Kreischer Miller recently held its annual investment industry update, which covered a host of topics including the latest updates on GIPS, the SEC Marketing Rule, fair value guidance, taxes, and compliance, as well as a discussion on valuation drivers in an investment firm.
During the event, Thomas Peters, Director of…more
On February 15, 2023, the SEC announced the release of a proposed rule, the Safeguarding Rule, which would constitute a redesignation and enhancement of the current Custody Rule as we know it.
We are in the process of evaluating and summarizing the 434 page proposal, but if you’d like…more
We recently held our annual investment industry update which covered a host of topics including the latest updates on GIPS, the SEC Marketing Rule, fair value guidance, taxes, and compliance. The event also included a discussion on valuation drivers in an investment firm. Jennifer Kreischer, M&A Advisory Consultant…more
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2022-03, which amends Topic 820 (Fair Value Measurement) and helps clarify how entities should value and disclose investments in equity securities measured at fair value that are subject to a contractual sale restriction. This update did not…more
Rule 206(4)-2 of the Investment Advisers Act of 1940, known as the Custody Rule, can be extremely complex to apply. The Custody Rule was first adopted in 1962, and the current version follows amendments made by the SEC in 2009 as a response to Bernie Madoff’s Ponzi…more
Background
The treatment of carveouts within the GIPS standards (formerly, the AIMR Performance Standards) has been a long and winding road since the inception of the standards back in the early 1990s. Initially, the standards permitted the carving out of a portion of portfolio assets into individual segments for the…more
The purpose of this industry alert is to serve as a reminder for firms claiming GIPS compliance to submit your GIPS Compliance Notification Form by June 30, 2022.
The GIPS Compliance Notification Form is a required filing with the CFA Institute to notify it of the firm claiming compliance. Firms…more
On Feb. 9, 2022 the U.S. Securities and Exchange Commission (SEC) proposed new rules and amendments to the Investment Advisors Act of 1940 directed at private fund advisors. The proposals would provide a statutory mandate for audits of private funds, enhance transparency to investors about the costs of investing…more
With the 2021 tax filing season well underway, there has been uncertainty and controversy surrounding the IRS’s new schedules K-2 and K-3.
The IRS created Schedules K-2 and K-3 to provide greater certainty and consistency in reporting international information to partners and shareholders. The schedules…more
The CFA Institute created and administers the GIPS Standards. However, a ruling in this SEC case demonstrates that while the SEC did not develop the GIPS Standards, it will take action against investment advisors that falsely claim compliance or omit key disclosures.
The case involves an advisor that advertised its…more