Focus Perspective: Paycheck Protection Program (PPP) – Disclosure Considerations

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A Moment of Focus – SEC Requests During COVID-19 Outbreak

As we are going through these unprecedented times, we feel it is important to not only continue providing perspective on existing and proposed regulations, but to also stay abreast of other regulatory developments, trends and best practices as they are … Read More ›

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Focus Perspective: Advertising Rule

November 4, 2019, the SEC proposed major changes to the Advertising Rule and the Cash Solicitation Rule. We would recommend at least glancing through the 505 pages release, which includes much more detail. At the end of the release are … Read More ›

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Focus Perspective: Some Things Just Take Time

Background In 1940, Congress passed the Investment Company Act of 1940 (“Act”), to combat abuses in the investment company industry prior to that time. Recognizing the industry would develop and change over time, the Act gave the SEC the power … Read More ›

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Focus Perspective: Risk Alerts

Once upon a time, back in the “Olden Days,” when the SEC’s request list was 11 or 12 items listed on a single page, most of our information about the responsibilities of an investment adviser and the SEC’s examination process … Read More ›

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Focus Perspective: Proxy Voting Responsibilities of Investment Advisers

On August 21, 2019 the SEC released, “Commission Guidance Regarding Proxy Voting Responsibilities of Investment Advisers.” This is the first time, in my memory, that the SEC has provided this much clarification on this issue. “The guidance discusses, among other … Read More ›

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Focus Perspective: Déjà vu all over again

There we were, last week on July 22, talking about disciplinary history policy, and OCIE’s September 12, 2016 Risk Alert, “Examinations of Supervision Practices at Registered Investment Advisers.” Was the SEC spying on us? Has our email been hacked by … Read More ›

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Risk Alert: Observations from Examinations of Investment Advisers: Compliance, Supervision, and Disclosure of Conflicts of Interest

The Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert based on the examinations of over 50 advisers in 2017 as part of this Initiative. The majority of the advisers were retail advisers identified for examination through a … Read More ›

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Focus Perspective: Regulation Best Interest (“Reg BI”)

On June 5th, the SEC adopted new Regulation Best Interest (“Reg BI”), the new Form CRS Relationship Summary, and two separate interpretations under the Investment Advisers Act (“IA Act”). There has been a lot of press about Reg BI, from … Read More ›

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Focus Perspective: Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features

Latest Risk Alert Risk Alerts from the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) are generally a big deal, identifying problems the examination staff have identified in their examinations of registered entities. The latest Risk Alert, “Safeguarding Customer Records … Read More ›

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