Category Archives: Uncategorized

Drafting Tips for an SEC Investment Adviser’s Form CRS/Form ADV Part 3 

May 07, 2020

In June 2019, the U.S. Securities and Exchange Commission (“SEC”) adopted a new rule requiring SEC registered investment adviser firms to prepare and deliver an easily accessible and understandable Consumer Relationship Summary, also known as the Form CRS or Form ADV Part 3, to retail investor clients. An SEC registered investment adviser’s initial Form CRS/Form ADV Part 3 must be filed with the SEC by June 30, 2020 and delivered to existing clients no later than July 30, 2020. Click here to read our recent blog on the SEC’s decision to maintain the original June 30, 2020 filing deadline.

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SEC Provides Investment Advisers Guidance on Disclosure of PPP Loan

May 04, 2020

The U.S. Securities and Exchange Commission (“SEC”) recently provided guidance on the disclosure obligations of an investment adviser firm when receiving a Paycheck Protection Plan (“PPP”) loan guaranteed by the U.S. Small Business Administration in conjunction with the relief afforded from the CARES Act during the COVID-19 pandemic.

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2019 Investment Adviser Compliance Conference Just One Week Away!

September 05, 2019

You only have one week to register for our 2019 Investment Adviser Compliance Conference. There is still time for you to choose to either join us and fellow investment adviser compliance professionals in Omaha, NE on Sept. 11 and 12 or watch our LiveStream broadcast of Day 2 of the conference (Sept. 12) from the comfort of your desk.

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Live Compliance Training – It’s not for You, It’s for Your Clients

August 15, 2019

Join RIA Compliance Consultants on Wednesday, September 11 and Thursday, September 12 at the Scott Conference Center in Omaha, NE. Don’t miss this opportunity to learn from industry experts, engage with like-minded peers, and connect with the top leaders in the industry all in the name of the best interest of your clients. Need more convincing?

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Annual Renewals of Investment Advisers is Quickly Approaching

November 02, 2018

Now is the time for each registered investment adviser to begin preparations for IARD renewals for the investment adviser firm and its investment adviser representatives. Registered investment advisers must make sure that they always remain properly registered. If you are an SEC registered investment adviser, you must make sure that your investment adviser is notice filed in all required states. If you are a state registered investment adviser, you must make sure your investment adviser is properly registered in all required states. Generally, registration or notice filing is required at the firm level if an investment adviser has a place of business in the state or if it exceeds the state’s de minimus exemption. However, investment advisers must review each state’s notice filing or registration requirements prior to conducting business in a state. Investment adviser representative licensing is always handled at the state level. Investment adviser firms must review and determine that all investment adviser representatives are properly licensed prior to conducting business in a state.

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SEC Settles Charges of Undisclosed Conflict in Advisory Decision

September 06, 2018

The U.S. Securities and Exchange Commission (“SEC”) recently announced that it has settled charges with an investment adviser firm. The SEC alleged that the investment adviser failed to disclose a conflict of interest. The settlement ended in payment of $8.9 million to the SEC by the investment adviser.

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SEC Risk Alert – Frequent Advisory Fee and Expense Compliance Issues

April 13, 2018

On April 12, 2018, the Office of Compliance Inspections and Examinations (“OCIE”) of U.S. Securities and Exchange Commission (“SEC”) released a Risk Alert, “Overview of the Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers.” The risk alert provides a list of compliance issues frequently identified in OCIE examination deficiency letters  relating to fees and expenses charged by SEC registered investment advisers.  Click here to read the SEC’s Risk Alert.

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Protecting Senior Investors

February 06, 2018

On Jan. 24, 2018 the United States House of Representatives passed the Senior Safe Act.  The Senior Safe Act (referred to as “the Act,” formerly H.R. 3758) encourages financial services firms to train employees  to spot elder abuse, while granting limited immunity to individuals at financial institutions who report such abuse to law enforcement or regulators in accordance with the Act.

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NASAA Investment Adviser Coordinated Examinations Report

January 24, 2018

In September 2017, The North American Securities Administrators Association (NASAA) released its 2017 Investment Adviser Coordinated Examinations Report. NASAA’s report looked at 1,227 routine investment adviser examinations of state registered investment advisers. Once again, the area with the most deficiencies was books and records. Almost two out of every three investment advisers examined (64.6%) reported a deficiency in books and records retention. 

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