Whats in the SEC Pipeline?

Wondering where things are? Heres a snapshot, provided by SEC officials speaking at last weeks NSCP conference. E-mail guidance . Its coming. “We have heard absolutely, on both sides of the industry, both from brokers and advisers, that you would like some guidance,” said OCIE general counsel John Walsh. “When it will happen and the […]

Top SEC Deficiency Findings

Like lists? Heres a few, provided by Bill Meck of the SECs Philadelphia office during last weeks NRS conference: Top 10 deficiencies found in SEC exams of investment advisers:Information disclosure, reporting and filing;Information processing and protection;Performance advertising and marketing;Principal trading;Best execution;Portfolio management;Custody deficiencies;Pricing of client portfolios;Trade allocations; andAML procedures.Most common deficiencies by percentage of advisory […]

Small Adviser Sued For Use of Hypothetical Performance

Last week, the SEC sued Market-Timing Technologies, an Atlanta-based adviser, for soliciting advisory clients through websites that cited performance results of up to 91.4%, without disclosing that the returns were based primarily on hypothetical investments, rather than actual results. The alleged conduct occurred from at least November 2002 to September 2004, said the SEC. The […]

Talking About Your Stock Picks: What Advisers Can and Cant Do

Heres a practical guide to understanding what an adviser can say about its stock (or for that matter, bond) picks, to whom, and in what context.First, a bit of background, which well try to make as painless as possible: The Advisers Act advertising rule, Rule 206(4)-1, makes it a fraudulent practice for SEC-registered advisers to […]

SECs Philly Office Launches Performance Advertising Sweep

The SECs Philadelphia District office has launched a mini-sweep focusing on advisers use of performance advertising. The August 3 sweep letter asks for all marketing materials containing performance information sent to current, former, and prospective clients during 2001, 2002, and 2003. It also asks for third-party questionnaire responses submitted during that period, RFP responses during 2003, […]

SEC Proposes Limits on Affiliate Marketing

If you rely on your affiliates for marketing leads, or if you provide your affiliates with marketing leads, youll want to get to know proposed Reg. S-AM, which was quietly proposed last week by the SEC sans open meeting.Warning: Youve only got a few weeks to get up to speed. The comment period ends mid-August, […]

CFA Institute Seeks Comments

The CFA Institute (formerly known as AIMR) is looking for comments on its proposed changes to its code of ethics and standards of professional conduct. The comment period ends July 31. The group also is seeking comments on its proposal to modify the GIPS standards. That comment period ends August 1.

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.