Books and Records

OCIEs Top 10 Areas of Focus in Adviser Exams

OCIE director Lori Richards has delivered a very informative speech, worth a close look by all CCOs:Richards used her keynote address at the IAA/IA Week conference to not only list the “top 10” issues that SEC examiners are currently focusing on during adviser exams, but also to helpfully provide specific examples of the types of questions […]

New OCIE Technology Office Aims to Ease Electronic Production Burden

The SEC has created a new technology office within the Office of Compliance Inspections and Examinations. The new office, which is headed at the assistant director level, will “focus on a variety of technology issues,” said OCIE chief counsel John Walsh, speaking at last weeks ACA Compliance Group spring conference. For firms that want their […]

Is OCIE Authorized to Request Non-Required Records?

Can SEC examiners really ask advisers to hand over documents that arent required under Rule 204-2, the Advisers Act recordkeeping rule? From time to time, the question is raised at industry conferences. Recently, it surfaced in the December 2007 Wall Street Lawyer article co-authored by WilmerHale partner Matt Chambers and associate Kimberly Beattie, “The SECs […]

Valuation, Cash Solicitation, and Advertising: Whats Next From the Division of Investment Management

Sure, youve heard about 12b-1 reform and the Form ADV Part 2 re-proposal. But there are plenty of other interesting projects on the Division of Investment Managements plate. At last weeks ALI-ABA investment adviser conference in New York City, Division of Investment Management chief counsel Douglas Scheidt and associate director Robert Plaze provided the industry […]

Donohue Urges Mutual Fund Industry to Make Market Crisis its Finest Hour

Of all the events that have required the attention of the SECs Division of Investment Management staff during the past year, the “most significant,” according to director Buddy Donohue, has been the recent market turmoil. “The markets of the past several months have experienced what quants like to call numerous multi-sigma events,” said Donohue, speaking […]

GIPS Recordkeeping Guidance Provides Performance Backup Ideas

The new GIPS Guidance Statement on recordkeeping, which goes into effect this week, may be worth a read even if your firm does not claim GIPS compliance. The statement sets out lists of various types of records that can be used to reconstruct both account-level and composite-level performance. For example, account-level backup might include: bank/custodial statements […]

The 2007 Investment Management Industry Compliance Testing Survey (Part 3 of 3)

Soft DollarsAccording to the compliance testing survey conducted by ACA Compliance Group, the Investment Adviser Association, IM Insight, and Old Mutual Asset Management, the majority of advisers (59%) try to avoid soft dollars. Of the 457 firms that responded to the survey, 246 indicated that they did not actively seek out soft dollar products and […]

SEC Urged to Avoid Business As Such Standard in IA Recordkeeping Rule

The Investment Adviser Association has urged the rulewriters in the SECs Division of Investment Management to think long and hard before incorporating a “business as such” standard in pending changes to the Advisers Act books and records rule.In an August 10 letter, the IAA argued that harmonizing the recordkeeping rules applicable to broker-dealers and investment […]

IAA Calls for Roundtable on Investment Adviser Regulation

Its been over seven years since the SEC held its last roundtable on investment adviser regulatory issues, and its time for another one. So said the Investment Adviser Association in a July 3 letter to Division of Investment Management director Buddy Donohue. “[W]e suggest that the Commission sponsor an investment adviser roundtable to solicit input and […]

SEC Staff Describes Books and Records Modernization

If you have any thoughts about how a modernized Advisers Act books and records rule should look, nows the time to pipe up and let the SEC staff know. Division of Investment Management senior special counsel Jennifer Sawin, the point person on the rule, indicated that Division director Buddy Donohue had directed the staff to […]

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.