September 30 is the SEC’s fiscal year-end, so it’s no surprise to see an uptick in enforcement cases this month. The latest slew of settlements
This month’s big news from the SEC was more piggy-bank breaking fines against 26 broker-dealers, investment advisers and dual registrants for “widespread and longstanding failures” for using unapproved electronic communications methods, known as “off-channel communications.” The SEC’s Marketing Rule (Advisers Act 206(4)-1) enforcement continued with a settlement involving an investment adviser for using hypothetical performance on its public website. Next, in a case undoubtedly meant to serve as a warning for advisers after Minnesota Governor Tim Walz was added to the Democratic presidential ticket, the SEC fined an adviser $95,000 for a $7,150 campaign contribution made in violation of the “look back” provision under the Pay-to-Play Rule (Advisers Act Rule 206(4)-5). New rule making activity was less dramatic as the SEC adopted a final rule increasing the dollar threshold for defining a “qualifying venture capital fund” under the Investment Company Act of 1940 from $10 million to $12 million.
Most compliance officers struggle to determine whether they are conducting enough testing to satisfy their obligations under the Advisers Act. In its release adopting Advisers
Welcome to our July Regulatory Roundup, where we provide a quick look at the latest regulatory developments. In this edition, we discuss the implications of the Supreme Court’s decision in SEC v. Jarkesy that limits the Commission’s use of in-house judges, two Texas federal district court judges issued stays blocking the implementation DOL’s Retirement Security Act and PTE 2020-02, and the SEC’s latest schedule for issuing various final Advisers Act rules. Enjoy!
Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post
Check out our regulatory update for May 2024, including Amendments to Regulation S-P, Proposed CIP requirements, the latest SEC Risk Alert on Marketing Rule, and more!
Use our cheat sheet for updating your compliance program for 2024!
The SEC announced charges in a September 28 release against 15 prominent brokerage firms and an adviser for failures related to maintenance of books and records for
The EXAMS staff at the SEC recently released a Risk Alert on the topic of material non-public information and adviser Codes of Ethics. Long cited
While there is a lot of buzz this week related to the Proposed Amendments to Form PF, we are mindful that final rules often look very
