On March 19, the Securities and Exchange Commission (SEC) issued a new FAQ response1 that softens prior guidance on the use of gross and net performance in advertisements. The new FAQs (the New Guidance) reduce the burden of...more
On September 9, the U.S. Securities and Exchange Commission (SEC) announced another series of settlements with registered investment advisers for violations of Rule 206(4)-1, as amended (Marketing Rule), under the Investment...more
10/17/2024
/ Advertising ,
Disclosure Requirements ,
Endorsements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Marketing ,
Policies and Procedures ,
Popular ,
Ratings ,
Securities and Exchange Commission (SEC) ,
Statement of Facts ,
Testimonial Statements ,
Third-Party
Rule 206(4)-1, as amended (the Marketing Rule), continues to be an area of focus for the U.S. Securities and Exchange Commission (SEC). On April 17, 2024, the SEC Division of Examinations (Division) published a risk alert...more
On January 23, 2024, Judge Edward M. Chen of the United States District Court for the Northern District of California ruled in META PLATFORMS, INC. v. BRIGHT DATA LTD. (Meta v. Bright Data), granting Bright Data’s motion for...more
2/16/2024
/ Breach of Contract ,
Data Sellers ,
Facebook ,
Instagram ,
Investment Adviser ,
Marketing ,
Popular ,
Social Media Account Ownership ,
Terms of Use ,
Third-Party ,
Web Scraping
The U.S. Securities and Exchange Commission (SEC) Division of Examinations (the Division) recently released its annual Examination Priorities for fiscal year 2024 (the Report). The Report underlines the Division’s focus on...more
11/14/2023
/ Broker-Dealer ,
Cybersecurity ,
Disclosure ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Marketing ,
Policies and Procedures ,
Portfolio Managers ,
Private Funds ,
Registered Investment Advisors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On September 5, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against five investment advisers for violating Rule 206(4)-2 (the Custody Rule) and Rule 204-1(a) (the ADV Reporting Rule) of the...more
10/19/2023
/ Audited Financial Statements ,
Client Funds ,
Custodians ,
Custody Rule ,
Enforcement Actions ,
Form ADV ,
GAAP ,
Investment Advisers Act of 1940 ,
Marketing ,
PCAOB ,
Performance Standards ,
Registered Investment Advisors ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On February 7, 2023, the U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) released its annual Priorities Report1 for upcoming examinations of registered investment advisers...more
2/17/2023
/ Anti-Money Laundering ,
Broker-Dealer ,
Conflicts of Interest ,
Cryptoassets ,
Customer Protection Rule ,
Cyber Crimes ,
Cybersecurity ,
Emerging Technologies ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment Adviser ,
Marketing ,
Popular ,
Portfolio Managers ,
Private Funds ,
Registered Investment Advisors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
On Jan. 11, the Securities and Exchange Commission (SEC) issued a new FAQ response discussing an investment adviser’s obligations with respect to the use of gross and net performance information in the marketing of private...more
On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) announced a modernized rule (the New Marketing Rule) governing (i) investment adviser advertisements and (ii) payments to solicitors. Under the...more
1/22/2021
/ Advertising ,
Advisors Act ,
Books & Records ,
Cash Solicitation Rule ,
Endorsements ,
False Statements ,
Federal Register ,
Investment Adviser ,
Marketing ,
Securities and Exchange Commission (SEC) ,
Solicitation ,
Third-Party ,
Written Agreements