RIA Compliance and Practice Management Blog

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 RIA in a Box's new cybersecurity platform, the need to invest in compliance, and third-party manager diligence. Check back each week for the latest list of top stories.

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 importance of cybersecurity, progress of the Securities and Exchanges Commission's ("SEC") Regulation Best Interest ("Reg BI") proposal, and digital marketing strategies for advisors. Check back each week for the latest list of top stories.

While there are some individual states that require a private fund adviser to register as an exempt reporting adviser ("ERA") or registered investment adviser ("RIA") at the state level, private fund advisers generally register as an ERA with the Securities and Exchange Commission ("SEC") when managing less than $150 million in private fund assets and register as a SEC-registered RIA when managing $150 million or more in private fund assets. Our recent analysis of publicly available private fund data, including detailed private equity and hedge fund data, published by the SEC reveals that SEC-registered exempt reporting advisers and private funds are perhaps the fastest growing segment of the investment adviser industry. 

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 Securities and Exchange Commission ("SEC") Regulation Best Interest ("Reg BI") proposal, malware attacks, and the importance of Form ADV disclosures. Check back each week for the latest list of top stories.

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 use of word "may" in the Form ADV, revisions to the Securities and Exchange Commission ("SEC") Regulation Best Interest ("Reg BI") proposal, and the Financial Industry Regulatory Authority Inc. ("FINRA") focusing on technological innovation. Check back each week for the latest list of top stories.

On April 16, 2019, the Securities and Exchange Commission ("SEC") Office of Compliance Inspections and Examinations ("OCIE") released a new risk alert reminding registered investment adviser ("RIA") firms of their obligations related to Regulation S-P privacy notices and safeguard policies. According to OCIE, the risk alert "is intended to assist advisers and broker-dealers in providing compliant privacy and opt-out notices, and in adopting and implementing effective policies and procedures for safeguarding customer records and information, under Regulation S-P." The OCIE staff shares their recent observations to urge "registrants to review their written policies and procedures, including implementation of those policies and procedures, to ensure that they are compliance with the relevant regulatory requirements."

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 new Securities and Exchange Commission ("SEC") Regulation S-P risk alert, New Jersey's new fiduciary rule, and Regulation Best Interest ("Reg BI"). Check back each week for the latest list of top stories.

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 Securities and Exchange Commission ("SEC") exam rate, Regulation Best Interest ("Reg BI") progress, and the pros and cons of mandatory arbitration. Check back each week for the latest list of top stories.

What is Non-Public Information?

Most registered investment adviser ("RIA") firms have access to a variety of personally identifiable financial information for their clients, which constitutes non-public personal information (“NPI”). For investment advisers, the treatment of this information is governed at a federal level by the Securities and Exchange Commission’s Regulation S-P. This encompasses a broad range of data when it comes to a firm's clients, who are generally considered to be “consumers” under Regulation S-P. Advisory firms should be aware that many states have their own regulations governing protection of non-public information and similar data, which are often more protective than the federal requirements.

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 Securities and Exchange Commission ("SEC") regulatory exams, fee disclosures, and fiduciary standards. Check back each week for the latest list of top stories.