On March 27, 2020, the federal government provided relief to certain qualifying businesses in the form of $349 billion in funding authorized under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) via the Paycheck Protection Program (“PPP”). The intent and sole purpose for the PPP, is to help certain businesses cover their criticalContinue reading “Participation in the Paycheck Protection Program and Potential Disclosure Obligations?”
Author Archives: AdviserCounsel
Coronavirus Aid, Relief, and Economic Security Act (the CARES Act)
Can it benefit you and your business? On Friday March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), that will create an estimated $2 trillion emergency relief package that could significantly impact the U.S. economy and the financial services industry. The CARES Act has allocatedContinue reading “Coronavirus Aid, Relief, and Economic Security Act (the CARES Act)”
Continued Compliance and Supervision in Light of COVID-19
I have been receiving an uptick in questions from clients regarding the transition to remote operations and best practices in light of the current pandemic. This is a great question and one that my clients have been really preparing for since Hurricane Sandy. This post is intended to provide an investment adviser’s Chief Compliance OfficerContinue reading “Continued Compliance and Supervision in Light of COVID-19”
Help for Those Who Need It
Earlier today we received an email from a Chief Compliance Owner and equity owner of an independent investment adviser firm. One of their employees appears to have tragically taken their life. I was deeply saddened by this news. It appears that the causes were the recent performance of the markets and client complaints. It isContinue reading “Help for Those Who Need It”
SEC Provides Relief for Advisers in Light of COVID-19
On Friday, March 13, 2020, the SEC issued an Order under Section 206A of the Investment Advisers Act of 1940 that is intended to provide relief for certain investment advisers who are impacted by COVID-19. For the period between March 13, 2020 and April 30, 2020, the SEC is providing relief to registered investment advisersContinue reading “SEC Provides Relief for Advisers in Light of COVID-19”
SEC Focusing Efforts on Environmental, Social, and Governance (ESG) and Socially Responsible Investing (SRI)
It has become abundantly clear that the Office of Compliance, Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission is focusing efforts on advisers who advertise and manage investment strategies, portfolios and funds that consider factors or matters that relate to ESG or SRI. In fact, OCIE Director Peter Driscoll said as muchContinue reading “SEC Focusing Efforts on Environmental, Social, and Governance (ESG) and Socially Responsible Investing (SRI)”
Investment Losses Resulting From Robinhood’s Website and App Failures?
On March 2, 2020, Robinhood’s trading platform failed to open for trading–the single purpose for which it was created–free trading. As we have come to learn, the failure was the result of a programming error that did not account for the leap year in February. Broker-dealers such as Robinhood Financial are governed by the U.S.Continue reading “Investment Losses Resulting From Robinhood’s Website and App Failures?”
Registered Investment Adviser Entity Formation, Registration and Employment Transition Checklists
I have assisted numerous financial industry professionals with their transition from the wire-house channel to operating as independent investment advisers. To do so takes experience, legal know-how, preparation, and patience. While other compliance companies can offer to register an investment adviser for a very small fee, I always caution prospective clients to be wary ofContinue reading “Registered Investment Adviser Entity Formation, Registration and Employment Transition Checklists”
Form ADV Part 1 and Determining United States Person Status
Due to the constant shrinking of the globe, we have witnessed a rise in investment advisers who render investment advice to separate account clients across borders or to foreign citizens. For example, it is now not uncommon for (i) a wealth manager to have a client who resides in the United States decide to moveContinue reading “Form ADV Part 1 and Determining United States Person Status”
Massachusetts Fiduciary Rule and Regulation Best Interest
Earlier today, on February 21, 2020, the Massachusetts Securities Division (“MASD”) adopted amendments to its regulations in an effort to hold broker-dealers and agents to a fiduciary standard when dealing with their customers (the “Massachusetts Rule”). While I personally believe that the rule will ultimately be overturned based on federal preemption, in an effort toContinue reading “Massachusetts Fiduciary Rule and Regulation Best Interest”