Schwab Advisory Board Conference
Core Compliance will be presenting on “The Evolution of Cybersecurity” at the Schwab Advisory Board Conference in Denver, CO, on Tuesday, February 28th.
SEC Fined 10 Firms for Violating Pay-to-Play Rule
In June 2010, the SEC adopted Rule 206(4)-5 of the Investment Advisers Act of 1940, which addressed “pay-to-play” practices surrounding political contributions. Pay to play is a term used in the financial industry that generally refers to investment advisers making … Read More
Investment Advisers – What You May Not Know Could Affect Your Registration
There are many facets surrounding the registration of investment advisory firms (“IA Firm”) and investment adviser representatives (“IAR”) and the process can be erroneous if not performed correctly. Since registration is one of our core service offerings, we get asked … Read More
SEC Examination Priorities for 2017
Examination Priorities Each year the SEC Office of Compliance Inspections and Examinations publishes their SEC examination priorities letter to inform the industry of their current focus areas. The 2017 letter was released on January 12, 2017, and is available on … Read More
California Attorney Defrauds EB-5 Investors
On December 27, 2016, the Securities & Exchange Commission (“SEC”) charged Emilio Francisco with defrauding investors seeking to participate in the EB-5 immigrant investor program. The EB-5 program, which is administered by the U.S. Citizenship and Immigration Service (“USCIS”), allows … Read More
Mary Jo White Stepping Down as Chair of Securities and Exchange Commission
On November 14, 2016, Mary Jo White, SEC Chair, announced her plans to step down at the end of the Obama Administration. During her tenure, the SEC brought more than 2,850 enforcement actions and obtained judgements and orders that tallied … Read More
Form ADV | Investment Adviser | Risk Management Updates (RMU) | Securities and Exchange Commission (SEC)
SEC Releases Amendments to Form ADV and Other Investment Adviser Act Rules
In a press release dated August 25, 2016,1 the Securities and Exchange Commission (“SEC”) announced their issuance of a final rule, which amends Form ADV (Uniform Application for Investment Adviser Registration), along with five other rules under the Investment Advisers … Read More
Don’t Get Too Close: Auditor Independence Failures Result in SEC Enforcement Actions
Recently, the London-based public accounting firm Ernst & Young, along with a senior partner and an auditor agreed to pay approximately $9.3 million in settlement charges after SEC investigations determined that there had been violations of auditor independence rules. According … Read More
SEC Sweep Results in 13 Enforcement Actions Against Advisers for Advertising a Third-Party’s False Performance Claims
On August 25, 2016, the SEC issued press release 2016-167 detailing the results of an enforcement sweep leading to settlements with thirteen investment advisers for advertising a third-party’s false performance claims.
SEC Amends Rules Under Investment Advisers Act
At the end of August, the Securities and Exchange Commission (“SEC”) issued a release amending a number of rules under the Investment Advisers Act of 1940 (“Advisers Act”), as well as Form ADV, which is the registration and reporting form … Read More