Kurt Gottschall Named Associate Regional Director in the SEC’s Denver Regional Office
The Securities and Exchange Commission today announced that Kurt L. Gottschall has been named the Associate Regional Director for enforcement in the Denver office. Mr. Gottschall began working as a staff attorney in the Denver office’s Division of Enforcement in 2000, before becoming a Branch Chief in 2003, and an Assistant Regional Director in 2010. Since 2012, he worked in the Asset Management Unit, which focuses on misconduct by investment advisers and investment companies. During his career with the SEC, Mr. Gottschall has investigated or supervised dozens of enforcement matters involving a variety of securities law violations, including: Charges against an alternative…
Read MoreSEC Announces Agenda for July 19 Meeting of the Advisory Committee on Small and Emerging Companies
The Securities and Exchange Commission today announced the agenda for the July 19 meeting of its Advisory Committee on Small and Emerging Companies. The Committee will focus on the first year of Regulation A+, recommendations related to the definition of an “accredited investor,” and the Commission’s recent proposal to amend the definition of “smaller reporting company.” The meeting on July 19 will begin at 9:30 a.m. in the multipurpose room at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public. It will be webcast live on the SEC’s website and archived on…
Read MoreSEC Charges Investment Adviser With Failing to Clearly Disclose Additional Costs to Investors
The Securities and Exchange Commission today announced an enforcement action against an investment advisory firm that failed to properly prepare clients for additional transaction costs beyond the “wrap fees” they pay to cover the cost of several services bundled together. In wrap fee programs, subadvisers typically use a sponsoring brokerage firm to execute their trades on behalf of clients, and the costs of those trades are included in the annual wrap fee that each client pays. An SEC investigation found that Richmond, Va.-based RiverFront Investment Group disclosed to investors in Forms ADV that client trades were typically executed…
Read MoreSEC Adopts Amendments to Rules of Practice for Administrative Proceedings
The Securities and Exchange Commission today adopted amendments updating its rules of practice governing its administrative proceedings. “The amendments to the Commission’s rules of practice provide parties with additional opportunities to conduct depositions and add flexibility to the timelines of our administrative proceedings, while continuing to promote the fair and timely resolution of the proceedings,” said SEC Chair Mary Jo White. In September 2015, the Commission proposed for comment amendments to its rules of practice. After careful consideration of the comments received, the Commission adopted final amendments that, among other things: Extend the potential length of the…
Read MoreSEC Proposes Amendments to Update and Simplify Disclosure Requirements As Part of Overall Disclosure Effectiveness Review
The Securities and Exchange Commission today voted to propose amendments to eliminate redundant, overlapping, outdated, or superseded provisions, in light of subsequent changes to Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (U.S. GAAP), International Financial Reporting Standards (IFRS), and technology. The Commission is also soliciting comment on certain disclosure requirements that overlap with U.S. GAAP to determine whether to retain, modify, eliminate or refer them to the Financial Accounting Standards Board (FASB) for potential incorporation into U.S. GAAP. The amendments, along with the input received on the Regulation S-K concept release, are designed to further inform the…
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