Dodd-Frank.com

SEC Charges Chief Compliance Officer for Failure to Verify Information

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David I. Osunkwo was a principal at Strategic Consulting Advisors, LLC, or SC Consulting. SC Consulting offered compliance consulting and CCO services to two SEC registered investment adviser firms under common control, Aegis Capital, LLC and Circle One Wealth Management, LLC. Respondent Osunkwo, a principal at SC Consulting, was designated... Read More

Topics: Investment Advisers, Litigation

OCIE Issues Alert on the Five Most Frequent Compliance Topics Identified in Examinations of Investment Advisers

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The SEC’s Office of Compliance Inspections and Examinations, or OCIE, has published a list of the five compliance topics most frequently identified in deficiency letters that are sent to SEC-registered investment advisers. Within each of these topics, OCIE includes a few examples of typical deficiencies to highlight the risks and... Read More

Topics: Investment Advisers, Private Equity

House Passes Creating Financial Prosperity for Businesses and Investors Act

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On Monday, the House of Representatives passed the Creating Financial Prosperity for Businesses and Investors Act (H.R. 6427) (the “Act”) by a vote of 398 to 2. The Act is actually a compilation of six measures that were previously considered and passed by the House in 2016, but that have... Read More

Topics: Broker-Dealer, Consumer Protection, Crowdfunding, Investment Advisers, Private Equity

SEC Exams Looking for Whistleblower Violations

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SEC staff in the Office of Compliance Inspections and Examinations are examining compliance with key whistleblower provisions arising out of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The staff is examining registered investment advisers and registered broker-dealers, reviewing, among other things, compliance manuals, codes of ethics, employment agreements,... Read More

Topics: Broker-Dealer, Employment, Executive Compensation, Investment Advisers, Litigation

Common Deficiencies Noted in Exams of Minnesota Registered Investment Advisers

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The Minnesota Department of Commerce recently conducted a series of routine exams of investment adviser firms registered in Minnesota to analyze their compliance with certain regulations applicable to investment advisers. Common deficiencies noted during the exams are as follows: Form ADV Annual Renewal and Updates: Failure to file an annual... Read More

Topics: Investment Advisers

SEC Updates Form ADV

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The SEC has adopted final rules requiring investment advisers to provide additional information on Form ADV and other matters. You can find our analysis on the proposed rules here. The final rules: require information about an investment adviser’s separately managed account business and other matters; incorporate a method for private... Read More

Topics: Investment Advisers, Private Equity

SEC Proposes Rule Requiring Investment Advisers to Adopt Business Continuity and Transition Plans

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In its third rulemaking in two days without holding a meeting, the SEC proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The proposed rule is designed to ensure that investment advisers have plans in place to address operational... Read More

Topics: Investment Advisers, Private Equity