Performance Results: Avoid Mistakes When Using Them in Advertising

Past performance is a powerful tool in advertising. It draws in new investors, helps new client acquisition and adds gloss to your firms reputation.

Adviser Who Pursued Unsophisticated Investors Wasnt So Smart

Just because some prospective investors lack sophistication doesnt mean advisers will be successful in fraudulently enticing them. Its more likely that the SEC will answer that siren call.

Adviser Reviews on Third-Party Sites: Walk Through the Door Carefully

Expect to hear increasing noise in the months ahead about ways you can now call attention to your firm by linking to client reviews on independent web sites in the wake of the SEC staffs March guidance (ACA Insight 4/7/14) on testimonials and social media.

False Claims are Misleading Even When Published in Advisers Own Newsletter

A false claim is a false claim, wherever it is published.

SEC Staff Warns Against Misleading Fund Names

Check your fund names. If you find the words “protected” or “guaranteed,” consider changing or removing them. SEC staff believes these words may mislead investors. “The staff has recently heightened its scrutiny of fund names suggesting safety or protection from loss and has determined to object to names that may create an impression of protection […]

SEC Extends Timeline as Comments on Reg D, Form D, Rule 156 Amendments Roll...

The SEC this week re-opened the comment period on the proposed amendments to Reg D, Form D and Rule 156. More than 480 comments are in so far, including from industry associations that are less than happy with some of the specific proposed amendments. The immediate net effect of the extended comment period is that […]

Presence Exams Focus on Marketing, Conflicts of Interest

Firms managing hedge funds and other private funds: Prepare for questions about marketing and conflicts of interest. SEC examiners are likely to drill down on those subjects during presence exams.So said SEC Office of Compliance Inspections and Examinations director Drew Bowden at the IA Compliance Fall 2013 conference in Philadelphia September 23. Bowden provided a […]

Get Ready for 506(c) Questions From Examiners

What the SEC allows, the SEC staff polices.Expect examiners from the agency’s Office of Compliance Inspections and Examinations to start asking questions about your marketing efforts if your firm publicly advertises its private funds under the new 506(c) Rule. Those questions will likely focus on the accuracy of marketing materials, as well as on the […]

Revisit Regulation S-AM: Don’t Assume Compliance

It may be a good idea for your firm to revisit Regulation S-AM, the rule adopted by the SEC prohibiting firms from using consumer eligibility information obtained by affiliates. It's not that the rule has changed, but your circumstances may have.

Fraudulent Offering Documents at Heart of Case Against Advisory Firm

You cant say the money is going to one place when it is actually going to another.That lesson was driven home in two recent SEC settlements involving participants in an alleged scheme that funneled $5.6 million from 74 investors to the parent company of an investment advisory firm and a broker-dealer. You simply cannot provide […]

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.