About Bryan Hill

SEC Brings an Enforcement Action Against an Investment Adviser’s Portfolio Manager for Failing to Disclose a Conflict of Interest Caused by Trying to Help His Daughter’s Career

January 20, 2023

The U.S. Securities and Exchange Commission (“SEC”) recently brought an enforcement action against an investment adviser’s  former portfolio manager of a closed-end investment company for allegedly failing to disclose a conflict of interest caused by the portfolio manager’s efforts to help his daughter’s acting career.

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Fiduciary Advice Exemption Enforcement for PTE 2020-02 Now in Effect for Investment Advisers

February 01, 2022

As of February 1, 2022, the U.S. Department of Labor (“DoL”) will begin enforcing PTE 2020-02, a fiduciary advice prohibited transaction exemption that applies to IRA rollovers. Previously, the DoL had issued a temporary enforcement policy in Field Assistance Bulletin 2018-02 indicating that the DoL would not pursue enforcement claims related to prohibited transaction claims so long as an investment adviser could demonstrate that it was complying with the Impartial Conduct Standards “in good faith and with reasonable diligence.” The temporary enforcement policy ended on January 31, 2022.

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Will Your Investment Adviser’s Use of an Outsourced CCO Survive Regulatory Scrutiny?

January 11, 2022

Although many investment adviser firms desire to outsource the chief compliance officer role to an unaffiliated third-party independent contractor (“Outsourced CCO”), such an arrangement will be scrutinized and could be  challenged by the securities regulator as a violation Rule 206(4)-7 or equivalent rule of the state securities regulator depending upon the facts and circumstances.

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Vermont Adopts IAR Continuing Education Rule

December 10, 2021

On December 9, 2021, the Securities Division of the Vermont Department of Financial Regulation announced it had adopted an investment adviser representative continuing education requirement, making it the second state to now require investment adviser representatives to complete investment adviser representative continuing education (“IAR CE”). Closely tracking the NASAA’s Model IAR CE Rule and effective for the 2022 calendar year, investment adviser representatives who are registered in Vermont must now complete 12 credit hours of IAR CE each year.

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RIA Compliance Consultants Approved as IAR CE Provider

October 26, 2021

We are excited to announce that RIA Compliance Consultants, Inc. has been approved as an investment adviser representative continuing education (“IAR CE”) provider by Prometric on behalf of the North American Securities Administrators Association (“NASAA”). RIA Compliance Consultants plans to offer a diverse lineup of IAR CE to help investment adviser representatives meet the regulatory obligations of the state(s) where they are licensed. Even when not required by the state securities regulator, investment adviser continuing education courses are a great training resource for investment adviser firms and their IARs.

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