Category: Legal and Regulatory Updates
Adviser Fined for Proxy Voting Rule Violations, Strong Dissent by Commissioners Peirce and Uyeda
The SEC has fined an investment adviser for violating the Proxy Voting Rule, finding fault with standing instruction to third-party service provider to always vote with management.
September 23, 2022
Tags: Proxy Voting, SEC Enforcement
SEC Investor Advisory Committee Considers ESG, Beneficial Ownership
The SEC’s Investor Advisory Committee discussed the SEC’s ESG and beneficial ownership proposals.
September 22, 2022
Tags: Beneficial Ownership, ESG, IAC
SEC Compliance Outreach Program Scheduled for November 15
The SEC has scheduled a Compliance Outreach Program for advisers and funds on November 15, 2022.
September 22, 2022
Tags: Compliance, ESG, Fiduciary, Form CRS, Marketing Rule, Mutual Funds, Private Funds, SEC Examinations
SEC Brings Four Pay-to-Play Cases, Commissioner Peirce Highlights Need to Revisit the Rule
The SEC charges four investment advisers with violations of the Pay-to-Play rule, as Commissioner Peirce calls on the SEC to revisit the “exceedingly blunt instrument.”
September 22, 2022
Tags: Hester Peirce, Pay-to-Play
SEC Wrap Fee Case Focuses on Account Monitoring and Fees
SEC fines adviser for failing to monitor whether wrap fee program continued to be in clients’ best interest.
September 20, 2022
Tags: SEC Enforcement, Wrap Fees
SEC Charges Nine Private Fund Advisers with Custody, Form ADV Rule Violations
The SEC charged nine private fund advisers with custody and Form ADV deficiencies.
September 19, 2022
Tags: Form ADV, Custody, SEC Enforcement
DOL Proposes to Narrow Prohibited Transaction Exemption for Qualified Professional Asset Managers
The DOL proposes new QPAM requirements, amending a Prohibited Transaction Exemption frequently relied on by certain professional managers under ERISA.
August 10, 2022
SEC Brings Three Cases for Identity Theft Red Flags Rule Violations
The SEC charged three firms for identity theft prevention program deficiencies, in violation of the Identity Theft Red Flags Rule (Regulation S-ID).
August 01, 2022
Tags: Dual Registrant, Red Flags, Reg S-ID, SEC Enforcement
Recent SEC Share Class Case Focuses on Wrap Fee Program
SEC fines adviser for placing wrap fee clients in more expensive fund shares without disclosing related conflicts.
July 29, 2022
SEC Fines Investment Adviser CCO for Failure to Carry Out Compliance Responsibilities
This case underscores that the SEC will bring enforcement cases against CCOs who have not themselves engaged in misconduct where there is a “wholesale failure” to carry out compliance responsibilities.
July 20, 2022
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