The SEC adjusted the definition of “qualified clients,” becoming effective on August 16, 2021, pursuant to the Dodd-Frank Act of 2010, requiring such an adjustment for inflation every five years. Investment Advisers Act of 1940 Section 205(a)(1) prohibits an RIA
Continue Reading New Limits for Qualified Clients
I never find it boring to review the investment adviser exemptions for private fund managers. Apparently, I am not the only one since this is a question we frequently field.
Initially, private fund manager investment advisers, who are primarily regulated
Continue Reading Fund Adviser Exemptions Primer– Redux
On December 17, 2020, SEC created the Division of Examinations by renaming the now defunct, Office of Compliance Inspections and Examinations, making it the SEC’s 6th Division joining Enforcement, Corporation Finance, Trading and Markets, Investment Management, and Economic and Risk
Continue Reading New SEC Division Undertakes 2021 Examination Priorities
Fox Rothschild’s Securities Industry Group is pleased to announce its publication of an interactive Survey of State Blue Sky Filing Requirements. SI Group members, A. Binford Minter and Jennifer M. Vinciguerra, were instrumental in developing the site. We encourage
Continue Reading Fox Rothschild’s Securities Industry Group’s New Interactive Survey of State Blue Sky Filing Requirements Facilitates Rule 506, Regulation A+ Securities Compliance
We were recently reminded of how difficult it is to re-register for a position in the securities industry after being barred. See https://www.sec.gov/litigation/admin/2021/ia-5682.pdf.
On February 9, 2021, the United States Securities and Exchange Commission refused to let a former investment
Continue Reading Leaving is the Hardest Part Especially if You Want to Re-Enter the Securities Industry
In what has become a yearly occurrence, FINRA has notified its member firms about its intent regarding the member firms’ compliance programs. See https://www.finra.org/rules-guidance/guidance/reports/2021-finras-examination-and-risk-monitoring-program.
This year, FINRA combined its Report on Examination Findings and Observations (an analysis of prior examination
Continue Reading FINRA’s New Guidance Report… the Name Did Not Change To Protect the Innocent
In December 2020, the New York State Attorney General altered its filing rules to align with those required by the SEC’s requirements for a Regulation D Rule 506 offering. Now, for a Rule 506 offering in New York, the issuer
Continue Reading New Reg D Rule 506 Filing Rules for New York
Our partner, Patrick Egan, authored an excellent opinion for the Philadelphia Inquirer on the death penalty and moratoriums. See https://www.inquirer.com/opinion/commentary/death-penalty-moratorium-pennsylvania-governor-wolf-capital-punishment-20210201.html.
Continue Reading Patrick Egan Authors Insightful Piece on Death Penalty Moratoriums
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In a stark 3-2 vote along political lines, the SEC announced today that it was proposing new rules relating to finders. Essentially, if the proposed rules are, ultimately, approved, the SEC will sharply change the position it has maintained for
Continue Reading SEC Moves in a Very Different Direction on Finders
Recently, the Office of Compliance Inspections and Examinations (“OCIE”) released an alert to broker-dealers and registered investment advisers regarding the risks associated with credential stuffing. See https://www.sec.gov/files/Risk%20Alert%20-%20Credential%20Compromise.pdf.
Credential stuffing is an automated attack on web-based user accounts and direct network
Continue Reading The Dark Side Strikes Again: No, Not the SEC, Hackers and Credential Stuffing
