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Investment Adviser Investment Advisers Act of 1940 Regulatory Oversight

Proskauer Rose LLP

SEC Cites Falsified Compliance Records in Two Recent SEC Settlements with CCOs

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Two SEC enforcement actions from earlier this month, each including charges against a firm’s Chief Compliance Officer in their personal capacity, underscore the importance of maintaining accurate records and upholding...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for June 2024

Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more

Williams Mullen

SEC Private Fund Rule Struck Down by US Appeals Court

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A U.S. appeals court struck down a newly adopted Securities and Exchange Commission (“SEC”) rule implementing a series of new disclosure requirements and restrictions on private fund advisors....more

SEC Compliance Consultants, Inc. (SEC³)

Write the Best Annual Compliance Review Ever!

Many chief compliance officers struggle every year with preparing the annual review required under Advisers Act Rule 206(4)-7. To help you out, here’s our guide to writing your annual report....more

K&L Gates LLP

The SEC Fines Stand-Alone Adviser for Off-Channel Communications

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Overview - On 3 April 2024, the US Securities and Exchange Commission (the SEC) announced the first settlement with a stand-alone registered investment adviser for, among other things, failures to maintain and preserve...more

Kohrman Jackson & Krantz LLP

SEC Increases Oversight of Investment Advisers to Private Equity Funds and Hedge Funds with New Rules

SEC APPROVES NEW RULES IMPACTING INVESTMENT ADVISERS AND FUNDS - On Wednesday, August 23, 2023, the Securities and Exchange Commission (SEC) voted 3-2 along party lines to approve new rules and rule amendments under the...more

Goodwin

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

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On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

Seward & Kissel LLP

SEC Proposes New Oversight Requirements for Certain Services Outsourced by Investment Advisers

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The Securities and Exchange Commission (the “SEC”) has proposed new rule 206(4)-11 (the “Proposed Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”). If adopted, the Proposed Rule would require registered...more

Foley & Lardner LLP

Lessons Learned From OCIE’s Inspections of Investment Adviser Compliance Programs

Foley & Lardner LLP on

The Office of Compliance Inspections and Examinations (OCIE) issued a risk alert on November 19, 2020 related to the Advisers Act compliance rule, Rule 206(4)-7. Some key takeaways for Chief Compliance Officers (CCOs) are as...more

WilmerHale

OCIE Issues Risk Alert Regarding Advisers and Principal and Agency Cross Trading

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On September 4, 2019, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) released a new Risk Alert regarding principal trading and agency cross transactions under Section...more

Proskauer Rose LLP

Regulation of Custodial Practices Under the Investment Advisers Act of 1940 Rule 206(4)-2: October 2019

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Adoption in 1962 - The SEC has regulated custodial practices of investment advisers since 1962, when it first adopted rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”) under...more

Herbert Smith Freehills Kramer

OCIE Notifies Investment Advisers of Principal and Agency Cross Trading Compliance Deficiencies

Failures by a number of investment advisers to comply with certain rules governing principal and agency cross trades has prompted the compliance inspections staff of the Securities and Exchange Commission (SEC) to issue a...more

Perkins Coie

SEC Issues Guidance and Interpretation Aimed at Proxy Voting

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The U.S. Securities and Exchange Commission (SEC) held an open meeting on August 21, 2019, (the Open Meeting) and approved two items: (1) guidance regarding the proxy voting responsibilities of investment advisers under the...more

Herbert Smith Freehills Kramer

OCIE Warns Advisers Regarding Best Execution Obligations

On July 11, 2018, the Securities and Exchange Commission (SEC) issued a risk alert outlining certain compliance issues identified by its Office of Compliance Inspections and Examinations (OCIE) related to the obligation to...more

Herbert Smith Freehills Kramer

Funds Talk: March 2017

OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers - On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more

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