The U.S. Securities and Exchange Commission (SEC) has announced the appointment of Brian T. Daly as the new Director of the Division of Investment Management, effective July 8, 2025. Daly, a highly regarded figure in the investment management industry, brings decades of experience advising fund managers and sponsors on regulatory compliance and legal matters.
Daly’s
On March 12, 2025, the SEC’s Division of Corporation Finance (the “Division”) issued a No Action Letter regarding the verification of accredited investor status for potential investors in a Rule 506(c) offering under Regulation D which may streamline verification requirements in such offerings.
Rule 506(c) under Regulation D broadly permits issuers to solicit and generally
The administration announced Thursday that it replaced the unit responsible for many of the SEC’s crypto registration suits with a new fraud-focused unit that will take a broader review of “cyber and emerging technologies.”
The Cyber and Emerging Technologies Unit will prioritize fraud cases that leverage novel tech including crypto, artificial intelligence, machine learning and
For nearly a decade now, regulators have placed the Chief Compliance Officer (“CCO”) squarely within the sights of enforcement, on the logic that holding CCO’s individually liable for violations would prompt robust compliance programs, and deter lackluster supervision. The reasonableness of such assumptions is a topic for a different post. However, despite these drastically raised the stakes
Over the last three posts to the blog (overview, performance, promoters), we’ve interrupted our previous schedule to provide insight into the U.S. Securities and Exchange Commission’s (“SEC”) recently adopted changes to the rules governing investment adviser marketing and advertising. In today’s post, we resume our previous topic thread focusing on the
Today we continue our discussion of the SEC’s recent changes to the Advertising Rule. In our last post, Josh covered the general definitional changes and prohibitions. In this entry, we will highlight the new Advertising Rule’s impact on performance advertising.
As we have discussed, the amended rule consolidates and supersedes former rules 206(4)-1 and
If there was ever a reason to follow Josh’s advice to involve compliance early in building out the functionality of your robo-adviser, the recordkeeping requirements of the Advisers Act are it. As Josh mentioned in his post, Advisers Act Rule 204-2 imposes extensive recordkeeping requirements that you’ll want to be familiar with from the
Thus far, our review of the necessary components of your compliance program has focused on discrete areas. This post focuses on another equally important aspect of your compliance program that touches all of those other areas; ensuring the accuracy of your disclosures. After all, what’s the point of putting in all of the hours to
When it comes to trading in your firm’s own investment accounts (proprietary trading), it’s never cherry-picking season. Instead, when allocating investment opportunities, you should follow the golden rule – treat your clients like you want to be treated.
What does this mean? As an investment adviser, your fiduciary duty requires you to allocate securities and
Our blog recently discussed how soft dollar arrangements can impact the bottom line for both advisers and investors, and therefore require adequate disclosure. Other compliance requirements involve non-client facing operations, but are equally important to monitoring and protecting against conflicts of interest. The Personal Trading Policy is one such requirement.
The Investment Advisers Act and