Compliance and Consulting

SEC’s New Transparency Rules Target Private Fund Advisors

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

Recent SEC Rule Proposal Changes and Additions

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

Risk Alert from Examinations of Private Fund Advisors

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

SEC Proposes Private Fund Reporting Changes

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

Beware Phony FINRA Phishing Schemes

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

SEC Modernizes the Accredited Investor Definition

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