[Certain] State Securities Commissioners Overstepping Legal Authority in Mandating Form CRS

Many state securities commissioners are starting to require the preparation, filing, and delivery of Form CRS for investment advisers in their jurisdictions. State securities authorities must be prepared to provide their legal authority for requiring Form CRS or make it clear that compliance with their desires are optional. It is a detriment to the industry,Continue reading “[Certain] State Securities Commissioners Overstepping Legal Authority in Mandating Form CRS”

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”

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”

WEBINAR: Understanding and Leveraging the Proposed Advertising Rules

On Tuesday, November 19, 2019, my colleague and I hosted a webinar entitled “Understanding and Leveraging the Proposed Advertising Rules.” The presentation discussed the U.S. Securities and Exchange Commission’s November 4, 2019, proposed amendments to the advertising rules and the cash solicitation rules under the Investment Advisers Act of 1940. A copy of the webinarContinue reading “WEBINAR: Understanding and Leveraging the Proposed Advertising Rules”

Division of Investment Management Releases FAQs on Financial Conflicts for RIAs

On Friday, October 18, 2019, the U.S. Securities and Exchange Commission’s Division of Investment Management released “Frequently Asked Questions Regarding Disclosure of Certain Financial Conflicts Related to Investment Adviser Compensation.” The FAQs discuss certain compensation arrangements and related disclosure obligations arising from both the investment adviser’s fiduciary duty and Form ADV. Nothing in the FAQsContinue reading “Division of Investment Management Releases FAQs on Financial Conflicts for RIAs”

Form ADV Annual Amendment Updates: Best Practices and Recent Trends in Completing Form ADV

Here is a discussion on completing Form ADV and submitting annual updating amendments. We discuss: the timeline for submitting annual updating amendments, how to collect data, seeking input from operations and business units, taking positions on ambiguous questions, identifying conflicts of interest and adequately disclosing them, and recent trends in Form ADV Part 2A disclosure.