If you were asked to describe a hacker, what image comes to mind? If you’re like most, you are probably picturing unintelligible text flying across a monitor as young men in black hoodies attempt to break into networks, engaging in a very technical dance and speaking in terms the average layperson would not understand. While that may be an apt description of the hacker of yesterday, today one of the most effective means of hacking is surprisingly the least technical. It is called social engineering, and it can be loosely defined as manipulating a person to perform an action or to divulge information.
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Robust Product Due Diligence: It’s A Necessity, Not an Option!
Beyond BYOD: Mobile Device Management and the Importance of MDM Compliance for Investment Advisers
What a Difference a Year Makes: Best Practices for Completing Form ADV
Business Continuity Redux: How the Perfect Storm Provided Regulators with the Perfect Opportunity
SEC Retail Investor Focus Turns Towards Registered Investment Companies
Earlier this year when the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced its 2018 examination priorities, OCIE stated that a core priority was to protect retail investors, including seniors and individuals saving for retirement. OCIE is now continuing this effort by focusing on mutual funds and exchanged-traded funds (together, the “Funds”) as the … Continued
SEC Alerts Investment Advisers to Review Solicitor Arrangements
On October 31, OCIE issued a new Risk Alert for investment advisers with solicitor arrangements. The SEC periodically releases risk alerts to notify the industry of deficiencies they are finding during examinations, and this latest alert puts investment advisers with solicitor arrangements on notice to check their solicitor agreements, policies and procedures, and disclosure documents. … Continued
Pennsylvania Sounds Warning Bell Over Client Credentials and Custody
The Pennsylvania Department of Banking and Securities (PDOBS) has indicated in recent guidance two concerns related to investment advisers using client credentials to access a custodial account(s). In the letter dated September 25, 2018, PDOBS indicates that the use of client credentials may create custody and is considered to be a dishonest and unethical practice. … Continued
San Diego 2018 Conference Gallery
Ascendant/CSS San Diego Conference Another compliance conference is in the books. We had a great time in San Diego, and we think our attendees did, too. We hope to see you in Miami! (Click on photos to view full size.)
Advertising Issues: SEC and GIPS Performance in the Private Fund Space
Over a year ago, OCIE released the Risk Alert, “The Most Frequent Advertising Rule Compliance Issues Identified in OCIE Examinations of Investment Advisers.” While the alert highlighted several areas where performance advertising is involved, our recent CSS/Ascendant conference panelists in a session entitled “Best Practices for SEC and GIPS Performance in the Private Fund Space” … Continued
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