Author: Amy D’Avella On September 15, 2020, the Office of Compliance Inspection & Examinations (OCIE) issued a Risk Alert titled Cybersecurity: Safeguarding Client Accounts against Credential Compromise, warning of a type of cyberattack called “credential stuffing.” Using stolen username, password, and email combinations, the automated attack attempts to log in to a variety of websites….
Author: Brian DeChow On August 12th, the Office of Compliance Inspections and Examinations (“OCIE”) issued a risk alert highlighting a variety of compliance issues that the COVID-19 pandemic may have impacted. The observations and recommendations fall broadly into six categories: (1) protection of investors’ assets; (2) supervision of personnel; (3) practices relating to fees, expenses,…
Author: Chris Payne Yesterday, the SEC adopted new rules surrounding proxy advisory firms and provided supplemental guidance for investment advisers to follow. As a result of these new rules, investment advisers who have agreed to take on proxy voting authority on behalf of their clients will be faced with additional regulatory scrutiny and expectations, particularly…
Author: Ian Meiksins The SEC has proposed a substantial leap in the reporting threshold of Form 13F. Form 13F, as it currently stands, requires advisors who manage $100 million or more in exchange trade equities to publicly disclose their holdings. The SEC’s new proposal would move the $100 million marker to $3.5 billion. The original…
Author: Chris Payne On June 23rd, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert[1] intended to highlight the compliance issues observed during recent examinations of registered investment advisers that manage private equity funds or hedge funds. The Staff noted the popularity of these products—over 36 percent of investment advisers…
Maintaining proper books and records is a key component of your compliance program, but with so many rules and regulations to keep track of it can quickly become complicated. The current environment and the increase in working from home has added further complications to books and records maintenance for many advisors. In order to provide…
Author: Alisha Dowell As we deal with current restrictions and personal distancing rules, it becomes more important than ever for investment advisory firms to connect with their clients and figure out how to best offer services moving forward. One way advisors are doing this is through replacing in-person meetings with video calls. While this new…
Author: Ashley Hatt In 2009, the SEC subjected advisors to a new list of Custody Rule requirements that sent the world of Registered Investment Advisors into a tailspin as they raced to understand the changes, how they affected their firm and how they could comply by the deadline. More than a decade and several additional…
Author: Alisha Dowell On April 7, 2020, the SEC Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert to provide information about initial examinations of SEC-registered broker-dealers and investment advisers (“firms”) taking place after the June 30 compliance deadline for the Form CRS. Firms must file their Form CRS client relationship summaries with…
Author: Ian Meiksins In a statement issued by SEC Chairman, Jay Clayton, the SEC announced it will not be extending the compliance date for the implementation of Regulation Best Interest (Reg BI) and Form CRS. The statement said that “because the continued implementation of these conduct and transparency initiatives, individually and collectively, will significantly benefit…
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