Regulation A Plus, FBAR And FATCA Deadlines, And Other Regulatory Filing Dates

The SEC isn’t the only agency investment advisers need to have on their radars. The IRS has extended the reporting deadline for certain FBAR filings, and reporting under the Foreign Account Tax Compliance Act (FATCA) will begin soon, now that the FATCA Portal is open for registration. Firms seeking to be included on the IRS’ … Continued

Jumping Into Advertising Under The Jobs Act, And The Sec’s Custody About-Face

With the SEC’s adoption of rules under the JOBS Act, new Rule 506(c) allows advisers to conduct general advertising and general solicitation if certain additional steps are taken. Not many firms appear to be dipping their toes in just yet, but our consultants jump right in for an immersive discussion of the rule revisions and … Continued

The Compliance Cliff: Gridlock at the SEC, and Pending CFTC and JOBS Act Concerns

While much of the nation is focused on the imminent fiscal cliff, the departure of Chairperson Mary Shapiro from the SEC has pushed advisers towards a “compliance cliff” with potential gridlock on pending rulemaking. Keith Marks and Chris Hardy explain the deadlock, and provide an update on CFTC registration concerns, exemptions, and extensions.

JOBS Act Update, SEC Examination Initiative, and Understanding the Enforcement Process

Our consultants provide a status update of the JOBS Act in which the SEC guidance is expected by Independence Day! This relaxation of the General Solicitation prohibition under Rule 506 will change the way private funds advertise and market themselves. The SEC’s Division of Risk, Strategy and Financial Innovation has a new initiative which is … Continued

Latest Content

When Policies, Procedures and Testing Protocols Aren’t Enough…

The Compliance Program Rule continues to be a powerful tool for SEC enforcement, recently used by the SEC to address trading away in wrap accounts, misappropriation of retail client assets, and the misuse of an omnibus account. Advisory firms had written policies and procedures and testing protocols, but they were not good enough; are yours? … Continued

The Compliance Professionals Guide to Effective Trade Desk Monitoring

Global regulators continue to enhance their ability to monitor the activities of market participants through a combination of new rules, filing requirements, and upgrades to surveillance technologies. As a result, many market participants, including both buy-and sell-side firms, need to re-assess how they currently monitor the trading desk, and whether new policies and procedures are … Continued

How Do You Supervise for SEC Pay-to-Play Violations?

If you wanted more information about the contours of the SEC’s Pay-to-Play Rule, or how the SEC may enforce it, three recent Settlement Orders against large investment advisers for “over de minimis” political contributions provide some insight regarding one of the prohibitions: Contributions by Covered Associates to certain Government Officials over the specified Exception amount (capitalized words are terms in the … Continued

Do your Fund Documents Clearly Disclose Receipt of Accelerated Monitoring Fees?

Somewhat more reminiscent of the broken-windows enforcement era, two affiliated private equity advisers managing billions settled with the SEC on charges that they failed to make pre-commitment disclosures in fund governing documents related to accelerated fees received from portfolio companies. Interestingly, according to the Settlement Order, the advisers had made some disclosures in fund documents … Continued

With New Risk Alert, SEC Doubles Down on Best Execution

On July 11, 2018, the SEC issued a Risk Alert outlining commonly found compliance issues related to best execution by investment advisers. Advisers have an obligation to seek best execution of client transactions, taking into consideration quantitative factors such as execution quality and commission rate, as well as more qualitative factors such as the value … Continued

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