SEC Risk Alert – Cybersecurity Ransomware

The Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (“SEC”) issued a Risk Alert on May 17, 2017 related to the widespread ransomware attack known as WannaCry.  Firms are encouraged to (1) review the … Read More ›

DOL Fiduciary Rule Delay – Clearing the Confusion

The U.S. Department of Labor has announced a 60-day extension of the applicability dates (now effective June 9, 2017 rather than the original date of April 10, 2017) of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption. The purpose of … Read More ›

WARNING!! You THINK you don’t have Custody, but…

IM Guidance Update February 2017 Inadvertent Custody: Advisory Contract versus Custodial Contract Authority   The U.S. Securities and Exchange Commission’s Division of Investment Management recently released guidance to alert investment advisers that they “may inadvertently have custody of client funds … Read More ›

Custody No-Action Letter

    In the No-action letter, the SEC clarifies that the Commission believes that a letter of instruction or other similar asset transfer authorization arrangement established by a client and submitted by an investment adviser to the qualified custodian would … Read More ›

OCIE’s Top 5 RIA Deficiency Letter Topics

The Five Most Frequent Compliance Topics Identified in OCIE Examinations of Investment Advisers   Compliance Rule Rule 206(4)-7 makes it unlawful for an adviser to provide investment advice unless it (1) adopts and implements written policies and procedures reasonably designed … Read More ›

RIA Compliance Calendar – Filing Deadlines 2017

SEC Regulatory Deadlines for Investment Advisers The information provided in this calendar is intended to help compliance officers update their regulatory calendars for 2017.  It does not address all potential regulatory reporting and compliance obligations. Additionally, please note, this calendar … Read More ›

SEC Examination Priorities 2017

    Protecting Retail Investors Electronic Investment Advice Investors are increasingly able to obtain investment advice through automated or digital platforms. Examinations of registered investment advisers that offer such services, including “robo-advisers” that primarily interact with clients online and firms … Read More ›