April 29, 2015

Adviser Charged with Improper Expense Allocations Among Fund Clients

The SEC brought an enforcement action against Alpha Titans LLC,an adviser to private funds, and Timothy P. McCormack and Kelly D. Kaeser, two of its executives for making improper allocations of fund assets to pay undisclosed operating expenses.  The SEC also charged an accountant who conducted the outside audit of misleading financial statements that the firm sent to investors.  

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April 28, 2015

SEC’s Division of Investment Management Provides Cybersecurity Guidance

The SEC's Division of Investment Management issued "Cybersecurity Guidance". The SEC stated that its guidance discusses a number of measures that funds and advisers may wish to consider when addressing cybersecurity risks. The Guidance states that there are a number of measures that funds and advisers may wish to consider…

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April 10, 2015

SEC Commissioner Gives Speech on the Application of SIFI to Large Investment Managers

SEC Commissioner Dan Gallagher gave a speech titled ""Bank Regulators at the Gates: The Misguided Quest for Prudential Regulation of Asset Managers" at the 2015 Virginia Law and Business Review Symposium in Charlottesville, Virginia. The symposium celebrated the 75th anniversary of the Investment Company and Investment Advisers Acts of 1940.

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April 9, 2015

Wyatt is Named Acting Director of OCIE

The SEC's Office of Compliance Inspections and Examinations (OCIE) named Marc Wyatt as its Acting Director. OCIE conducts the SEC’s National Exam Program through examinations of SEC-registered investment advisers, investment companies, broker-dealers, self-regulatory organizations, clearing agencies, and transfer agents. Mr. Wyatt succeeds Andrew Bowden, who announced that he will be leaving the SEC to rejoin the private sector at the end of April.

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April 1, 2015

Company’s Confidentiality Agreement Conflicts with Whistleblower Rule

The SEC brought its first enforcement action against a company for using overly restrictive language in confidentiality agreements with the potential to stifle the whistleblowing process. KBR Inc., a Houston-based global technology and engineering firm, was charged with violating whistleblower protection Rule 21F-17 enacted under the Dodd-Frank Act. The SEC…

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