The new year always marks the start of a busy regulatory filing season for registered investment advisers, including investment advisers that file Form PF (“Form PF Filers”). This year could be especially challenging since,...more
2/5/2025
/ CFTC ,
Compliance ,
Enforcement Actions ,
Financial Services Industry ,
Form PF ,
Hedge Funds ,
Investment Adviser ,
Investment Management ,
Private Equity ,
Private Funds ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
On December 20, 2024, the Securities and Exchange Commission (SEC or the “Commission”) announced charges against several entities that failed to file a Form D within 15 days of a private sale of securities. These entities,...more
1/8/2025
/ Civil Monetary Penalty ,
Compliance ,
Enforcement Actions ,
Filing Deadlines ,
Filing Requirements ,
Form D Filing ,
Investment Adviser ,
Private Equity ,
Private Funds ,
Registration Requirement ,
Regulation D ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations
As the end of 2024 approaches, it is crucial that all investment advisers—including registered investment advisers (RIAs) and exempt reporting advisers (ERAs)—complete end of the year regulatory and compliance tasks and...more
On June 5, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) unanimously vacated the “Private Fund Adviser Rules,” which the U.S. Securities and Exchange Commission (the SEC)...more
6/13/2024
/ Audits ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Private Funds ,
Quarterly Report ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
Regulators across the globe continue to focus on disclosures and marketing relating to environmental, social, and governance (ESG) issues. Consistent with this trend, on September 20, 2023, the U.S. Securities and Exchange...more
10/11/2023
/ Best Practices ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Federal Register ,
Federal Trade Commission (FTC) ,
Green Guides ,
IFRS ,
Investment Adviser ,
Investment Company Act of 1940 ,
New Amendments ,
Recordkeeping Requirements ,
Reporting Requirements ,
SASB ,
Securities and Exchange Commission (SEC) ,
Transparency
On August 23, 2023, the SEC adopted new rules and amendments to existing rules (collectively, the “New Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”). The New Rules are designed to increase...more
9/5/2023
/ Conflicts of Interest ,
D&O Insurance ,
Disclosure Requirements ,
Errors and Omissions Policy ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
PCAOB ,
Private Funds ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
Sponsors and managers of private funds must attend to various routine regulatory and compliance tasks, which can include ongoing reporting obligations under the Investment Advisers Act of 1940 (the “Advisers Act”), updating...more
1/16/2023
/ CFTC ,
Cybersecurity ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Proposed Rules ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Vendors
Recently, the U.S. Securities and Exchange Commission (SEC) adopted rule and form amendments for registered open-end funds (Final Rules) that will substantially change the form and content of fund shareholder reports. The SEC...more
11/30/2022
/ Advertising ,
Disclosure Requirements ,
EFTs ,
Exchange-Traded Products ,
Final Rules ,
Financial Records ,
Fund Managers ,
Mutual Funds ,
Portfolio Managers ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholders
On January 26, 2022, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Form PF, the confidential reporting form the SEC uses to collect data about certain SEC-registered investment advisers to hedge...more
On March 20, 2020, in response to business disruptions caused by the spread of the coronavirus (“COVID-19”), the Securities and Exchange Commission (“SEC”) issued an exemptive order under the Securities and Exchange Act of...more
As summer recedes and we head into the autumn, investment advisers are in the home stretch of preparations for Form ADV reporting and disclosure changes that become effective October 1, 2017. The amendments, which were...more
In a June 2015 Guidance Update, the staff of the Division of Investment Management clarified how the code of ethics reporting rules apply to investment advisers.
Current rules require certain advisory personnel who...more
The National Futures Association (NFA) reminded fund advisers claiming an exemption from registering as a commodity pool operator (CPO) that they must confirm by March 3, 2014 that will continue to rely on the exemption....more
The SEC’s Division of Investment Management provided advisers to venture capital funds with guidance on fund structures that do not jeopardize an adviser’s ability to rely on the exemption from registration provided by...more
In a dramatic change of course, the Commodity Futures Trading Commission (CFTC) adopted final rules that apply a “substituted compliance” approach for disclosure and compliance obligations of registered investment companies...more