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
SEC 2024 Enforcement Results Demonstrate the Importance of Compliance
On November 22, 2024, the SEC announced its enforcement results for fiscal year 2024. The results show that the SEC’s Division of Enforcement (Division) vigorously enforced the federal securities laws by recommending high-impact enforcement actions to address...
Endorsements, Hypothetical Performance Lead to RIA’s Marketing Rule Violations
On November 1, 2024, the SEC settled charges against a Registered Investment Adviser (RIA) in New York City. The RIA distributed advertisements using its public website, social media and email that contained endorsements from several professional athletes. Those...
SEC Sanctions RIA and its CEO for Failing to Supervise and Unreasonably Delegating Supervisory Responsibilities
A recent enforcement action has significant implications for Registered Investment Advisers (RIAs), especially for those with multiple Investment Adviser Representatives (IARs) and offices. The case illustrates the SEC’s expectations of firms related to their...
SEC’s 2025 Examination Priorities Are a High Priority for RIAs, IARs, and CCOs
On October 21, 2024, the SEC’s Division of Examinations (Division) published its fiscal year priorities for 2025. This annual publication contains information that will be particularly important to Registered Investment Advisers (RIAs), Investment Adviser...
SEC Charges RIA with Misleading Investors about its Investment Strategy
SEC Charges RIA with Misleading Investors about its Investment Strategy On September 19, 2024, the SEC charged an Idaho-based Registered Investment Adviser (RIA) with making misleading statements, as well as compliance failures, related to the firm’s execution of its...
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...
FINRA Enforcement Action Has Implications for Any Adviser Recommending Non-Traditional Exchange-Traded Products
Although the case involved broker-dealers and not a Registered Investment Adviser (RIA), a recent FINRA enforcement action underscores the importance of implementing and enforcing supervisory systems, including written supervisory procedures (WSPs), to ensure...
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 NEWS
SEC 2024 Enforcement Results Demonstrate the Importance of Compliance
On November 22, 2024, the SEC announced its enforcement results for fiscal year 2024. The results show that the SEC’s Division of Enforcement (Division) vigorously enforced the federal securities laws by recommending high-impact enforcement actions to address...
Endorsements, Hypothetical Performance Lead to RIA’s Marketing Rule Violations
On November 1, 2024, the SEC settled charges against a Registered Investment Adviser (RIA) in New York City. The RIA distributed advertisements using its public website, social media and email that contained endorsements from several professional athletes. Those...
SEC Sanctions RIA and its CEO for Failing to Supervise and Unreasonably Delegating Supervisory Responsibilities
A recent enforcement action has significant implications for Registered Investment Advisers (RIAs), especially for those with multiple Investment Adviser Representatives (IARs) and offices. The case illustrates the SEC’s expectations of firms related to their...
SEC’s 2025 Examination Priorities Are a High Priority for RIAs, IARs, and CCOs
On October 21, 2024, the SEC’s Division of Examinations (Division) published its fiscal year priorities for 2025. This annual publication contains information that will be particularly important to Registered Investment Advisers (RIAs), Investment Adviser...
SEC Charges RIA with Misleading Investors about its Investment Strategy
SEC Charges RIA with Misleading Investors about its Investment Strategy On September 19, 2024, the SEC charged an Idaho-based Registered Investment Adviser (RIA) with making misleading statements, as well as compliance failures, related to the firm’s execution of its...
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...
FINRA Enforcement Action Has Implications for Any Adviser Recommending Non-Traditional Exchange-Traded Products
Although the case involved broker-dealers and not a Registered Investment Adviser (RIA), a recent FINRA enforcement action underscores the importance of implementing and enforcing supervisory systems, including written supervisory procedures (WSPs), to ensure...
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...
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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