Best Execution

Crowdfunding: Get Ready for Client Interest and Potential Investments

The SEC this week adopted final crowdfunding rules that will allow small businesses to raise capital from investors - including possibly your clients - through web portals. Many of your clients will likely not be interested in making these investments, but smart advisers will be ready with at least some answers for those who are.

Firm Executives Agree to Pay $1.6 Million in Referral Fee Settlement

There are lots of ways to charge fees to clients, but only a few are legal.

Dually Registered Advisers are Not Excused from Best Execution

Dont make the mistake of thinking that if you act as your own broker-dealer, you can skimp on your best execution analyses.

Cross-Trading Settlement Demonstrates Peril of Favoring One Client Over Another

As fiduciaries, advisers are required to act in the best interests of their clients. That can get tricky when effecting cross trades between two funds. How do you get each the best deal without harming the other?

Directed Brokerage and Best Execution: Protect Yourself

It's a conundrum: Your new client wants you to use its long-established broker-dealer to execute all his trades. And he expects you to achieve best execution in managing his account. How can you be sure you meet both obligations?

Fixed-Income Securities: Seeking Best Execution Despite Hurdles

It’s not easy meeting your best execution duties for fixed-income securities. Fixed-income security trades raise difficult best execution issues for investment advisers for many reasons, not least that they often are conducted over the counter, rather than through a central securities exchange. This results in less transparency of pricing and other important information that managers […]

Lets Buy a Boat! – The Tricky Business of Best Execution

When youre trying to achieve best execution with non-traditional – i.e. anything other than exchange-traded equities – assets, theres not a lot of guidance.A panel of experts at the recent ACA Compliance Group/ACA Insight Spring Compliance Conference offered some approaches to the task of assessing just what comprises best execution.Best execution evaluates all the available […]

Notes On Best Execution

“This is an area where judgment is as important as understanding,” said Mayer Brown partner Elizabeth Knoblock. “Were talking about price and a lot of qualitative and quantitative factors,” she said.That observation began a best execution dialog among Knoblock, SEC Division of Investment Management Chief Counsel Doug Scheidt, and Clearbridge Advisors CCO Barbara Manning at […]

A Few Thoughts On Best Execution

When the SECs examination staff comes calling, theyve got a few specific things in mind when it comes to best execution practices. At the recent Investment Adviser Association/ACA Insight Compliance Forum on February 25, SEC Denver associate regional director Kevin Goodman described what some of those things might be.Regardless of the security type, we dont […]

Flash Orders: Policymakers Scrutinize Advanced Trading Technique

Electronic tradings state of the art – the flash order – recently has come under Congressional and regulatory scrutiny.A flash order is a trade that is “flashed” to a select group of high-frequency traders milliseconds in advance of delivery to the market as a whole. Sophisticated high-speed computers can process that information for traders with […]

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.