News and Alerts

OCIE Issues Risk Alert

The Office of Compliance Inspections and Examinations issued a Risk Alert on November 7, 2017. The alert is based on 110 examinations conducted as part of the Municipal Advisor Examination Initiative. Key takeaways of the Risk Alert include: Registration Deficiencies. The examinations found common failures in registration. Specifically, firms failed to file annual amendments or […]

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OCIE Acting Director Offers Compliance Insights

Peter Driscoll, Acting Director of OCIE (“Office of Compliance Inspections and Examination”), spoke at the GIPS Standards Annual Conference in September of this year. He noted a number of measures the SEC and OCIE have taken to ensure compliance among investment advisors. Mr. Driscoll noted that the change to more detailed risk alerts may help […]

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ASK YOURSELF: Are You Ready for Potential SEC Scrutiny After Harvey?

When Hurricane Harvey made landfall in Texas on August 25 of this year, and Hurricane Irma reached land in Florida shortly after on September 10, investment advisors, broker-dealers and firms found their businesses affected, just as homeowners and other companies in these areas were impacted by the storms. The SEC has announced it will be monitoring […]

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DOL Calls for Fiduciary Rule Comments, SEC Commissioner Replies

On July 25, 2017, SEC Commissioner Michael Piwowar offered a response to the Department of Labor’s public request for input about the fiduciary rule and exemptions for prohibited transactions. In his letter, Piwowar directly asked the DOL to “reconsider this misguided rulemaking,” citing three key concerns: Piwowar claimed that the Fiduciary Rule “is dismissive of” the effectiveness of the disclosure […]

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REMINDER: Changes To Form ADV Go In Effect October 1st

Back in August 25, 2016, the Securities and Exchange Commission (the “SEC”) adopted rules to modernize and enhance the disclosure requirements promulgated under the Advisers Act and to amend Form ADV. The intention of the SEC is to improve the quality of information that clients and the SEC receive, fill data gaps that the SEC has […]

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OCIE Risk Alert Observations from Cybersecurity Examinations

Based on observations and findings from its cybersecurity examinations, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert on August 7. These observations were a result of 75 examinations of investment advisers, funds, and broker-dealers focused on validating and testing that written policies and procedures were in fact implemented and followed. The primary focus […]

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