SEC

Jay Clayton Sworn in as SEC Chairman

Jay Clayton has taken over the reins of the SEC after being sworn in as the 32nd Chair of the Commission in a May 4 ceremony. He had been nominated on Jan. 20 and confirmed by the U.S. Senate on May 2. Prior to his confirmation, he worked for 20 years as a partner at … Continued

SEC Examined 11% of Advisers in 2016

The SEC met its stated fiscal year 2016 goal by examining 11 percent of the investment adviser pool, meaning over 1,300 advisers were covered.

SEC Releases 2017 Examination Priorities

The SEC’s Office of Compliance and Examinations (“OCIE”) released its Examination Priorities for 2017 with a focus on “certain practices, products, and services that OCIE perceives to present potentially heightened risk to investors and/or the integrity of the U.S. capital markets.”

CCO Liability – Line in the Sand

In an October 2013 speech that delved into CCO liability, SEC Chair Mary Jo White said, “(a)lthough we do occasionally bring enforcement actions against compliance personnel, compliance officers who perform their responsibilities diligently, in good faith, and in compliance with the law are our partners and need not fear enforcement action.”

SEC Announces Record Year for Enforcement

The SEC announced a record year for enforcement, with 868 total actions in fiscal year 2016, an increase of almost 15 percent over just two years ago.

Latest Content

DOL Fiduciary Rule Transition Period Extension to 2019 Requested

The Secretary of Labor, Alexander Acosta, made a court filing on August 9 requesting the Transition Period and Delay of Applicability for the Department of Labor Fiduciary Rule be extended from January 1, 2018 to July 1, 2019. This court filing included extending the deadlines for the following Prohibited Contract Exemptions: Best Interest Contract Exemption … Continued

SEC Cyber Sweep Highlights Areas In Need of Improvement

The results of the SEC’s second cybersecurity sweep examinations are in, and they paint a picture of an industry that has come to grips with the need to address cybersecurity risk, but where the canvas is incomplete in many respects.

Colorado Joins New York in Mandating Cybersecurity Controls for Financial Institutions

On the heels of the recently adopted New York State Department of Financial Services Cybersecurity Regulation (23 NYCRR 500), Colorado has followed suit with its own set of protections. The Colorado Division of Securities has issued cybersecurity regulations applicable to broker dealers and investment advisers registered with the state, which are codified in Sections 51-4.8 … Continued

Form ADV: What You Need to Know Now to Prepare for October

October 2017 new Form ADV amendments continue the big data trend. Form ADV continues to expand ever more rapidly as data mining and handling techniques by regulators allow for the utilization of Form ADV for risk measurement. Ease the burden of answering over 100 separate questions (plus scores more for each private fund) through this … Continued

Electronic Messaging Exams: Looking Beyond Emails

The SEC is conducting “electronic messaging” examinations -- mainly in the New York region -- which include all forms of written communications related to an Adviser's business.

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