The Securities and Exchange Commission (SEC) rounded out a busy month of issuing enforcement actions by charging three investment advisory (IA) firms with violations of Section 206(4) and Rule 206(4)-2 of the Investment Advisers Act of 1940 (the “Custody Rule”). … Read More
Enforcement actions by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and other US regulatory bodies continue at a steady pace in the fourth quarter of 2013, as the SEC announced in late October that as part … Read More
On October 7, 2013, the North American Securities Administrators Association (NASAA) released a report summarizing the results of state investment adviser examinations performed by 44 state and provincial securities examiners over the last two years. The report noted the differences … Read More
In a recent enforcement case, the Securities and Exchange Commission (SEC) claimed that a Nebraska-based investment advisory firm, Manarin Investment Counsel Ltd., and its owner, Roland R. Manarin, breached a core fiduciary responsibility. The SEC investigation of Manarin found that … Read More
At the beginning of July 2013, the Securities and Exchange Commission (SEC) announced the creation of three initiatives aimed at increasing the reach of the Commission’s Division of Enforcement and bringing greater strength to its investigative work. The first is … Read More
The Securities and Exchange Commission (SEC) is seeking greater institutional funding to be used towards staffing more examiners for investment advisers, but according to an industry source, the agency needs many more positions than they estimate to increase its reach. … Read More
The Securities and Exchange Commission (SEC)’s Division of Investment Management released detailed guidance this month responding to compliance oversight findings issued in a report by the SEC’s Office of the Inspector General (OIG). The original OIG report, released on June … Read More
A bill for the Securities and Exchange Commission (SEC) to allow the Commission to collect fees from investment advisers for funding of examinations has been recently re-introduced in Congress by Representatives Maxine Waters of California and John Delaney of Maryland. … Read More
The recent SEC release of exam priorities serves as a helpful reminder that broker-dealer (BD) and investment advisory (IA) firms should ensure they are prepared when the SEC comes knocking. Below are some steps that you may want to consider in … Read More
