SEC Risk Alert Gives Guidance on How RIAs Can Comply with Regulation S-ID

On December 5, 2022, the Division of Examinations (Division) published a Risk Alert that reported observations from recent examinations of SEC-registered investment advisers (RIAs) and broker-dealers related to their compliance with Regulation S-ID. The goal of the...

SEC Announces Enforcement Statistics for Fiscal Year 2022

On November 15, 2022, the SEC announced its enforcement results for fiscal year 2022.  Despite the lingering impact of COVID 19, the SEC filed 760 enforcement actions and recovered a record $6.439 billion in penalties and disgorgement on behalf of investors. The...

Continuing Education Requirements Are on the Horizon for Many IARs

On November 30, 2020, the North American Securities Administrators Association (NASAA) adopted a model rule that established continuing education requirements for Investment Adviser Representatives (IARs). However, the Continuing Education (CE) model rule or similar...

Another SEC Action Related to Mutual Fund Share Classes and Best Execution

On April 27, 2022, the SEC announced that it settled charges against a Registered Investment Adviser (RIA) in Downers Grove, Illinois. The SEC alleged that the RIA breached its fiduciary duty to advisory clients by failing to: Fully disclose its conflicts of interest;...

Webinar – Prohibited Exemption Training for Investment Advice Fiduciaries

On December 18, 2020, the U.S. Department of Labor (DOL) published its final prohibited transaction exemption addressing investment advice fiduciaries to Employee Retirement Income Security Act of 1974 (ERISA) plans and individual retirement accounts (IRAs). RIA...

SEC Enforcement Actions Against Firms with Weak Cyber Policies

Rule 30(a) of Regulation S-P, better known as the Safeguards Rule, requires firms to adopt written policies and procedures to address the administrative, technical, and physical safeguards that are necessary to protect customer records and information. On August 30,...