March 4, 2013

Supreme Court Rules in Favor of Adviser in Statute of Limitations Case

The U.S. Supreme Court unanimously ruled in favor of an investment adviser against the SEC holding that the five-year statute of limitations that governs many penalty provisions throughout the U.S. Code begins when a fraud occurs, not when the SEC discovers the fraud. The Court held in Gabelli v. SEC that the SEC must seek civil penalties within five years after alleged conduct occurs, rather than within five years after the SEC discovered (or could have discovered) the conduct.

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March 4, 2013

OCIE Issues a Custody Risk Alert

The SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a “Risk Alert” on compliance with Rule 206(4)-2, the custody rule for investment advisers.

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March 1, 2013

SEC Seeks Information to Assist Its Study of Whether New Rules Governing the Conduct and Regulatory Obligations of Broker-Dealers and Investment Advisers Providing Personalized Advice to Retail Customers Are Necessary

The SEC requested for data and other information to assist it in considering whether to adopt new rules concerning the standards of conduct and regulatory obligations for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customers.

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