The SEC Disciplines RIA for Custody Rule and Liability Disclaimer Violations
On September 3, 2024, the SEC announced that it had settled charges against a Registered Investment Adviser (RIA) that failed to comply with requirements pertaining to the safekeeping of client assets. The SEC also alleged that the RIA used impermissible liability...
The SEC Disciplines RIAs for Undisclosed Conflicts of Interest, Recordkeeping Violations, and Pay to Play Rule Violations
On August 12, 2024, the SEC announced that it had settled charges against a New York-based Registered Investment Adviser (RIA). The SEC ordered the RIA to pay over $6 million and to return funds to clients who were harmed by the firm’s undisclosed conflicts of...
SEC Disciplines RIA for Breaching Its Fiduciary Duty When Recommending Variable Annuities and Other Investments
On May 20, 2024, the SEC settled an enforcement action against a Registered Investment Adviser (RIA) located in San Rafael, California. The SEC alleged that the RIA and its owner breached their fiduciary duty and failed to provide accurate disclosures. The RIA’s...
SEC Risk Alert Provides Long-Awaited Guidance on Marketing Rule Compliance
On April 17, 2024, the SEC provided Registered Investment Advisers (RIAs) with its observations regarding firms’ compliance with the Marketing Rule. It is imperative for RIAs to take note of those observations and to be observant as they implement their compliance...
Misleading Communications Lead to Compliance Problems
On April 22, 2024, the SEC resolved an enforcement action against an investment adviser and the firm’s owner based in Fort Lauderdale. The enforcement action demonstrates how important it is for investment advisers and Investment Adviser Representatives to be accurate...
The SEC Disciplines More RIAs for Performance Advertising Rule Violations
The SEC sent another shot across the bow to warn Registered Investment Advisers (RIAs) that the Commission is deadly serious about enforcing the Marketing Rule. On April 12, 2024, the SEC charged five RIAs with violating the Marketing Rule. All of those firms agreed...
SEC Charges RIA for Failure to Ensure Fair and Equitable Trade Allocations
SEC Renders Judgment on RIA with Compliance Problems On February 16, 2024, the SEC obtained a final judgment against a Registered Investment Adviser (RIA) based in Dallas, Texas. The RIA was previously charged with making false and misleading statements in its Form...
SEC Nails 16 Firms for Widespread Recordkeeping Failures Involving Off-Channel Communications
On February 9, 2024, the SEC ordered sixteen firms to pay more than a combined $81 million in civil penalties to settle charges for widespread and long-term recordkeeping failures. The SEC’s investigations identified pervasive and long-term use of unapproved...
Corporate Transparency Act May Impact State RIAs and Certain Businesses
The U.S. Treasury has implemented a new beneficial ownership reporting requirement pursuant to the Corporate Transparency Act (CTA). Although SEC-registered investment advisers are not subject to this requirement, state Registered Investment Advisers (RIAs) may be...
2023 Compliance Roundup Shows RIAs How to Steer Clear of Problems
It has been a busy year for the SEC from a compliance perspective. You should think about these compliance events as you conduct your annual review of your firm’s policies and procedures. An adviser’s policies and procedures should reflect the firm’s business model,...
SEC NEWS
SEC NEWS
- SEC Charges Esmark Inc. and Chairman James Bouchard with Announcing False Tender Offer to Purchase U.S. Steel Corp.on September 6, 2024 at 2:00 pm
The Securities and Exchange Commission today announced settled charges against Esmark Inc. and its founder, chairman, and former CEO, James P. Bouchard, for publicly announcing a tender offer to purchase U.S. Steel Corporation for $35 per share […]
- SEC Charges Former Finance Director at CIRCOR International with Accounting Fraudon September 5, 2024 at 12:53 pm
The Securities and Exchange Commission today announced fraud charges against Nicholas Bowerman, a former finance director of CIRCOR International Inc., a formerly publicly traded technology manufacturer. The SEC alleges that Bowerman’s fraud led […]
- SEC Charges Broker-Dealer Nationwide Planning and Two Affiliated Investment Advisers with Violating Whistleblower Protection Ruleon September 4, 2024 at 8:00 pm
The Securities and Exchange Commission today announced settled charges against three affiliated registrants, Commission-registered broker-dealer Nationwide Planning Associates, Inc. and investment adviser NPA Asset Management, LLC, and […]
- SEC Charges Six Credit Rating Agencies with Significant Recordkeeping Failureson September 3, 2024 at 8:30 pm
The Securities and Exchange Commission today announced charges against six nationally recognized statistical rating organizations, or NRSROs, for significant failures by the firms and their personnel to maintain and preserve electronic […]
- SEC Charges Advisory Firm ClearPath with Custody Rule and Liability Disclaimer Violationson September 3, 2024 at 5:55 pm
The Securities and Exchange Commission today announced settled charges against ClearPath Capital Partners LLC for failing to comply with requirements related to the safekeeping of client assets and for its use of impermissible liability disclaimers […]
DIVISION OF INVESTMENT MANAGEMENT NEWS
- Annoucement: Updates to Proxy Rules and Schedules 14A/14Con September 7, 2024 at 7:01 pm
Proxy Rules and Schedules 14A/14C
- Compliance and Disclosure Interpretations - Exchange Act Form 8-K Compliance and Disclosure Interpretationson June 24, 2024 at 4:10 pm
Section 104B. Item 1.05 Material Cybersecurity Incidents
- Compliance and Disclosure Interpretations - Exchange Act Form 8-K Compliance and Disclosure Interpretationson June 24, 2024 at 4:10 pm
Section 104B. Item 1.05 Material Cybersecurity Incidents
- Compliance and Disclosure Interpretations - Exchange Act Form 8-K Compliance and Disclosure Interpretationson June 24, 2024 at 4:10 pm
Section 104B. Item 1.05 Material Cybersecurity Incidents
- Compliance and Disclosure Interpretations - Exchange Act Form 8-K Compliance and Disclosure Interpretationson June 24, 2024 at 4:10 pm
Section 104B. Item 1.05 Material Cybersecurity Incidents