Simons Says: Déjà Vu All Over Again, Version 2.0

Timothy M. Simons, CFA, CFP, CIPM, CSCP Senior Managing Member Focus 1 Associates LLC September 29, 2017   September 14, OCIE issued a Risk Alert On September 14, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk … Read More ›

Simons Says – The SEC and Cybersecurity

Timothy M. Simons, CFA, CFP, CIPM, CSCP Senior Managing Member Focus 1 Associates LLC August 23, 2017   January 9, 2014 – Examination Priorities for 2014 Although the SEC did refer to cybersecurity in the Examination Priorities for 2013, as … Read More ›

Simons Says: SEC Chairman Shares FY2018 Budget Request

Timothy M. Simons, CFA, CFP, CIPM, CSCP Senior Managing Member Focus 1 Associates LLC June 27, 2017   General Information On June 27, 2017, SEC Chairman Jay Clayton testified before the Senate Appropriations Subcommittee on the SEC’s Fiscal Year 2018 … Read More ›

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 ›