On April 9, 2021, the SEC’s Division of Examinations (“EXAMS”) published a Risk Alert summarizing its observations from recent examinations of investment advisers, registered investment companies, and private funds engaged in ESG investing. The Risk Alert is the latest in a series of announcements from the regulator that demonstrate its focus on investor protection in connection with climate and ESG investing. Read More

On March 3, 2021, the Securities and Exchange Commission’s Division of Examinations (formerly the Office of Compliance Inspections and Examinations, now either “the Division” or “EXAMS”) announced its fiscal year 2021 examination priorities. Read More

The new rule (Marketing Rule) replaces two rules under the Advisers Act, rule 206(4)-1 (Marketing Rule), originally adopted in 1961, and rule 206(4)-3 (Solicitation Rule), originally adopted in 1979. The Marketing Rule reflects market, technological and regulatory changes that have occurred since the rules were originally adopted. Read More

The SEC’s Office of Compliance Inspections and Examinations recently published an alert summarizing its exams of investment advisers operating out of multiple locations. Read More

According to OCIE’s 2020 examination priority list, new investment advisors and those investment advisors registered but never examined prior, can expect a greater likelihood of examination in 2020. Read More

In fiscal year 2019 (which runs from October to September), the SEC reported a total of 862 enforcement actions, including 526 “standalone” actions filed in either federal court or as administrative proceedings, which was its highest number of standalone actions since 2016. Read More

The SEC announced it has voted to adopt a new rule and form amendments designed to modernize the regulation of ETFs. Read More

The Report contains many of the same priorities that were included in the 2018 Examination Priorities but with an increased focus on digital assets. Read More

The SEC is looking to limit whistleblower payouts after doling out tens of millions of dollars in a recent case. The SEC voted 3-2 to propose a limit after an $83 million award was given back in March to three informants – the largest payday in the history of the SEC’s whistleblower program. Read More

Move over BrokerCheck – the SEC has recently launched an online search feature that enables investors to research whether the person trying to sell them investments has a judgement or history of enforcement actions. Read More