News & Analysis as of

Investment Management Securities and Exchange Commission (SEC) Chief Compliance Officers

SEC Compliance Consultants, Inc. (SEC³)

Top Compliance Program Mistakes (and How to Avoid Them) (Part 2 of 2)

As discussed in our prior article, it's important to have a well-built foundation for your compliance program. But creating the program is just the start of the journey. Compliance is a journey requiring adaptation,...more

Alston & Bird

CFTC Commissioner Warns That CCOs May Face Personal Liability

Alston & Bird on

Our Investment Funds Group reviews the implications of a Commodity Futures Trading Commission (CFTC) policy targeting chief compliance officers (CCOs) as individuals if their companies’ compliance programs fail....more

Morrison & Foerster LLP

Marketing Rule Implementation – Are You Ready for November 4th?

The compliance date for the SEC’s new investment adviser Marketing Rule is November 4, 2022, allowing just over a month for an investment adviser to finalize its implementation process to comply with the Rule, which applies...more

K&L Gates LLP

Compliance Programs: 2019 Washington D.C. Investment Management Conference

K&L Gates LLP on

DISCUSSION OVERVIEW - - Duty to Establish a Compliance Program - Chief Compliance Officer (“CCO”) - Written Policies and Procedures - Annual Review Process - SEC Exams and Enforcement - Code of Ethics ...more

Proskauer Rose LLP

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

Proskauer Rose LLP on

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

Carlton Fields

SEC Lightens Legal Load of Mutual Fund Directors

Carlton Fields on

The SEC staff now says that mutual fund directors can rely on chief compliance officer certifications in determining compliance with board procedures required by SEC exemptive Rules 10f-3, 17a-7, and 17e-1 under the...more

Morrison & Foerster LLP

SEC Staff Allows Fund Boards to Rely on CCO Reports

Morrison & Foerster LLP on

On October 12, 2018, the staff of the SEC’s Division of Investment Management issued a no-action letter to the Independent Directors Council (“IDC”) agreeing that the staff will not recommend enforcement if, in lieu of making...more

Stinson - Corporate & Securities Law Blog

SEC Charges Chief Compliance Officer for Failure to Verify Information

David I. Osunkwo was a principal at Strategic Consulting Advisors, LLC, or SC Consulting. SC Consulting offered compliance consulting and CCO services to two SEC registered investment adviser firms under common control, Aegis...more

Stinson - Corporate & Securities Law Blog

SEC Warns on Outsourced Chief Compliance Officers

The SEC’s Office of Compliance Inspections and Examinations, or OCIE, recently issued a risk alert titled “Examinations of Advisers and Funds That Outsource Their Chief Compliance Officers.” According to the alert, OCIE...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

K&L Gates LLP

SEC Enforcement Actions Against Investment Advisers

K&L Gates LLP on

According to the SEC’s most recent financial report, as of August 2014, SEC-registered investment advisers managed $62.3 trillion in assets. Not surprisingly, investment advisers attract a great deal of attention from the...more

Broker-Dealer Compliance + Regulation

SEC Commissioner: Don’t Hold CCOs Accountable for Misdeeds of Advisers

SEC Commissioner Daniel Gallagher, in a speech on June 25, 2015, said that a perceived trend by the SEC toward “strict liability” for chief compliance officers (CCOs) is “sending a troubling message.” The statement...more

Ballard Spahr LLP

Recent Investment Management Developments - June 2015

Ballard Spahr LLP on

In This Issue: - SEC Proposes Changes to Reporting and Disclosure Obligations for Investment Companies and Advisers - SEC Charges Hedge Fund Executives and External Auditor for Improper Disclosure of Expense...more

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