Proposed Enhanced Investment Adviser Regulation

Yesterday I pointed out the fiduciary duty obligations laid out in the SEC’s new release. The other half of the release is a request for comment on three new proposals to enhance investment adviser regulation. Federal Licensing and Continuing Education Provision of Account Statements Financial Responsibility The SEC notes these as areas where the broker-dealer … Read more »

Most Frequent Advisory Fee and Expense Compliance Issues

Last week, the SEC’s office of Compliance Inspections and Examinations released a risk alert on Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers. It was a bit shocking. Shocking mostly because the issues are mostly mechanical procedural errors that were contrary to the investment advisory agreement: Using a different … Read more »

Happy Patriots’ Day

The Redcoats are coming! The Redcoats are coming! Patriots’ Day is a Massachusetts state holiday commemorating the opening battles of the American Revolutionary War in Lexington and Concord in April, 1775. In the morning there is a battle reenactment on the Lexington Green of the early-morning engagement between the town’s militia and the British regulars. … Read more »