Tag Archives: SEC


SEC Guidance on Monitoring of Managed Accounts

Dear Friends, The SEC provided guidance for registered investment advisers (RIAs) regarding the mandatory reporting of personal securities transactions reports for “Access Persons,” as provided under Rule 204A-1 of the Advisers Act. Accounts over which an Access Person had no direct influence or control are excluded from the reporting requirement. The SEC outlined that certain blind trusts may be excluded from […]

SEC Commissioner on CCO Enforcement Actions

July 1, 2015 Dear Friends, On June 29, 2015, SEC Commissioner  Luis A. Aguilar, said that recent statements by fellow SEC Commissioner David Gallagher regarding enforcement actions against CCOs of investment advisers,  (Black Rock and SFX Financial) have “unnecessarily created an environment of unwarranted fear in the CCO community.” Commissioner Aguilar noted that CCOs that are competent, diligent, and act in […]

SEC Announces Compliance Date

June 26, 2015 Dear Friends, The SEC announced that the compliance date for the ban on third-party solicitation pursuant to the Pay-to-Play rule, will be July 31, 2015. The Pay-to-Play Rule prohibits an investment adviser from providing compensated services to a government entity, following a political contribution to certain officials of that entity. The third-party solicitation ban, prohibits an investment […]

Judge Rules Against SEC

Dear Friends, Today, a federal judge ruled that the SEC’s use of an in-house judge tribunal was “likely unconstitutional.” Rather than sending cases to federal court, the SEC has increasingly used its administrative judge tribunal to decide cases. U.S. District Court Judge Leigh Martin May temporarily postponed an SEC insider-trading case against a real estate developer, stating that the use of the […]

SEC Proposes Form ADV Amendments

June 8, 2015 Dear Friends, The SEC has proposed amendments to Form ADV including, but not limited to, the following: Umbrella Registration: additional guidance on the ability to file a single form ADV for filing and relying advisers. Separately Managed Accounts (SMA): additional disclosure regarding SMAs; the scope and frequency of which will be dependent upon the adviser’s regulatory assets under management. Additional […]

CounselWorks and Compliance Science Webinar Invitation

   Speakers: Kathleen Malone, Managing Director of Northeast Division CounselWorks LLC Ms. Malone, a former SEC and FINRA examiner, assists investment advisers and broker-dealers with the development, implementation, and maintenance of their compliance programs.   Dave Nash Vice President, Customer Success Compliance Science Mr. Nash joined Compliance Science in 2007 where he engages with customers to successfully implement and support […]

SEC Proposes Rules to Modernize and Enhance Information Reported by Investment Companies and Investment Advisers

May 20, 2015 Dear Friends, Today, the SEC proposed new rules, forms and amendments which will require additional disclosures from investment companies and investment advisers. Investment company proposals include: Form N-PORT: a new form requiring a monthly report of the fund’s investments; Form N-CEN: a new form requiring an annual report of census-type information, replacing the current Form N-SAR; Amendments […]

SEC Focus on Private Equity

May 14, 2015 Dear Friends, Yesterday, Marc Wyatt, Acting Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE), spoke at an industry event regarding the OCIE’s focus on private equity, including but not limited to: Real Estate Advisers: adequate disclosure of fees and expenses, particularly in connection with charging back the cost of employees who provide asset management […]

SEC Announces Compliance Outreach Program Seminars

April 30, 2015 Dear Friends, Today, the SEC announced the schedule for its Compliance Outreach Program – regional seminars specifically for investment adviser and investment company senior officers. The seminars will include an overview of the SEC’s National Exam Program, as well as a discussion of current topics of interest for the Division of Investment Management, and the Enforcement Division’s […]

SEC Releases Cybersecurity Guidance

Dear Friends, The SEC released cybersecurity guidance, specific to registered investment advisers and registered investment companies. As summarized below, the SEC suggests advisers and funds:  Periodically assess the nature of data collected; internal and external threats; existing security controls; the impact of a breach, and the effectiveness of the governance structure for the management of cybersecurity risk. Develop a strategy to […]