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The weekly news source for investment management legal and compliance professionals

Advisory Firm Executives Optimistic About the Near Future

It’s good to be an investment advisory firm executive these days. The sun is bright, the sky is blue and the road ahead, while containing some hazards, looks relatively clear. That, at least, is one conclusion that can be drawn from the results of a survey of such executives released this month by the Investment Adviser Association.
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Beware Spear Phishing Emails Sent to EDGAR Filers

Investment advisory firms, take note: If you receive, or have already received, what appears to be an email from the SEC’s EDGAR program, don’t open the attachment in the message – it may be an attempt by a scammer to gain unauthorized entry to your computer or network.
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Recent Stories

Custody Three Times: SEC Staff Provide Some Rule 206(4)-2 Answers

Few Advisers Act rules are as bedeviling to investment advisers as Rule 206(4)-2, the Custody Rule. In a welcome development, the SEC staff recently provided some clarity in regard to three topics that involve the Rule: standing letters of authorization (SLOAs), first-person transfers, and inadvertent custody.
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Appellate Ruling Increases Chances SEC Use of ALJs Will Go to Supreme Court

Not only do the U.S. Courts of Appeals for the 2nd Circuit and the 10th Circuit disagree on the issue of whether SEC use of administrative law judges is constitutional, the 2nd Circuit will now look into a past ruling of its own three-judge panel on the same question in a review scheduled for May 24. It’s increasingly looking like the U.S. Supreme Court will provide the final answer.
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New SEC Already Here as Piwowar and White House Make Changes

If you’re looking for changes at the SEC, you don’t need to wait for Jay Clayton to be approved by the Senate as the new SEC chair. The agency has already changed in a number of ways. Acting chairman Michael Piwowar recently limited who can initiate enforcement actions, most division directors have left, and the Trump administration plans to place regulatory monitors in federal agencies.
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OCIE Identifies Top 5 Compliance Problem Areas Found in Exams

Advisers receiving a deficiency letter after an examination identifying certain compliance areas where the SEC found them lacking may take some comfort in knowing they are not alone – particularly if those areas involve the Compliance Program Rule, required regulatory filings, the Custody Rule, the Code of Ethics Rule or the Books and Records Rule. The agency’s Office of Compliance Inspections and Examinations on February 7 issued a Risk Alert, "The Five Most Frequent Compliance Topics Identified in OCIE Examinations of Investment Advisers."
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