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 Sanctions RIA for Charging Excessive Advisory Fees
On August 25, 2023, the SEC accused a dually registered investment adviser/broker-dealer with overcharging thousands of clients. The firm overcharged approximately 10,945 investment advisory accounts by more than $26.8 million in advisory fees. The firm agreed to pay...
SEC Enhances Recordkeeping Requirements and Bolsters Regulation of Private Fund Advisers
On August 23, 2023, the SEC adopted new rules and rule amendments to enhance the regulation of private fund advisers. The SEC also updated Rule 206(4)-7 under the Investment Advisers Act, better known as the Compliance Rule, which applies to all Registered Investment...
Off-Channel Communications Will Lead to Record-keeping Violations
On August 8, 2023, the SEC charged eleven financial services firms, including a dually registered broker-dealer (BD) and Registered Investment Adviser (RIA), with widespread record-keeping violations. The firms acknowledged their wrongdoing and agreed to pay combined...
Fee Mistakes Will Cause Problems for Advisers
RIA Compliance Group has observed that SEC and state examiners are scrutinizing advisory firms’ fee arrangements and disclosures. Registered Investment Advisers (RIAs) must ensure that they have fully disclosed all of their fees in Form ADV including, but not limited...
SEC Adopted Amendments to Form N-PX Reporting Requirements
On November 2, 2022, the SEC adopted amendments to Form N-PX in order to fulfill one of the remaining mandates established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other changes triggered by the amendments, institutional investment...
SEC Issues New Marketing Rule Risk Alert
On September 19, 2022, the SEC’s Division of Examinations published a Risk Alert dealing with the Commission’s initial areas of review of Registered Investment Advisers’ (RIAs) compliance with the Marketing Rule. In its latest Risk Alert published on June 8, 2023, SEC...
SEC Staff Bulletin Explains Standards of Conduct for Broker-Dealers and Investment Advisers
On April 20, 2023, the SEC published a staff bulletin in a question-and-answer format to reinforce the standards of conduct owed by broker-dealers and Registered Investment Advisers (RIAs) when they are giving investment advice and making recommendations to retail...
SEC’s Division of Examinations Risk Alert Regarding Observations from Examinations of Newly-Registered Advisers
On March 27, 2023, the SEC’s Division of Examinations (Division) published a Risk Alert that will be of great interest to newly-registered investment advisers. The observations will also be invaluable to investment advisers that have been in business for some years....
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...
SEC NEWS
SEC Sanctions RIA for Charging Excessive Advisory Fees
On August 25, 2023, the SEC accused a dually registered investment adviser/broker-dealer with overcharging thousands of clients. The firm overcharged approximately 10,945 investment advisory accounts by more than $26.8 million in advisory fees. The firm agreed to pay...
SEC Enhances Recordkeeping Requirements and Bolsters Regulation of Private Fund Advisers
On August 23, 2023, the SEC adopted new rules and rule amendments to enhance the regulation of private fund advisers. The SEC also updated Rule 206(4)-7 under the Investment Advisers Act, better known as the Compliance Rule, which applies to all Registered Investment...
Off-Channel Communications Will Lead to Record-keeping Violations
On August 8, 2023, the SEC charged eleven financial services firms, including a dually registered broker-dealer (BD) and Registered Investment Adviser (RIA), with widespread record-keeping violations. The firms acknowledged their wrongdoing and agreed to pay combined...
Fee Mistakes Will Cause Problems for Advisers
RIA Compliance Group has observed that SEC and state examiners are scrutinizing advisory firms’ fee arrangements and disclosures. Registered Investment Advisers (RIAs) must ensure that they have fully disclosed all of their fees in Form ADV including, but not limited...
SEC Adopted Amendments to Form N-PX Reporting Requirements
On November 2, 2022, the SEC adopted amendments to Form N-PX in order to fulfill one of the remaining mandates established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other changes triggered by the amendments, institutional investment...
SEC Issues New Marketing Rule Risk Alert
On September 19, 2022, the SEC’s Division of Examinations published a Risk Alert dealing with the Commission’s initial areas of review of Registered Investment Advisers’ (RIAs) compliance with the Marketing Rule. In its latest Risk Alert published on June 8, 2023, SEC...
SEC Staff Bulletin Explains Standards of Conduct for Broker-Dealers and Investment Advisers
On April 20, 2023, the SEC published a staff bulletin in a question-and-answer format to reinforce the standards of conduct owed by broker-dealers and Registered Investment Advisers (RIAs) when they are giving investment advice and making recommendations to retail...
SEC’s Division of Examinations Risk Alert Regarding Observations from Examinations of Newly-Registered Advisers
On March 27, 2023, the SEC’s Division of Examinations (Division) published a Risk Alert that will be of great interest to newly-registered investment advisers. The observations will also be invaluable to investment advisers that have been in business for some years....
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...
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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