Arizona Requires Proof of Lawful Presence in U.S. for IAR Registration
Arizona recently added a new documentation requirement for investment adviser representatives doing business in that state. Pursuant to Section 41-1080 of the Arizona Revised Statutes, Investment Adviser Representatives (IARs) must show they are U.S. citizens or in the United States … Read More
Financial Institutions Alert – The New SEC Whistleblower Program Takes Effect
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
Books and Records – How to Stay Ahead of the Curve
Aug. 2011
News on the Horizon: Massachusetts Adopts Stringent Regulations
Last week, the Massachusetts Securities Division (the “Division”) adopted new regulations for investment advisers doing business within the State. This included legislation relating to the use of expert network firms and other paid consultants, limitations on investment advisers from receiving … Read More
Proposed Revisions to California’s Custody Rule
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
SEC Raises Dollar Amount Thresholds for Charging Performance Fees
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
The Importance of Having a Mock SEC Exam
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
What’s New in Form ADV?
Last week, in addition to adopting new investment adviser registration requirements and exemptions, the SEC adopted several revisions to Form ADV Part 1A that require advisers to provide more detailed information about private funds they advise, their advisory business (including … Read More