Category Archives: SEC
 

SEC’s Recent Enforcement Actions Against Investment Advisers For Failing to File Form 13F

September 29, 2024

The U.S. Securities and Exchange Commission (“SEC”) recently settled charges against 11 institutional investment managers for failing to file Form 13F, a critical filing requirement for those who exercise investment discretion over $100 million or more in certain equity securities. The SEC emphasized the importance of compliance with Form 13F, which ensures transparency in securities holdings and fosters market integrity.

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Regulatory Alert: New Form N-PX Reporting Requirements for Investment Advisers Which Are 13F Filers

August 12, 2024

If your investment adviser firm is required to file Form 13F, please be aware that your firm is now required (subject to certain exceptions) by the United States Securities and Exchange Commission (“SEC”) to file an annual report on Form N-PX by August 31, 2024. This report will cover the most recent 12-month period ending June 30 and must include the firm’s proxy voting record related to executive compensation matters.

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Regulatory Alert – SEC Amends Reg S-P

May 28, 2024

The U.S. Securities and Exchange Commission (SEC) has adopted amendments to Regulation S-P which require investment adviser firms registered with the SEC to adopt written policies and procedures for incident response programs to address unauthorized access to or use of customer information including procedures for providing timely notification to customers affected by an incident involving sensitive customer information.

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SEC Taking a Closer Look at Whether Investment Advisers Are Obtaining “Informed Consent” When Amending Advisory Agreements

October 17, 2023

New Exam Priority

The Division of Examinations of the U.S. Securities and Exchange Commission (“SEC”) recently issued the Fiscal Year 2024 Examination Priorities signaling areas of particular interest for the upcoming audits of investment advisers. Notably, this year’s exam priorities introduces what appears to be a new focus on whether investment adviser firms are obtaining “informed consent” from clients when making material changes to advisory agreements:

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Summary of SEC’s Finalized Private Fund Adviser Rules

September 19, 2023

Regulatory Alert

The United States Securities and Exchange Commission (“SEC”) recently issued a final set of rule amendments under the Investment Advisers Act of 1940, primarily aimed at enhancing the regulatory framework governing investment advisers to private funds. The new set of rules, as  described in SEC Release No. IA-6383, is designed to protect investors who invest directly or indirectly in private funds. It focuses on increasing transparency in compensation arrangements and prohibiting conflicted arrangements involving private funds. Through an audited financial statement requirement, the new rules also aim to prevent fraudulent activities by registered investment advisers advising private funds. Finally, this set of new rules includes an amendment requiring all SEC-registered investment advisers to document in writing the annual review of their compliance policies and procedures.

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