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
Mock SEC Exams: How to Prepare for an SEC Examination
Each year, the SEC’s Division of Examinations — formerly the Office of Compliance Inspections and Examinations, or OCIE — publishes its examination priorities, signaling the areas it will focus on and encouraging firms to direct their compliance efforts toward areas … 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
California RIA Registration Requirements: A Step-by-Step Guide
If your firm advises clients from an office in California — or has more than a handful of California clients — you likely need to register as an investment adviser with the California Department of Financial Protection and Innovation (DFPI). … Read More
Whistleblower Program Now Established
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