The U.S. Securities & Exchange Commission ("SEC") recently announced settled charges against an investment adviser for misrepresentations regarding its anti-money laundering ("AML") procedures and compliance failures. As we...more
1/29/2025
/ AML/CFT ,
Anti-Money Laundering ,
Compliance ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Crimes ,
FinCEN ,
Investment Adviser ,
Penalties ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
On October 21, 2024, the US Securities and Exchange Commission ("SEC") Division of Examinations ("Examination Division") announced its 2025 Examination Priorities ("Report"). Investment advisers and broker-dealers should...more
11/14/2024
/ Artificial Intelligence ,
Broker-Dealer ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
Information Security ,
Investment Adviser ,
New Regulations ,
Registered Investment Advisors ,
Regulatory Agenda ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Technology Sector
Over the past year, the U.S. Securities and Exchange Commission (“SEC”) has intensified its focus on beneficial ownership reporting under Sections 13(d), 13(g) and 16(a) of the Securities Exchange Act of 1934 (“Exchange...more
10/25/2024
/ Amended Rules ,
Beneficial Owner ,
Capital Markets ,
Enforcement Actions ,
Filing Deadlines ,
Filing Requirements ,
Investment Funds ,
Popular ,
Publicly-Traded Companies ,
Reporting Requirements ,
Schedule 13D ,
Schedule 13G ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation
On August 14, the U.S. Securities and Exchange Commission (“SEC”) announced yet another wave of enforcement actions related to widespread “off-channel communications,” charging an additional 26 firms with failing to maintain...more
8/29/2024
/ Electronic Communications ,
Enforcement Actions ,
Instant Messaging Apps ,
Investigations ,
Investment Advisers Act of 1940 ,
Mobile Devices ,
Popular ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Regulation ,
Self-Reporting ,
WhatsApp
On June 5, 2024, The United States Court of Appeals for the Fifth Circuit (Fifth Circuit) vacated new rules applicable to advisers to private funds1 recently enacted by the Securities and Exchange Commission (SEC). These...more
On May 13, 2024, FinCEN and the SEC jointly proposed a new rule that would require SEC-registered investment advisers and exempt reporting advisers to maintain written customer identification programs (CIPs). The new rule...more
5/21/2024
/ AML/CFT ,
Anti-Money Laundering ,
Asset Management ,
Bank Secrecy Act ,
Broker-Dealer ,
BSA/AML ,
Comment Period ,
FinCEN ,
Investment Adviser ,
New Rules ,
Public Comment ,
Registered Investment Advisors ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC)
On March 27, 2024, the Securities and Exchange Commission ("SEC") adopted amendments to the rule allowing internet-based investment advisers to register with the SEC instead of with states (the "internet adviser exemption")....more
On February 13, 2024, FinCEN proposed a long-awaited rule to combat illicit finance and national security threats in the asset management industry. The new rule would impose similar requirements on investment advisers that...more
2/22/2024
/ AML/CFT ,
Anti-Money Laundering ,
Asset Management ,
Bank Secrecy Act ,
BSA/AML ,
FinCEN ,
Investment Adviser ,
National Security ,
Proposed Regulation ,
Proposed Rules ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
On October 16, 2023, the US Securities and Exchange Commission ("SEC") Division of Examinations ("Examination Division") announced its 2024 Examination Priorities. Registrants should ensure that policies, procedures, and...more
11/7/2023
/ Anti-Money Laundering ,
Broker-Dealer ,
Corporate Counsel ,
Cryptocurrency ,
Investment Adviser ,
Investors ,
Popular ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Technology
On September 29, the US Securities and Exchange Commission ("SEC") brought its latest wave of enforcement actions related to "off-channel communications," charging 10 additional firms with failing to maintain employee...more
11/1/2023
/ Broker-Dealer ,
Compliance ,
Enforcement Actions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Mobile Devices ,
Record Retention ,
Regular Business Communications ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Self-Reporting
On August 23, 2023, the US Securities and Exchange Commission ("SEC") voted 3 – 2 to approve the adoption of significant new rules applicable to advisers of private funds (the "Private Fund Adviser Rules"). With these...more
8/28/2023
/ Audits ,
Borrowers ,
Clawbacks ,
Compliance ,
Disclosure Requirements ,
Extensions ,
Final Rules ,
Informed Consent ,
Investment Adviser ,
Private Funds ,
Securities and Exchange Commission (SEC)
On May 25, 2022, the US Securities and Exchange Commission (the "SEC") proposed two form and rule amendments seeking to enhance and standardize disclosures related to environmental, social and governance ("ESG") factors...more
Finders seeking to assist companies in raising capital are required to navigate an often cloudy path to determine whether the finder's activities and any compensation the finder would receive for its services would run afoul...more
Relief Related to the Investment Advisers Act of 1940
On March 25, 2020, the Securities and Exchange Commission ("SEC") extended the time period for filing relief for Form ADV and Form PF. The Order extends the following...more
On November 4, 2019, the Securities and Exchange Commission (“SEC”) issued a proposal to modernize the rules under the Investment Advisers Act of 1940 (“Advisers Act”) addressing SEC-registered investment adviser...more
11/15/2019
/ Advertising ,
Books & Records ,
Cash Solicitation Rule ,
Disclosure Requirements ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Rules ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Solicitation ,
Testimonial Statements
In light of recent discussions regarding the content and implications of Regulation Best Interest, Securities and Exchange Commission (“SEC”) Chairman Jay Clayton recently stated that broker dealers should be ready for the...more
As part of the continuing dialogue with market participants working toward developing methodologies for establishing possession or control by broker-dealers over their customers' digital asset securities, on July 8, 2019, the...more
7/22/2019
/ Broker-Dealer ,
Custody Rule ,
Customer Protection Rule ,
Customer Service Standard ,
Digital Assets ,
Digital Securities ,
Financial Industry Regulatory Authority (FINRA) ,
Investor Protection ,
Joint Statements ,
Rule 15c3-3 ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
SIPA