OCIE Issues Second ComplianceAlert Letter

OCIE has issued its second-ever ComplianceAlert, a letter addressed to CCOs discussing areas of concern identified in recent SEC adviser and broker-dealer examinations. The letter highlights a number of weaknesses to avoid as well as best practices to adopt. Many of the letters observations will be familiar to experienced compliance professionals. Heres a quick overview:Personal […]

Form ADV Part 2: The Reviews Are In

Comments on the SECs Form ADV Part 2 proposal were due last month. Heres what you might want to know: There were a lot of good, substantive comment letters. As of press time, the SEC had posted 69 comment letters on its website. Most of those letters raised valid, constructive points – there were relatively […]

SEC to Fidelity: Include Shareholder Proposal to Screen Out Unethical Investments

In a win for shareholder activists, the Division of Investment Managements Office of Disclosure and Review has informed Fidelity that it cant exclude a shareholder proposal requiring various Fidelity funds boards to “institute oversight procedures” to screen out investments in companies that “substantially contribute” to genocide and human rights violations. This past fall, various activists, […]

DOL Reiterates Guidance on Voting ERISA Proxies

Reminder: When voting your ERISA clients proxies, resist the temptation to become a corporate activist, unless you think it would improve your clients investment returns. If you wade into a proxy fight for any other reason, such as to advance a particular public policy, you could run afoul of ERISA. That was the message in […]

SEC Found No Major Violations at Proxy Voting Firms

The Government Accountability Office has issued a report assessing the level of conflicts presented by proxy voting services, such as Institutional Shareholder Services, Egan-Jones, and Glass Lewis. The report did not make any specific recommendations to the SEC or Congress. Nor did it assess the firms policies and procedures for mitigating conflicts, or the SECs oversight […]

Industry Group Proposes Best Practices for Processing Corporate Actions

Attention back office jocks: The Asset Managers Forum recently published a draft paper on processing corporate actions, such as exchanges, tender offers, and merger announcements. The 27-page “Corporate Actions Best Practices Initiative: Aid to Public Comment” identifies a number of current flaws in the current method of processing corporate actions and suggests best practices. Written comments […]

SEC’s Boston Office Sweeps on Proxies

The SECs Boston Office is conducting a new proxy sweep. Heres a copy of the request letter.

Do Advisers Have a Duty to File Class Action Proofs of Claims?

Short answer: probably not. But you should pin it down one way or another in your contracts.At the October 20 ISS conference, following a presentation by plaintiffs lawyer Randall Pulliam of Baron & Budd PC (see IM Insight, October 24, 2005), Investment Adviser Association general counsel Karen Barr discussed the role of non-mutual fund advisers […]

What Are We Supposed to Be Doing? (The expanded version)

Remember that list of sample “to-dos” published in IM Insight on July 4, 2005? As promised, heres an expanded list, based on many helpful comments from industry participants. Use it to jog your memory, spark ideas, and/or give you a sense of what other firms are up to. Many of these to-dos are not explicitly […]

OCIE Sweeps on Proxy Voting and Wrap Fee Programs

Last week, the SEC sent out a proxy voting mini-sweep letter. Also making the rounds: a sweep letter for wrap fee managers, believed to have been sent out early July to a very small number of firms.

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.