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The weekly news source for investment management legal and compliance professionals

July 25, 2016

This Week's Issue

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A Cybersecurity Plan Not Tested May Be a Plan That Doesn’t Work

You can do everything right in your cybersecurity plan. It can be based on a solid risk assessment, cover and prioritize areas of risk, assign appropriate responsibilities, and be the subject of training. But if you do not test it, that may all be for naught.
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Senators Request Private Equity Investor Bulletin

SEC chair Mary Jo White found what may have been an unexpected missive in her office mailbox a few days ago: a letter from eight Senate Democrats and independent senator Bernie Sanders requesting that the agency publish an investor bulletin "that consolidates the SECís findings and warnings with respect to private equity investments."
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Broker Relationships with Advisers Cannot Get in the Way of Best Execution

Friendships between advisers and broker-dealers should only go so far. The majority owner of a broker-dealer learned this lesson the hard way last month after he allowed a financially troubled adviser who was also a longtime friend to set commission rates for his advisory clients, according to the SEC.
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New FINRA Chairman Elected

John Brennan, chairman emeritus of the Vanguard Group, was on July 15 unanimously elected chairman of FINRA by the organizationís board of governors.
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SEC Names New Denver Associate Regional Director

The SEC on July 20 announced that Kurt Gottschall will be the new associate regional director for enforcement in the agencyís Denver office.
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