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Category Archives: Investment Company Regulation

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IM Division Has “Enhanced” Exam Unit

Posted in Investment Adviser Regulation, Investment Company Regulation, SEC Compliance

The SEC’s Division of Investment Management is working on two ways to make its Risk and Examinations Office effective. http://www.sec.gov/News/Speech/Detail/Speech/1370540048684#.Uml5uBAWkoo. According to the SEC’s website, REO was established in October 2012 to implement Section 965 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The provision requires IM to have a staff of examiners… Continue Reading

SEC Announces Exam Priorities

Posted in Books and Records, Broker-Dealer Regulation, Compliance and Supervision, Hedge and Private Equity Funds, Investment Adviser Regulation, Investment Company Regulation, SEC Compliance, SEC Enforcement

Tis the season for the regulators to announce their examination priorities.  No less than the SEC’s Office of Compliance Inspections and Examinations released its 2014 Examination Priorities for its National Examination Program (“NEP”). In particular, the SEC identified several new issues for registered investment advisers, primarily for those RIAs, who are at least three years old and have never… Continue Reading

THE SEC DEFEATS INFLATION SORT OF… PENALTIES ADJUSTED

Posted in Broker-Dealer Regulation, Investment Adviser Regulation, Investment Company Regulation, Sarbanes-Oxley, SEC Enforcement

The SEC adopted a rule to adjust the maximum amounts it may recover for civil monetary penalties imposed under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940 for inflation.  The SEC’s new rule-was effective upon publication, and also adjusts… Continue Reading

BDs Remember to File Marketing Material

Posted in Broker-Dealer Regulation, Closed-End Mutual Funds, FINRA Compliance, Investment Adviser Regulation, Investment Company Regulation, Open-Ended Mutual Funds

FINRA has published guidance on its new marketing Rule 2210.  See http://www.finra.org/Industry/Issues/Advertising/P197604   FINRA has indicated that retail communications that will now be subject to this filing requirement has to be filed by February 19, 2013.  FINRA suggested that retail communications relating closed-end funds and structured products must be filed.  FINRA wants, among other things, filed certain presentation… Continue Reading