In September 2024, FinCEN issued the Investment Adviser Rule, which aims to “address ongoing illicit finance risks, threats, and vulnerabilities posed by criminals and foreign adversaries that exploit the U.S. financial...more
SEC v. Nagler is the second enforcement action charging an investment adviser with undisclosed conflicts of interest since Chair Paul Atkins began his tenure on April 21, 2025. The Securities and Exchange Commission (SEC)...more
On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These...more
1/20/2025
/ Administrative Procedure Act ,
Cease and Desist Orders ,
Compliance ,
Electronic Communications ,
Enforcement Actions ,
Financial Services Industry ,
Investment Advisers Act of 1940 ,
Penalties ,
Recordkeeping Requirements ,
Remedial Actions ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Settlement ,
WhatsApp
On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has...more
In the weeks since publishing our original alert, FinCEN released several frequently asked questions (FAQs) on the application of the Corporate Transparency Act (CTA). Private fund managers are likely to find two of these...more
2/1/2024
/ Beneficial Owner ,
Commodity Pool ,
Corporate Transparency Act ,
Exemptions ,
FinCEN ,
Foreign Corporations ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Limited Liability Company (LLC) ,
New York ,
Popular ,
Private Funds ,
Reporting Requirements ,
Subsidiaries ,
Transparency
Key Points -
Last week, the SEC announced settlements with 10 broker-dealers and affiliated investment advisers in connection with their failures to maintain and preserve electronic “off-channel” communications....more
A recent enforcement action against two affiliated wealth management businesses raises concerns over whether and how other registered investment advisers will be subject to sanctions for issues that arise in the ordinary...more
8/31/2023
/ Acquisitions ,
Anti-Fraud Provisions ,
Censures ,
Corrective Actions ,
Enforcement Actions ,
Fund Managers ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Policies and Procedures ,
Private Funds ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Wealth Management ,
Wells Fargo
With the announcement of the new Private Funds Rule by the U.S. Securities and Exchange Commission (SEC), a full text of the amendments is linked below. The amendments are highlighted to show the changes from the initial...more
On June 8, 2023, the SEC Division of Examinations staff (EXAMS) published a risk alert focused on the new Marketing Rule (Rule 206(4)-1 under the Investment Advisers Act of 1940). While this new risk alert largely mirrors...more
In this episode, Akin Gump investment management partners Barbara Niederkofler and Jason Daniel discuss the Security and Exchange Commission’s proposed modernization of the advertising and cash solicitation rules under the...more
1/10/2020
/ Advertising ,
Books & Records ,
Cash Solicitation Rule ,
Conflicts of Interest ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Funds ,
Investment Management ,
Investors ,
Pooled Investment Vehicles ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions
On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a comprehensive interpretation (the “Interpretation”) of the fiduciary duties that investment advisers owe to their clients under the Investment Advisers...more
6/13/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Duty of Care ,
Duty of Loyalty ,
Enforcement Actions ,
Fiduciary Duty ,
Financial Services Industry ,
Informed Consent ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Retail Investors ,
Securities and Exchange Commission (SEC)