Category: Legal and Regulatory Updates
SEC Investor Alert Warns of Fraudsters Posing as Investment Advisers or Brokers
The FBI Criminal Investigative Division and the SEC’s Office of Investor Education and Advocacy have issued an alert warning investors of fraudsters pretending to be registered investment advisers or brokers.
August 02, 2021
Tags: SEC Investor Education
DOL Issues FAQs on Lifetime Income Illustrations
The EBS has issued temporary implementing FAQs on the requirement to add lifetime income illustrations to pension benefit statements.
August 02, 2021
Tags: DOL, Retirement Plans, SECURE Act
IAA Comments on Australian Consultation on Foreign Financial Services Providers Regulation
The IAA recently filed a comment letter with the Australian Government on its Consultation Paper on potential options for the regulatory regime that will apply to foreign financial services providers in Australia.
August 02, 2021
Tags: International
21 Advisers, Six BDs Fined for Form CRS Violations
The SEC has fined 21 investment advisers and six broker-dealers for failing to timely file and deliver Form CRS to their retail investors.
July 27, 2021
Tags: Form CRS, SEC Enforcement
SEC Chair Gary Gensler provided an update on regulatory reforms related to security-based swaps in a recent speech, in which he highlighted several areas where he has asked the SEC staff to consider potential rules, and discussed digital asset platforms.
July 27, 2021
SEC Charges Private Funds Auditor for Causing Adviser to Violate Custody Rule
The SEC has instituted administrative proceedings against a Colorado-based SEC-registered adviser’s audit firm, audit engagement partner, and quality review partner for “widespread audit failures.”
July 27, 2021
Tags: Custody, SEC Enforcement
New Risk Alerts Focus on Wrap Fee Programs, Principal and Cross Trades
The SEC’s Division of Examinations has issued two risk alerts describing the staff’s observations resulting from initiatives on wrap fee programs and principal and cross trades in fixed income securities.
July 22, 2021
Tags: Compliance Policies, Conflicts of Interest, Cross Trading, Disclosure, SEC Examinations, Wrap Fees
The SEC has fined a dual-registrant after finding it did not adopt and implement compliance policies and procedures reasonably designed to prevent the unsuitable use of a volatility-linked-exchange-traded product in discretionary advisory accounts.
July 20, 2021
The SEC has fined a Massachusetts-based investment adviser for disclosure failures in connection with conflicts arising from a cash sweep-related revenue sharing arrangement.
July 20, 2021
Tags: Conflicts of Interest, Revenue Sharing, SEC Enforcement
SEC Chair Names Additional Members of Policy Team
SEC Chair Gary Gensler has named five new members of his policy team, which is led by Policy Director Heather Slavkin Corzo.
July 20, 2021
Tags: ESG, Gary Gensler, SEC Appointments
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