SEC Releases Findings from its Wrap Fee Initiative Examinations

Wrap fee programs have been on the SEC’s radar for quite a while. When the SEC published its annual examination priorities in 2017, 2018, and 2019, wrap fee programs were mentioned as putting investors at risk. On July 21, 2021, the SEC’s Division of Examinations...

RIAs Need to be on the Lookout for Signs of Compliance Violations

On January 14, 2021, the SEC brought an enforcement action against a California-based Registered Investment Adviser (RIA) and its CEO, because they failed to make certain disclosures that led to clients being deceived. The firm also failed to reasonably supervise an...

Registration Requirements for Zero De Minimis States

This year alone, the Texas State Securities Board has fined 4 Registered Investments Advisers (RIAs) for providing investment advice to Texas based clients without a proper registration or state notice filing. We would like to remind clients that they need to be...

NASAA 2019 Investment Adviser Coordinated Exam Report

Sample data from state securities examiners is collected every two years and is reported voluntarily to The North American Securities Administrators Association’s (NASAA) Investment Adviser Operations Project Group. At its recent annual meeting, NASAA has recently...