Compliance Advisory Content

FINRA recently issued a regulatory notice expressing concerns associated with the sale of complex products and options to retail investors, and soliciting comment on related practices and rule enhancements.

Last week, the SEC filed a civil action against an SEC-registered investment adviser and its affiliated broker-dealer for the adviser recommending to clients mutual fund shares that generated millions of dollars in revenue-sharing payments to the broker-dealer when lower-cost share...

On February 9, the Securities and Exchange Commission voted to propose new rules and amendments under the Investment Advisers Act of 1940 with respect to private fund advisers. The proposal passed by a vote of three-to-one. The proposal's goals are to improve private fund adviser...

On February 10, the SEC, by seriatim approval, proposed amendments to its rules governing beneficial ownership reporting on Schedules 13D and 13G ("Proposal"). Comments on the proposal are due the later of: (i) April 11, 2022 (60 days following the publication of the proposing release...

On January 27, the SEC's Division of Examinations ("EXAMS") issued a Risk Alert on private fund adviser compliance deficiencies. The alert compiles results from past exams as seen through the lens of advisers' fiduciary duties and requirements under the Advisers Act prohibiting untrue...

On January 26, the SEC approved proposed amendments to Form PF in an open meeting through a three-to-one vote. Generally, Form PF is filed by investment advisers to private funds to provide confidential information to the SEC and the Financial Stability Oversight Council (FSOC) about...

In November, the SEC issued two proposals. One would mandate the electronic filing of certain forms that currently must be filed on paper, as well as update certain other forms and processes. The other would require electronic filing through EDGAR of documents that currently may be...

In November, the SEC proposed changes to its 2020 proxy advice amendments. Most notably, the proposal would rescind provisions in the 2020 amendments.

The SEC's Division of Enforcement today announced the settlement of an action with J.P. Morgan Securities, LLC, a broker-dealer. According to the SEC's press release announcing the action, it involved "widespread and longstanding failures by the firm and its employees to maintain and...

The Securities and Exchange Commission recently proposed amendments that would change certain insider trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 and related disclosure.