Elizabeth Shea Fries

Apr 24, 2024 | lexology.com | W. Hardy Callcott |Chuck Daly |Elizabeth Shea Fries |Victoria A. Anglin |Joanne Saint Louis

On April 18, 2024, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) issued a Risk Alert summarizing the staff’s preliminary observations from examinations involving the compliance by registered investment advisers with Rule 206(4)-1 of the Investment Advisers Act of 1940, as amended (the Marketing Rule).

Feb 14, 2024 | lexology.com | Paul Tyrrell |Jay G. Baris |Elizabeth Shea Fries |Stephen Cohen |Timothy J. Treanor |Stanley J. Boris | +1 more

On February 13, 2024, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) withdrew its 2015 notice of proposed rulemaking (NPRM) related to registered investment advisers (RIAs) and released a new notice of proposed rulemaking seeking to impose anti-money-laundering/counter-terrorist financing (AML/CTF) program requirements for the U.S. Securities and Exchange Commission (SEC) RIAs along with SEC exempt reporting advisers (ERAs).1 The addition of ERA as a covered investment...

Sep 13, 2023 | lexology.com | W. Hardy Callcott |Stephen Cohen |Ranah Esmaili |Elizabeth Shea Fries |Lara Shalov Mehraban |Barry W. Rashkover | +2 more

On September 11, 2023, the U.S. Securities and Exchange Commission (SEC) announced settled charges against nine registered investment advisers arising out of violations of the investment adviser marketing rule (the Marketing Rule).1 Under the Marketing Rule, which was amended in December 2020, registered investment advisers are prohibited from including any hypothetical performance in their advertisements unless they have adopted and implemented policies and procedures reasonably designed to...

Mar 29, 2023 | lexology.com | Elizabeth Shea Fries |Ranah Esmaili |Chuck Daly |Victoria A. Anglin

In a risk alert issued March 27, 2023 (the Alert), the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) summarizes the staff’s observations from examinations of newly registered investment advisers. The Alert discusses the scope of a typical newly-registered adviser examination and commonly observed examination deficiencies for newly registered advisers: compliance policies and procedures; disclosure documents and filings; and marketing practices.