SEC Disciplines RIA for Failure to File Form 13Fs

On September 13, 2023, the SEC brought an enforcement action against a Registered Investment Adviser (RIA) with investment discretion over more than $100 million of reportable securities. The RIA, which has offices in New York, New York, and West Palm Beach, Florida,...

SEC Disciplines RIAs for Non-Compliant Hypothetical Performance Advertising

On September 11, 2023, the SEC continued its crackdown on Registered Investment Advisers (RIAs) using hypothetical performance advertising by bringing cases against nine advisers. RIAs that advertise hypothetical performance, or plan to do so, should read these SEC...

NASAA’s Exam Findings Warn State RIAs About Potential Compliance Pitfalls

On September 11, 2023, the North American Securities Administrators Association (NASAA) released examination statistics that should serve as a wake-up call for state-registered investment advisers. A series of coordinated examinations of Registered Investment Advisers...

SEC Disciplines Private Fund Advisors for Custody Rule Violations

On September 5, 2023, the SEC announced charges against five Registered Investment Advisers (RIAs) that failed to comply with requirements designed to safeguard clients’ assets. Three of the firms were also charged with failing to update their disclosure of audits of...