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
On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments to its “accredited investor” definition. Its goal was to simplify and improve the framework to allow investors who have been denied eligibility in the past to qualify based on their knowledge, expertise, or certification, in addition to certain…more
As we draw near the December 31, 2020 adoption date for GIPS 2020, it will become increasingly important for firms to review the updated standards to determine whether any changes should be made, or more importantly, must be made to their existing policies and procedures to remain compliant.
While some…more
Overview of the Rules Under GIPS 2020
The error correction rules for firms are in provision 1.A.20 of GIPS 2020, which notes that firms must correct material errors in GIPS composite reports and must:
Provide the corrected GIPS composite report to the current verifier
Provide the corrected GIPS…more
It was the best of times; it was the worst of times. This well-known phrase keeps coming to mind as we evaluate how to move forward when it feels as though the whole world has collectively stopped moving. While approximately 300 million people, just in the United States, have…more
Earlier today, President Trump signed the $484 billion bill passed by the House Thursday afternoon and intended to provide additional relief to businesses impacted by the COVID-19 pandemic. The bill includes approximately $310 billion in additional funding for the Paycheck Protection Program (PPP). Of the $310 billion, $60 billion…more
Cybersecurity is the practice of protecting networks, devices, and data from unauthorized access or criminal use. Today, everything relies on computers, no industry is immune, and the volume of data and availability of information puts firms and capital markets at risk each day.
Importance of Information Security
For the eighth…more
On January 7, 2020, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced its 2020 Examination Priorities. For the past 8 years, OCIE has released its examination priorities on an annual basis. Examination priorities highlight where OCIE will focus its resources as it continues to…more