Fiduciary Duty Is Broader Than Many Think

A Registered Investment Adviser’s (RIA) and its Investment Adviser Representatives’ (IARs) obligations as fiduciaries are quite extensive. Even seasoned Investment Advisers may not fully understand their fiduciary obligations. Fiduciary duty encompasses much more than...

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RIAs Can Expect Big Changes with SEC’s New Marketing Rule

On December 22, 2020, the SEC enacted the new Marketing Rule, which will have an enormous impact on Registered Investment Advisers (RIAs). The new rule will replace the prior Advertising Rule, as well as the Cash Solicitation Rule. The SEC also amended Form ADV and...

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2020 Year End Compliance Review

2020 was a busy year for the SEC’s Office of Compliance Inspections and Examinations. On November 19, 2020, Peter Driscoll, Director of the SEC’s Office Compliance Inspections and Examinations (OCIE), gave a speech at the National Investment Adviser/Investment Company...

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SEC Risk Alert Helps RIAs Avoid Compliance Rule Deficiencies

On November 19, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert dealing with the Compliance Rule. OCIE’s Risk Alert discussed deficiencies and weaknesses identified by examiners. The Risk Alert reported that violations of...

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SEC Adopts Amendments to Broaden Accredited Investor Definition

On August 26, 2020, the SEC expanded the definition of “accredited investor,” which is one of the primary tests for determining who is eligible to participate in private capital markets. The SEC’s final rule can be found HERE. According to Chairman Jay Clayton of the...

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