Category: Legal and Regulatory Updates
New Jersey-Based Adviser Charged with Cherry-Picking
The SEC charged a New Jersey-based investment adviser and its president in connection with a “cherry-picking” scheme that the SEC alleges breached the adviser’s fiduciary duty to its advisory clients....
September 18, 2020
Tags: SEC Enforcement
Commissioner Peirce Discusses ESG Metrics and Standards
SEC Commissioner Hester Peirce recently gave a speech in which she discussed her outlook on several issues related to environmental, social, and governance (ESG) investing. Regarding ESG-labeled investment products, Peirce...
September 23, 2020
Tags: Disclosure, Elad Roisman, ESG, Hester Peirce
SEC Investment Management Seeks Feedback on MiFID II’s Impact on Research for Advisers
The SEC’s Division of Investment Management staff is once again actively seeking feedback from asset managers on a number of questions regarding MiFID II and payments for research. Division Director...
September 23, 2020
The Commodity Futures Trading Commission’s Division of Enforcement has issued new guidance on how the Division will evaluate compliance programs in connection with enforcement matters. The guidance will be published...
September 22, 2020
Tags: CFTC
Private Fund Adviser Fined Over Failure to File Amendments to Schedule 13D Filings
A New York-based private fund adviser was fined $100,000 in connection with failures to file amendments to Schedule 13D filings. A Schedule 13D filing is required to be made upon...
October 02, 2020
Tags: Private Funds, SEC Enforcement
Adviser that Self-Reported Recapture of Waived Expenses to Pay Disgorgement But No Penalty
According to a recent SEC order, between January 2016 and February 2019, a Colorado-based investment adviser caused four money market funds that it advised to reimburse the adviser amounts that...
October 05, 2020
Tags: Fees and Expenses, SEC Enforcement
SEC Fines Adviser $450,000 for Engaging in Prohibited Cross Trades and Principal Transactions
The SEC has settled charges with a Kansas-based investment adviser for engaging in cross trades on behalf of its registered fund clients without complying with the Investment Company Act rule...
October 02, 2020
Tags: SEC Enforcement, Trading
SEC’s IAC Discusses Self-Directed IRAs, Minority Community Investor Inclusion
The SEC’s Investor Advisory Committee (IAC) met on September 24 to discuss self-directed individual retirement accounts (IRAs) and minority community investor inclusion. Regarding self-directed IRAs, Chairman Jay Clayton in his...
October 02, 2020
Tags: Diversity & Inclusion, IAC, IRAs, Jay Clayton
Florida Adviser Sanctioned Over Performance Fees, Custody Rule Violations
The SEC fined a Florida-based investment adviser and its president $61,808.34 in connection with violations of the Advisers Act Custody Rule, Compliance Program Rule, and certain antifraud provisions. Between February...
October 02, 2020
Tags: Custody, Private Funds, SEC Enforcement
SEC Investment Management Director Blass Discusses Regulating for the Future
Using money market funds and exchange-traded funds (ETFs) as case studies, the SEC’s Division of Investment Management Director Dalia Blass discussed in a recent speech the Division’s philosophy of forward-looking...
October 05, 2020
Tags: Coronavirus, COVID-19, Dalia Blass, E-Delivery, Electronic Delivery, ETFs, Valuation
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