SEC Rules and Regulations
SEC Laws and Rules
Investment Advisers Act of 1940
Rules under the Investment Advisers Act of 1940
Investment Company Act of 1940
Rules under the Investment Company Act of 1940
Division of Investment Management
SEC Press Releases
NASAA Statistics Show RIAs They Need to Improve their Compliance Programs
Recently the North American Securities Administrators Association (NASAA) released its annual Enforcement Report. The publication highlighted the investigations and enforcement actions taken by state securities regulators to protect investors and maintain the...
SEC’s Staff Bulletin Explains How Investment Advisers and Broker-Dealers Should Deal with Conflicts of Interest
On August 3, 2022, the SEC published a Staff Bulletin, which discussed investment advisers’ and broker-dealers’ conflicts of interest. The Staff Bulletin offered guidance on how firms can identify, eliminate, mitigate, and disclose those conflicts of interest. The...
Three Firms Flagged by SEC for Identity Theft Red Flags Rule Violations
Regulation S-ID, commonly known as the Identity Theft Red Flags Rule, is designed to help protect investors from the risks of identity theft. Red flags are defined as a pattern, practice, or specific activity indicating the possible existence of identity theft....
CCOs Should Carefully Consider SEC Commissioner’s Personal Liability Analysis
For Chief Compliance Officers (CCOs) who worry that they face personal liability for their mistakes, a recent enforcement action should provide some degree of comfort. After the CCO for a Georgia-based Registered Investment Adviser (RIA) was found personally liable by...
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;...
Staff Bulletin Provides Guidance on Satisfying Fiduciary Duty and Reg BI Requirements
The SEC’s Division of Examinations (Division) recently announced its priorities for the 2022 fiscal year. Not unexpectedly, as part of the Division’s focus on protecting retail investors, examinations will scrutinize whether firms are satisfying their obligations...
SEC’s Division of Examinations Announces Its 2022 Priorities
The long wait for the SEC’s 2022 examination priorities is finally over. On March 30, 2022, the SEC’s Division of Examinations (Division) announced its priorities for the 2022 fiscal year. By reviewing these priorities, Registered Investment Advisers (RIAs) will be...
SEC Sanctions 12 More Financial Firms for Failure to Meet their Form CRS Obligations
If Registered Investment Advisers (RIAs) and broker-dealers have not gotten the message about the importance of meeting their Form CRS obligations, the SEC has sent another shot across the bow. On February 15, 2022, the SEC announced that six RIAs and six...
SEC Sanctions an Investment Adviser for Several Compliance Deficiencies
On January 11, 2022, a Registered Investment Adviser (RIA) in Rockaway, New Jersey, consented to the entry of an SEC order that sanctioned the firm for several compliance deficiencies. The RIA also agreed to be censured and to cease-and-desist from engaging in the...
SEC NEWS
NASAA Statistics Show RIAs They Need to Improve their Compliance Programs
Recently the North American Securities Administrators Association (NASAA) released its annual Enforcement Report. The publication highlighted the investigations and enforcement actions taken by state securities regulators to protect investors and maintain the...
SEC’s Staff Bulletin Explains How Investment Advisers and Broker-Dealers Should Deal with Conflicts of Interest
On August 3, 2022, the SEC published a Staff Bulletin, which discussed investment advisers’ and broker-dealers’ conflicts of interest. The Staff Bulletin offered guidance on how firms can identify, eliminate, mitigate, and disclose those conflicts of interest. The...
Three Firms Flagged by SEC for Identity Theft Red Flags Rule Violations
Regulation S-ID, commonly known as the Identity Theft Red Flags Rule, is designed to help protect investors from the risks of identity theft. Red flags are defined as a pattern, practice, or specific activity indicating the possible existence of identity theft....
CCOs Should Carefully Consider SEC Commissioner’s Personal Liability Analysis
For Chief Compliance Officers (CCOs) who worry that they face personal liability for their mistakes, a recent enforcement action should provide some degree of comfort. After the CCO for a Georgia-based Registered Investment Adviser (RIA) was found personally liable by...
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;...
Staff Bulletin Provides Guidance on Satisfying Fiduciary Duty and Reg BI Requirements
The SEC’s Division of Examinations (Division) recently announced its priorities for the 2022 fiscal year. Not unexpectedly, as part of the Division’s focus on protecting retail investors, examinations will scrutinize whether firms are satisfying their obligations...
SEC’s Division of Examinations Announces Its 2022 Priorities
The long wait for the SEC’s 2022 examination priorities is finally over. On March 30, 2022, the SEC’s Division of Examinations (Division) announced its priorities for the 2022 fiscal year. By reviewing these priorities, Registered Investment Advisers (RIAs) will be...
SEC Sanctions 12 More Financial Firms for Failure to Meet their Form CRS Obligations
If Registered Investment Advisers (RIAs) and broker-dealers have not gotten the message about the importance of meeting their Form CRS obligations, the SEC has sent another shot across the bow. On February 15, 2022, the SEC announced that six RIAs and six...
SEC Sanctions an Investment Adviser for Several Compliance Deficiencies
On January 11, 2022, a Registered Investment Adviser (RIA) in Rockaway, New Jersey, consented to the entry of an SEC order that sanctioned the firm for several compliance deficiencies. The RIA also agreed to be censured and to cease-and-desist from engaging in the...
Latest News Releases
Compliance Alert - RIAs Must Provide CCOs with Adequate Support
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Compliance Alert - SEC Announces 2015 Examination Priorities
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Compliance Alert - Business Continuity Plans for State RIAs
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Compliance Alert - Consolidated Reports Are Attracting FINRA’s Attention
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Cybersecurity Examination Sweep Summary
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