Books and Records

CCOs Must Keep Pace with Changes in How Firms Retain Books and Records

The world of information technology has changed virtually everything it has touched since the advent of email, data management and the Internet. Compliance with the SECs Rule 204-2, the Books and Records Rule, is no different. Advisers today typically keep some, if not most, of their documents electronically – and must remember to adapt their […]

SEC Staff Urges Market Participants to Begin Transition from LIBOR

The end of 2021 may still seem some far off, but in terms of advisers and other market participants that will need to transition from the London Interbank Offered Rate (LIBOR), it may be getting uncomfortably close. The SEC staff in July issued a statement urging all market participants using LIBOR to begin the process of moving away.

Outsourced CCO and Advisers Face Form ADV, Books and Records Charges

Outsourcing a chief compliance officer may leave both an adviser and the third-party CCO it hired in trouble.

Books and Records: Steer Clear of Compliance Pitfalls

The Advisers Acts Books and Records Rule (Rule 204-2) is an old rule, and one that does not get as much attention as more prominent requirements, such as the Custody Rule.

Recordkeeping: What Examiners Look For

Document that you did what you did. You'll avoid more deficiencies that way.

Dont Err When Handling Errors: Documentation and Internal Reporting are Key

Despite your best efforts, some errors will always get through. How a firm handles them is critical.

Know What to Include — and What to Leave Out — When Calculating AUM

How you report regulatory assets under management to the SEC is critical, particularly with the stricter requirements imposed by the agency as a result of Dodd-Frank. Make sure you know just what counts and what doesn’t — it may make the difference between whether you register with the SEC or with your state.Registration with the SEC, […]

Include Liquidated Funds in Form PF Reports

The SEC staff makes it clear: If a reporting fund was in existence during a reporting period for which you are submitting a Form PF report – even if it was later liquidated in that same reporting period – you must include it in your report. That clarification was among a number of Form PF clarifications […]

Private Funds: Review Your Financial Statements like the SEC Does

Know what SEC examiners look for when they review your balance sheets and income statements. You will go a long way toward keeping your advisory firm out of trouble.  Firms managing private funds provide more targets for regulators than firms managing separate accounts do. Separate-account advisers typically collect only management fees, while private fund advisers […]

“Buckets of Money” Backtesting Breakdown

If youre going to promote your investment strategy as a proven winner, it helps if you actually have proof.The SEC recently took nationally syndicated radio personality Ray Lucia to task for allegedly over-promoting and under-documenting his “Buckets of Money” investment strategy that he touted at seminars designed to attract advisory clients. In a September 5 […]

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.