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 406(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 ›

Simons Says: Changing of the Guards

Timothy M. Simons, CFA, CFP, CIPM, CSCP Senior Managing Member Focus 1 Associates LLC December 28, 2016     Fiduciary Rules As the end of 2016 nears, I would like to spend a little time talking about the SEC’s Fiduciary … Read More ›

To Outsource CCOs, or Not? That is the Question!

Timothy M. Simons, CFA, CFP, CIPM, CSCP Senior Managing Member Focus 1 Associates LLC October 25, 2016     Background While I was reviewing the amended Form ADV that will be required to be used for every filing after October 2017, … Read More ›