RIA Compliance and Practice Management Blog

The Overlooked Growth of SEC-Registered Exempt Reporting Advisers

Posted by RIA in a Box

Jul 25, 2017 8:55:48 AM

Exempt Reporting Adviser registration with the SEC qualificationWhile much has been written about the growth of the registered investment adviser ("RIA") market, often overlooked is the even more impressive growth of the exempt reporting adviser ("ERA") market. Today, there are 3,464 private fund advisers registered with the Securities and Exchange Commission ("SEC") as ERAs. This new private fund registration exemption first came into existence in 2012 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"). Since then, the number of private fund advisers registered as ERAs has grown steadily each month. The growth in ERAs can serve as a partial proxy for tracking the the number of new and emerging private fund advisers established each month.

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of July 15, 2017

Posted by RIA in a Box

Jul 21, 2017 12:17:43 PM

DOL fiduciary rule transfer of IRAs

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on the Department of Labor ("DOL") fiduciary rule and how to evaluate technology when starting a RIA firm. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

SEC RIA Compliance Focus Area: Mutual Fund Share Class Selection

Posted by RIA in a Box

Jul 18, 2017 10:38:00 AM

RIA fiduciary duty lowest cost mutual fund share class selectionOver the past year, the Securities and Exchange ("SEC") has announced multiple initiatives to focus on registered investment adviser ("RIA") mutual fund and 529 Plan share class selection. In relation to potential conflicts of interest or undisclosed compensation associated with share class selection, the SEC Office of Compliance Inspections and Examinations ("OCIE") staff has stated that it is focused on fiduciary duty and best execution, disclosure, and compliance policies and procedures. RIA firms should anticipate current and past investment recommendations related to mutual fund and 529 share classes to be probed during a regulatory examination.

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of July 8, 2017

Posted by RIA in a Box

Jul 14, 2017 1:54:02 PM

SEC uniform fiduciary rule

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on the Department of Labor ("DOL") fiduciary rule and the prospects of the Securities and Exchange Commission ("SEC") introducing its own fiduciary rule. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

New RIA Form ADV Separately Managed Account Disclosure Requirements

Posted by RIA in a Box

Jul 11, 2017 9:17:44 AM

Separately Managed Account Item 5.K. Form ADV Part 1As part of the SEC's new Form ADV filing requirements taking effect on October 1, 2017, registered investment adviser ("RIA") firms that have separately managed account ("SMA") regulatory assets under management ("AUM") will now be required to disclose additional SMA information. The SEC staff notes "that collecting additional information about separately managed accounts will enhance our staff's ability to effectively carry out our risk-based examination program and other risk assessment and monitoring activities."

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Topics: RIA Compliance

Top RIA Compliance News Articles for the Week of July 1, 2017

Posted by RIA in a Box

Jul 7, 2017 12:06:20 PM

January 1, 2018 DOL fiduciary rule deadline

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on potential further delays related to the Department of Labor ("DOL") fiduciary rule and new risk tolerance tools. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

Key 2017 SEC RIA Examination Frequency and Enforcement Statistics

Posted by RIA in a Box

Jul 5, 2017 9:45:00 AM

SEC RIA audit statistics from 2010 to 2017Recently, the Securities and Exchange Commission ("SEC") submitted its budget request for the 2018 fiscal year. As has been the case in recent years, the budget request contains a wealth of valuable data as it relates to registered investment adviser ("RIA") compliance examinations conducted by the agency. Last year, we reviewed the key insights from the 2017 fiscal year budget request and now we bring you the latest new findings from this year's budget request highlighted by an increasing examination frequency rate compared to prior years.

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Topics: RIA Operations, RIA Compliance

Top RIA Compliance News Articles for the Week of June 24, 2017

Posted by RIA in a Box

Jun 30, 2017 4:23:06 PM

SEC RIA examination OCIE budget for 2018

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on the Department of Labor ("DOL") fiduciary rule and the future of the Securities and Exchange Commission ("SEC") investment adviser examination program . Check back each week for the latest list of top stories.

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Topics: RIA Compliance

RIAs will need to Disclose more Wrap Fee Information on the Form ADV

Posted by RIA in a Box

Jun 28, 2017 9:08:23 AM

RIA wrap free portfolio manager and sponsor Form ADV disclosure requirementsAs part of the SEC's new Form ADV filing requirements taking effect on October 1, 2017, registered investment adviser ("RIA") firms that act as a sponsor or portfolio manager for a wrap fee program will be required to disclose attributable regulatory assets under management ("AUM") and other additional information. Wrap fee programs continue to be a focus area for state and SEC regulators. The SEC staff notes that this new requirement "will help us better understand a particular adviser’s business and assist in our risk assessment and examination process."

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Topics: RIA Compliance

Top RIA Compliance News Articles for the Week of June 17, 2017

Posted by RIA in a Box

Jun 26, 2017 3:39:13 PM

SEC RIA examination hot topic focus areas

Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser ("RIA") compliance and regulatory issues. This week's recap focuses on the Department of Labor ("DOL") fiduciary rule and how Securities and Exchange Commission ("SEC") investment adviser exams could change in the future. Check back each week for the latest list of top stories.

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Topics: RIA Compliance

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