September 27, 2017
In a no-action letter dated September 22, 2017 (the "September 2017 Letter"), the Office of Chief Counsel of the SEC's Division of Investment Management (the "Staff") extended the temporary assurances it previously provided to a fund group (the "fund"), where in response to the fund's request in June 2016, the Staff stated that it would not recommend enforcement action against the fund if it continued to fulfill its regulatory requirements by using the audit services of a non-compliant auditing firm under the circumstances represented by the fund.
September 15, 2017
Risk Alert on the Most Frequent Advertising Rule Compliance Issues Identified in OCIE Examinations of Investment Advisers
The SEC has released a Risk Alert on those compliance issues that were most frequently identified in deficiency letters recently sent to SEC-registered investment advisers. The Risk Alert is also based on findings from the SEC’s 2016 Touting Initiative, which examined the adequacy of disclosures that advisers provided to their clients when touting awards, promoting ranking lists, and/or identifying professional designations (“accolades”) in their marketing materials, and which was launched in response to the regularity with which the Staff had encountered advisers that advertised these accolades without disclosing material facts about them.
September 5, 2017
In order to review and possibly revise the advice fiduciary rule, the Department of Labor (DOL) has proposed extending the existing transition period under the rule's exemptions until July 1, 2019.
September 4, 2017
Dalia Blass has been named Director of the Division of Investment Management. The Division oversees and regulates the multi-trillion dollar investment management industry. It is responsible for the regulation of investment companies, variable insurance products, and federally registered investment advisers.