The SEC adjusted the definition of “qualified clients,” becoming effective on August 16, 2021, pursuant to the Dodd-Frank Act of 2010, requiring such an adjustment for inflation every five years.
Continue Reading New Limits for Qualified Clients
On December 17, 2020, SEC created the Division of Examinations by renaming the now defunct, Office of Compliance Inspections and Examinations, making it the SEC’s 6th Division joining Enforcement, Corporation
Continue Reading New SEC Division Undertakes 2021 Examination Priorities
We were recently reminded of how difficult it is to re-register for a position in the securities industry after being barred. See https://www.sec.gov/litigation/admin/2021/ia-5682.pdf.
On February 9, 2021, the United States
Continue Reading Leaving is the Hardest Part Especially if You Want to Re-Enter the Securities Industry
Recently, the Office of Compliance Inspections and Examinations (“OCIE”) released an alert to broker-dealers and registered investment advisers regarding the risks associated with credential stuffing. See https://www.sec.gov/files/Risk%20Alert%20-%20Credential%20Compromise.pdf.
Credential stuffing is
Continue Reading The Dark Side Strikes Again: No, Not the SEC, Hackers and Credential Stuffing
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) conducted a series of examinations into private fund advisers. See the SEC risk alert here. To say the least, OCIE
Continue Reading SEC Prepping for a New Round of Attacks on Fund Advisers
The SEC’s Office of Compliance and Inspections (“OCIE”), recently, issued an alert—more like a shot across the bow—to BDs and RIAs regarding its concerns over activities in the industry concerning
Continue Reading SEC Readying to Hammer BDs and RIAs Over COVID19 Compliance Risks
The United States Department of Labor (“DOL”) has had a very active summer regulating the securities industry. Yes, you heard it right, the DOL has made certain pronouncements that have
Continue Reading The DOL: The New Securities Regulator?
Sadly, the hackers of the world have not let the pandemic get in the way of their nefarious activities. In particular, BDs and RIAs have been primary targets. In our
Continue Reading Cybersecurity: An Issue for BDs and RIAs During this Pandemic
Over the last several months, there has been an increase in questions from registered investment advisers relating to using hypothetical performance information. Generally, the use of such information is fraught
Continue Reading Investment Advisers Using Hypothetical Performance Numbers– an Obvious ‘No-No’
A chief compliance officer (“CCO”) for a registered investment adviser (“RIA”) found himself barred from any compliance or supervisory role in the future because he willfully refused to fix a
Continue Reading CCOs Acting Like Ostriches Will Earn You an SEC Bar