Although we are certain that Shakespeare never had to deal with the vagaries of Regulation BI, we do, and, in a series of questions relating to Regulation BI, the SEC Staff made it abundantly clear that, if you are a broker-dealer and not also a registered investment adviser, you cannot use the term “adviser” or
In 2 separate actions, the SEC came down very hard on private equity/hedge funds regarding both disclosure and operational issues. See https://www.sec.gov/enforce/ia-5478-s; and https://www.sec.gov/enforce/ia-5485-s.
In the first action, a firm settled for $1 million because it allegedly mischaracterized its prior investments in its marketing materials. This purported misrepresentation led to an over-statement of the fund’s
Last month, we discussed business continuity plans and how important they were to firms. Further, my partner, Josh Horn, and I, recently, conducted a webinar for the NSCP on this very topic.
Now, we know both the SEC and FINRA will be conducting examinations to evaluate securities firms response to the pandemic as well as
Join me, along with co-presenters Daniel Garrie of Law and Forensics and Jessica Friedman of JP Morgan Chase, for a recorded CLE webinar offering an update on the New York State Department of Financial Services’ cybersecurity regulations, which are designed to combat the growing threat cyber threats pose to information and financial systems. The regulations
![-incompetence-14220[1]](https://securitiescompliancesentinel.foxrothschild.com/wp-content/uploads/sites/123/2020/04/incompetence-142201.jpg)
Compliance personnel– especially, chief compliance officers– cannot ignore problems because, as one SEC ALJ determined, it will lead to censure and fines for ignoring compliance obligations. See https://www.sec.gov/alj/aljdec/2020/id1400cff.pdf.
Apparently, for over 10 years, a registered investment advisor hired a series of unskilled CCOs, and ignored compliance and audit requirements. The RIA tried to claim that
The SEC recently brought and settled an action against a former wannabe fund manager, who lied to prospective investors that he already had raised millions of dollars in the fund from other (fictitious) investors. The fund manager was barred from the securities industry for 10 years. See https://www.sec.gov/litigation/litreleases/2020/lr24783.htm.
The SEC also claimed that the fund
Please join Fox Rothschild LLP’s Security Industry Group members, Patrick Egan and Chuck DeMonaco, for a timely discussion on insider trading and the effect of the pandemic on those investigations. Kindly join us
|
We wanted to invite everyone to attend the below webinar:
|
Unfortunately, in a very short sighted move by the United States Securities and Exchange Commission, its Chairman Jay Clayton announced that the SEC would not extend the compliance date for Regulation BI and the use of Form CRS passed the deadline of June 30, 2020.
Apparently, Chairman Clayton has not seen the recent Covid-19 numbers
