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The weekly news source for investment management legal and compliance professionals

Topic: Guidance

Guidance is No Substitute for Rulemaking, But Helpful When Used Correctly

April 27, 2018  When the Division of Investment Management or the Office of Compliance Inspections and Examinations issues a guidance update or a risk alert, it is usually meant as a means to help advisers, investment companies, broker-dealers and others comply with securities laws and regulations. But just what are the benefits and drawbacks of guidance?
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Think You Don’t Have Custody? Think Again

November 10, 2017  Some advisers may believe they don’t have to comply with Rule 206(4)-2, the Custody Rule, because they do not possess client assets. Such a belief could get them in trouble, both with clients and with the SEC. Turns out there are at least five types of custody – and only three of them involve asset possession.
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Advertising Rule Violations: OCIE Lets Advisers Know Which Get Cited Most

September 22, 2017  Advisers now have even less of an excuse for violations of Rule 206(4)-1, the Advertising Rule, than they did before. With the Office of Compliance Inspections and Examinations’ issuance of a risk alert listing the most frequent Advertising Rule compliance issues identified during examinations, the agency is leaving little doubt as to what may constitute a violation.
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OCIE Finds Increased Cybersecurity But Wants More

August 11, 2017  The SEC’s Office of Compliance Inspections and Evaluations on August 7 made public its observations from its most recent round of cybersecurity exams – and what it found is encouraging only to a point. The message delivered by OCIE in its National Exam Program risk alert was this: Advisory firms, broker-dealers and investment companies have made strides in providing cybersecurity, but there is still a long way to go.
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