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Monthly Archives June 2010

SEC to Vote On Whether to Ban Pay-to-Play Contributions by Investment Advisers to Elected Officials

On June 30, 2010, the Commissioners of the Securities and Exchange Commission (“SEC”) will vote on whether to restrict investment advisers from participating in “pay to play” transactions with public officials.  The purpose of the proposed rule is to eliminate potential corruption from the process of awarding management contracts for public retirement funds.  If approved, [...]

 
Posted by Bryan Hill
Tuesday, June 29, 2010
Labels: Political Contributions, SEC

 

Form U4 Information for Investment Adviser Reps Now Available Online to Public via IAPD

Pursuant to Release 2010.2 published on June 28, 2010 by the Investment Adviser Registration Depository (“IARD”), the Investment Adviser Public Disclosure (“IAPD) database now allows users to search for investment adviser representatives.  Prior to the release, investment advisers and investment adviser representatives submitted registration and licensing information to the IARD; however, only information for investment [...]

 
Posted by Bryan Hill
Tuesday, June 29, 2010
Labels: Customer Complaint, Form U4, IAR Licensing, IARD, Outside Business Activities

 

SEC Initiates Enforcement Action Over Failure to Maintain Required Books and Records

Section 31(a) of the Investment Company Act of 1940 (“ Investment Company Act”) requires that each registered investment adviser “maintain and preserve” records of accounts, correspondence, memorandums, tapes, discs, papers, books, and other documents or transcribed information.  These books and records are to be maintained for a period of five years and are subject to [...]

 
Posted by Bryan Hill
Tuesday, June 29, 2010
Labels: Books Records, Enforcement, SEC, Webinar

 

Reminder About Michigan’s New Investment Adviser Representative Requirements

In 2009, the State of Michigan adopted several amendments to the Michigan Uniform Securities Act.  One of the major amendments to the Michigan Securities Laws requires all investment adviser representatives to be licensed.  Under Michigan’s revised definition of “investment adviser representative,” all individuals who make recommendations or give advice, manage accounts, determine recommendations or advice, [...]

 
Posted by Bryan Hill
Thursday, June 24, 2010
Labels: IAR Licensing

 

SEC Charges Investment Adviser with Fraudulent Management of CDOs

On June 21, 2010, the U.S. Securities and Exchange Commission (“SEC”) charged a New York based registered investment adviser and three affiliated firms with the fraudulent management of collateralized debt obligations (“CDOs”) tied to mortgage backed securities.  The SEC alleges that ICP Asset Management LLC, and its owner/president Thomas Priore, made fraudulent misrepresentations that earned the [...]

 
Posted by Bryan Hill
Tuesday, June 22, 2010
Labels: Enforcement, SEC

 

SEC Update FAQs of New Custody Rule

The Division of Investment Management of U.S. Securities and Exchange Commission (“SEC”) recently updated ”Staff Responses to Questions About the Custody Rule.”  (For a link to Staff Responses click here).  In the updated responses, the Division provided new guidance concerning a variety of issues related to the custody rule. Two important issues discussed by the SEC [...]

 
Posted by Bryan Hill
Thursday, June 3, 2010
Labels: Custody

 

Registered Investment Adviser to Celebrities Charged in Custody Fraud Case

Kenneth Starr, an investment adviser representative, to several celebrities and other wealthy clients, was arrested on May 27th for allegedly using client funds for his own personal use.  Starr has been charged in a New York District Court with fraud by an investment advisor, a wire fraud scheme to obtain property, money laundering, false statements in an [...]

 
Posted by Bryan Hill
Thursday, June 3, 2010
Labels: Criminal, Custody, Uncategorized

 
  

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* RIA Compliance Consultants, Inc. ("RCC") is not a law firm and does not provide legal services. A compliance consulting relationship with RCC is not provided those legal and professional protections that normally exist under an attorney-client relationship. For more information, please visit our Disclosures webpage.

The determination to use a third-party compliance services provider is an important decision and should not be based solely upon advertisements or self-proclaimed expertise. A description or indication of limitation of our compliance services does not mean that an agency or board has certified RCC as a specialist or expert in investment advisor compliance. All potential clients are urged to make their own independent investigation and evaluation of RCC.

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