Best Execution

Registered Investment Advisers (“RIAs”) have a fiduciary obligation to seek best execution of clients’ transactions. Securities regulators are likely to focus on best execution during compliance examinations, especially if Investment Adviser Representatives ("IARs")...

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DOL Releases Fiduciary Rule

On April 6, 2016, the Department of Labor (“DOL”) published its final version of the Fiduciary Rule. Although the rule did not match the length of the landmark novel, War and Peace, it came close at 1,028 pages. Depending upon the translation, War and Peace ranges...

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RIA Books and Records Requirements

Rule 204-2 under the Investment Advisers Act identifies the books and records that a Registered Investment Adviser (“RIA”) is required to create and retain. Pursuant to the SEC rule and similar state rules, books and records must be maintained and preserved in an...

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SEC Announces Its 2016 Compliance Examination Priorities

In what has become a January tradition, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced its compliance priorities for the coming year. Registered Investment Advisers and broker-dealers should take note of these priorities as they...

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The ABCs of Form ADVs

It appears that many investment advisers are still unclear about the intent and use of Form ADVs. The purpose of this post is to provide a Form ADV primer. Introduction to the Form ADV Form ADV Part 1 contains registration information. ADV Part 2A of the Form ADV is...

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2015 SEC Enforcement Statistics and CCO Job Requirements

On October 22, 2015, the SEC announced its enforcement results for Fiscal Year 2015, including a number of first-of-their-kind cases. Chief Compliance Officers (“CCOs”) play an important role in preventing a Registered Investment Adviser (“RIA”) from becoming an...

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SEC Imposes Sanctions on an RIA Whose Server Was Hacked

After repeated warnings to Registered Investment Advisers (“RIAs”) regarding the importance of protecting their clients from cyber threats, the SEC sent an even clearer message to advisory firms. On September 22, 2015, the SEC charged an RIA with failing to adopt...

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