The Securities and Exchange Commission voted unanimously to adopt rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agency to adopt programs to detect red…

Sutherland Asbill & Brennan recently released an analysis of the 2012 FINRA disciplinary actions. The analysis shows an increase in enforcement actions and fines. Total actions increased for the fourth…

On March 14th in Washington, Richard Ketchum the CEO of FINRA repeatedly remarked about the SEC’s inability to adequately oversee registered investment advisers. “If investors are to be protected, investment…

The Massachusetts Securities Division has issued a proposal that would require a criminal background check of every person registering as an investment adviser representative. The proposed rule would require each…

The SEC has posted guidance regarding whether certain interactive content posted in a real-time electronic forum (i.e., chat rooms or other social media) (“interactive content”) should be filed under the…

The staff of the SEC’s National Examination Program Office of Compliance Inspections and Examinations (“NEP”) has published its examination priorities “to communicate with investors and registrants about areas that are…

The Texas State Securities Board, the regulatory agency governing state registered investment advisers, recently issued a notice advising of common deficiencies found in investment adviser applications. While this information was…

The SEC recently required a registered investment adviser to retain an outside compliance consultant for two years to help them build and implement a robust compliance program. The registered investment…

The Chief of the Asset Management Unit in SEC Enforcement gave a speech on January 23, 2013 concerning their initiatives directed at private equity. The areas of concern discussed included…

One of the world’s largest global hedge funds, Bridgewater Associates, has taken an unusual step to address their operational risk. They have hired a second fund administrator, Northern Trust, to…

Rule 206(4)-2’s adopting release regarding custody provides a definition of “custody” and interpretative guidance by providing discussion and clarification of the most common examples of what is, and what is…

There seems to be a lot of confusion surrounding the issue of how to calculate regulatory assets under management. There is some good guidance surrounding this in the IARD training…