Last week, the Securities and Exchange Commission’s Division of Examinations (“DOE”) issued a Risk Alert (the “Alert”) entitled “Initial Observations Regarding Advisers Act Marketing Rule Compliance.” The Alert describes...more
The SEC charged five more registered investment advisers with violating the Investment Advisers Act’s Marketing Rule by advertising hypothetical performance on their websites without adopting appropriate policies and...more
Private fund sponsors should be aware of two recent SEC regulatory developments with respect to (1) the newly adopted private fund rules (Rule 211(h)(1)-2; Rule 211(h)(2)-3; Rule 211(h)(2)-1; Rule 211(h)(2)-2, and Rule...more
The SEC’s Division of Examinations (“DOE”) recently released its 2024 examination priorities (available here). The SEC provides examination priorities on an annual basis to convey to registrants specific areas that DOE will...more
On September 11, 2023 the SEC announced settlements with nine registered investment advisers (the “Advisers”) for alleged violations of the Investment Advisers Act’s new marketing rule (Rule 206(4)-1, available here, the...more
On September 1, 2023, a group of private fund industry groups filed a petition in the United States Court of Appeals for the Fifth Circuit, challenging the SEC’s recently adopted Private Funds Rule (defined below). Our...more
On August 23, 2023, the SEC voted (3-2) to adopt new rules and amendments under the Investment Advisers Act of 1940 applicable to private fund advisers (available here), which were initially proposed in February 2022.
The...more
8/24/2023
/ Audits ,
Clawbacks ,
Collateralized Loan Obligations ,
Disclosure Requirements ,
Grandfathering Rules ,
Indemnification ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Funds ,
New Amendments ,
Preferential Trade Status ,
Private Funds ,
Quarterly Report ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC)
On August 21, 2023 the SEC announced charges (available here) against a FinTech-focused registered investment adviser (the “Adviser”) alleging the use of misleading hypothetical performance metrics in advertisements....more