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….
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…
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 Significantly, the update includes a list of the SEC no-action letters (“Staff Letters”) that are now withdrawn and no longer valid for reliance by investment advisers.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…
The SEC’s Division of Examinations (formerly known as OCIE) has issued a new Risk Alert (the “Alert”) on findings from fund examinations over the past few years. The Alert covers examination weaknesses and best practices discovered from the Division’s inspections of over 50 fund complexes, 200 funds and close to 100 advisers since late 2018….
The SEC’s Division of Examinations (formerly known as OCIE) has issued a new Risk Alert (the “Alert”) on principal and cross trades for fixed income managers. More than 20 fixed income managers were examined as part of a special study on prohibited transactions (FIX Initiative) that began more than two years ago. The investment advisers…