly is eligible for an exemption, and how is a “venture capital … Read More
Risk Management Update Profile – Federal and State Regulations Governing Investment Adviser Privacy Safeguards
At the end of each month, Core Compliance & Legal Services, Inc. (“Core Compliance”) publishes a Risk Management Update (RMU), an in-depth article written by one of our staff members on a currently relevant topic in compliance, securities, and investment … Read More
NASAA Supports SEC’s Initiative to Increase Investment Adviser Exam Funding
The North American Securities Administrators Association (NASAA) released a statement on November 22, 2013, in support of the Securities and Exchange Commission’s (SEC’s) request to increase legislative funding for one of its most critical operations: investment adviser examinations. Proposed by … Read More
Is Your Fund Name Connoting Safety Misleading Investors?
A Guidance Statement released by the Securities and Exchange Commission’s (SEC) Investment Management Division in early November 2013 offers a warning to mutual funds and other investment companies to avoid naming funds in such a way that “suggests safety or … Read More
SEC Elaborates on Issue of Qualified Client Statuses of Specific Private Investors
At the start of November 2013, the Securities and Exchange Commission’s (SEC) Investment Management Division released a Guidance Statement to address certain inquiries regarding the determination of the “qualified client” status under Rule 205-3 of the Investment Adviser’s Act of … Read More