Articles Posted in Compliance

On July 20, 2021, we released our Blog entitled “SEC Modernizes a New Marketing Rule” to provide you with a glimpse of things to come pertaining to new marketing and advertising definitions, prohibitions, amendments and SEC staff guidance set forth by the new Marketing Rule (the “Rule”).  The Rule had an effective date of May…

Authors: Greg Reymann & Jim Obuchi On Tuesday, April 26th, the SEC’s Division of Examinations (the “Division”) issued a Risk Alert that outlined notable deficiencies observed by the Division’s staff with respect to two key compliance areas: Section 204A of the Advisers Act of 1940, which addresses the prevention of the misuse of material non-public…

Authors: Greg Reymann and Jim Obuchi On Wednesday, March 30th, the SEC’s Division of Examinations (the “Division”) released its annual examination priorities for 2022, which cited a 20% increase in the number of RIAs over the past five years (from about 12,250 to over 14,800 RIAs). During this period, the number of RIAs with AUM…

Authors:  Lisa M. Kennerly and Greg Reymann  On December 18, 2020, the Department of Labor (“DOL”) adopted the Prohibited Transaction Exemption 2020-02 (“PTE 2020-02”) in its every-lasting effort to help promote investment advice that is in the best interest of retirement investors. This exemption puts an emphasis on mitigating conflicts of interest and ensuring that…