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
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
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
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
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
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
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
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.
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
On August 10, 2016, the SEC filed a complaint in federal court against Merrill Robertson Jr., a former Philadelphia Eagles football player, with defrauding investors. Mr. Robertson, along with Sherman C. Vaughn, Jr., and the company they co-owned, Cavalier Union … Read More