On September 5, 2023, almost one year since its first flurry of similar Custody Rule actions, the SEC announced settlements with five SEC-registered investment advisers to private funds with respect to alleged violations of...more
9/26/2023
/ Audits ,
Compliance ,
Custody Rule ,
Enforcement Actions ,
Financial Statements ,
Form ADV ,
Fund Sponsors ,
GAAP ,
Private Investment Funds ,
Securities and Exchange Commission (SEC) ,
Securities Violations
The SEC Division of Examinations recently published a risk alert summarizing observations from exams of registered investment advisers and broker-dealers related to compliance with Reg. S-ID, which is generally designed to...more
12/14/2022
/ Broker-Dealer ,
Customer Information ,
Data Protection ,
Data Security ,
Enforcement Actions ,
Enforcement Priorities ,
Identity Theft ,
Investment Adviser ,
Regulation S-ID ,
Risk Alert ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
The SEC and CFTC recently charged 11 large financial institutions and their affiliates for failing to collect, monitor, and preserve communications over WhatsApp and other messaging services. These settlements follow a...more
10/7/2022
/ Affiliates ,
CFTC ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Institutions ,
Government Investigations ,
Instant Messaging Apps ,
Investment Adviser ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Social Media ,
WhatsApp
The SEC recently brought fraud charges against Sterlington, Louisiana and its former mayor and separately against Rochester, New York and its former executives and Rochester’s municipal advisors and principals/owners...more
9/1/2022
/ Enforcement Actions ,
False Statements ,
Misrepresentation ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipalities ,
Rule 10(b) ,
SEC Examination Priorities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
The U.S. Securities and Exchange Commission recently charged a broker-dealer and five of its registered representatives with violating Regulation Best Interest (“Reg. BI”) related to recommendations and sales of an unrated,...more
On May 4, 2022, FINRA announced that it had fined two FINRA-registered funding portals a combined $1.75 million for failing to comply with securities laws and rules designed to protect crowdfunding investors. Funding portals...more
5/12/2022
/ Broker-Dealer ,
Crowdfunding ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Fines ,
Funding Portal ,
Internal Controls ,
JOBS Act ,
Regulation CF ,
Securities Act of 1933 ,
Securities Exchange Act