ComplianceAlert

SEC Exams Program Highlights MNPI Concerns

A recent Risk Alert (the “Alert”) issued by the Division of Examinations (“EXAMS”) addressed Staff findings and several areas of concern that the SEC has regarding misuse of Material Non-Public Information (“MNPI”) by registered investment advisers. The Alert came shortly after the SEC’s 2022 Examination Priorities (“Priorities Letter”). While MNPI concerns were not explicitly mentioned…

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ComplianceAlert

Take Action on the New Marketing and Advertising Rule (Video)

The SEC’s new Marketing and Advertising Rule for investment advisers will require significant changes at firms. However, there’s some good news: the Rule is intended to bring its original compliance requirements up to speed with modern communications. And with the compliance date for the Rule on November 4th of this year, firms should be taking…

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ComplianceAlert

SEC Exams Reveal Private Fund Concerns

A recent Risk Alert (the “Alert”) issued by the Division of Examinations (the “Division”) addressed several areas of concern that the SEC has with the private fund industry. The Alert is among the first steps of the SEC’s agenda to expand its footprint with the private fund industry through increased regulatory guidance, examinations and rulemaking….

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ComplianceAlert

Fee and Expense Allocation Deficiencies Uncovered

The Division of Examinations (the “Division”) conducted exams of 130 retail advisers where the Staff reviewed fee and expense billing practices. Its latest Risk Alert (the “Alert”) details the results of these exams and is structured similarly to others released in 2021, whereby the Staff describes both deficiencies found as well as best practices. Of…

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ComplianceAlert

Division of Investment Management Update on New Marketing Rule

The SEC’s Division of Investment Management (IM) recently issued an Information Update on the new Marketing Rule, amended Rule 206(4)-1. Significantly, the update includes a list of the SEC no-action letters (“Staff Letters”) that are now withdrawn and no longer valid for reliance by investment advisers. This is the result of the modifications to the…

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