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
On February 9, 2022, the SEC proposed new rules and amendments that will have an impact on investment advisors, funds, and what is received by certain investors.
SEC Proposes New Rules on Private Funds to Protect Investors
There are 5,037 registered private fund advisors in a $18-trillion marketplace…more
On June 23, 2020, the SEC’s Division of Examinations (“EXAMS”), which mainly focuses on private funds, published a Risk Alert entitled the “2020 Private Fund Advisor Risk Alert.” The alert details observations made by EXAMS staff of registered investment advisors that manage private funds.
The goal of the SEC…more
In what appears to be a response to continued evolvement and growth of the private fund industry, on January 26, 2022 the SEC proposed amendments to Form PF which would require reporting of certain events as well as lower the threshold for large private equity advisers.
Form PF was originally…more
Background – The Family Office Rule
Family offices are generally excluded from the definition of an investment adviser under the Investment Advisers Act of 1940. This was a result of the Dodd-Frank Act which gave the SEC the authority to exempt family offices. Since June 2011, a family office is…more
There has been a recent wave of cybercriminals impersonating the Financial Industry Regulatory Authority (FINRA). Because organizations strive to be compliant with regulations, receiving an email from FINRA can be quite startling and cause recipients to inadvertently fall for the scam.
In this FINRA-themed phishing email, the sender’s…more
On February 12, 2021, the Securities and Exchange Commission (SEC) issued an order that extends the filing deadline for annual audit and related reports an additional 30 days for smaller broker-dealers that meet certain conditions. These filings are normally required to be completed within 60 calendar days after the…more