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...

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 Enforcement Actions Signal Continued Scrutiny of 12b-1 Fees, Revenue Sharing Arrangements, and Wrap Fee Programs

In recent weeks, the SEC has continued to bring enforcement actions against Registered Investment Advisers (RIAs) that breached their fiduciary duty to advisory clients. These enforcement actions demonstrate the SEC’s concerns about RIAs that breach their fiduciary...

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,...