Supervision of Investment Adviser RepresentativesRegistered Investment Advisers (RIAs) owe a duty to supervise persons associated with the firm with respect to activities performed on their behalf. In recent deficiencies letters, RIAs have been criticized for failing to adequately supervise their supervised persons,...
Upcoming Form ADV ChangesAs you know, the Securities and Exchange Commission (“SEC”) has adopted amendments to Form ADV Part 1A that will go into effect on October 1, 2017. The expanded Form ADV is part of a new rulemaking effort outlined in SEC Release IA-4509. The updated Form ADV will...
The Five Most Frequent Compliance Topics Identified During RIA Exams
The SEC’s Office of Compliance Inspections and Examinations (OCIE) publishes a list of the five compliance topics most frequently identified in deficiency letters sent to SEC-registered investment advisers.
SEC Will Examine RIAs That Employ Persons With a History of Disciplinary Events
On September 12, 2016, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert which announced its intent to conduct examinations of Registered Investment Advisers (RIAs) that employ or contract with persons who have a history of disciplinary events. OCIE’s examinations will evaluate the effectiveness of the RIA’s compliance programs, supervisory oversight, and disclosures to clients and prospects.
SEC Makes Changes to Enhance Information Reported by RIAs
On August 25, 2016, the SEC adopted amendments to several rules under the Investment Advisers Act and revised its registration and reporting forms. The amendments are designed to enhance the reporting and disclosure of information provided by Registered Investment Advisers (“RIAs”) to investors and the SEC.