SEC Enforcement Proceedings Consultant

Pursuant to enforcement proceedings by the SEC, Ascendant has been retained by many companies as their “independent compliance consultant.” This role has included:

    • Conducting a comprehensive “distribution-in-guise” review of the supervisory, compliance, and other policies and procedures designed to prevent and detect the improper use of fund assets to pay for distribution-related services;
    • Reviewing a company’s policies and procedures, making recommendations where the procedures were inadequate, and reviewing the firm’s implementation of recommended required or mandated procedures to address violations identified in the proceedings. Ascendant has been retained on separate matters related to insider trading, best execution and performance advertising.
    • Drafting additional compliance policies and procedures to reflect the adviser’s specific business model
    • Providing required or mandated recommendations, and assistance to demonstrate that the adviser had a reasonably designed and effective compliance program
    • Reviewing custody arrangements and verification of assets
    • Providing recommended required or mandated enhancements to the adviser’s operational policies and procedures and compliance program
    • Addressing SEC enforcement against an investment adviser to a registered mutual fund company
    • Making recommendations to remediate other issues cited by the SEC

Ascendant also served as a team member in the SEC-mandated oversight review of the American Stock Exchange.

Whatever your needs, Ascendant will work with you to make compliance a source of strength.

Please call 1-860-435-2255 for more information.

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Latest Content

Schedule 13D/13F Clarity on ETF Issues

Do I need to file a 13D or 13G if my client accounts hold in excess of 5% of an ETF? Generally, no. The SEC has granted no-action relief to ETFs with respect to compliance with Section 13(d) of the Securities Exchange Act. Section 13(d) was designed to require disclosure when holders begin to accumulate … Continued

New Remedy Coming for SEC’s Custody Rule?

The SEC’s Custody Rule continues to be a common source of confusion and a landmine for noncompliance. Custodial paperwork has caused huge headaches for investment advisers, who are not a party to the agreement and may not even have a copy of the custodial new account paperwork. The issue with existing guidance is that it … Continued

SEC Issues MiFID II No-Action Relief

Some industry anxiety was assuaged on October 26 with three no-action letters that offer relief for some US regulated broker-dealers and investment advisers regarding European MiFID II regulations. The letters followed consultation with the European authorities, and are designed to address concerns that investors could lose access to valuable research. MiFID II is a series of regulations … Continued

Regulatory Changes Impacting RICs and Service Providers

A year ago, the SEC adopted Investment Company Reporting Modernization Rules and Forms, as well as rules pertaining to liquidity risk management programs and swing pricing. New forms N-Port and N-Cen along with amendments to Regulation S-X significantly change the current reporting regime for most registered investment companies (RICs) because they require more comprehensive disclosure and … Continued

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Ascendant works together with clients to identify and assess critical needs through customized plans. If you need assistance with compliance functions, regulatory services, cybersecurity or technology tools, we’d love to speak with you.