The Colorado Division of Securities recently issued its 2023 examination priorities for state-registered investment adviser firms registered with the State of Colorado.
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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.
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.
Yesterday, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to the Form PF, the confidential reporting form for certain SEC registered investment advisers to private funds.
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.
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.
Maryland Division of Securities Proposes New IAR CE Requirement
November 03, 2021
The Maryland Division of Securities is proposing to require all investment adviser representatives (“IARs”) registered in Maryland to complete continuing education (“CE”).
The Securities Bureau of Nebraska Department of Banking and Finance has issued its 2022 renewal notice for state-registered investment adviser firms and investment adviser representatives.
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.
Nebraska Proposes Rule Changes that Allow Investment Advisers to Utilize Client Testimonials & IARs to Dual License
October 09, 2021
The Nebraska Department of Banking & Finance recently published proposed revisions to its rules for investment advisers under the Securities Act of Nebraska.
