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Tag Archives: IA regulations
DOL Prohibited Transaction Rule aka DOL Fiduciary Rule 3.0
The Department of Labor (DOL) Fiduciary Rule became effective February 16, 2021, with a compliance date of December 20, 2021. Under 3.0, advice to rollover or transfer an account is fiduciary advice…even though the prospect is not yet a client. … Continue reading
Posted in Uncategorized
Tagged compliance, DOL Fiduciary Rule, IA regulations, Investment Advisor
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SEC COVID-19 FAQ re PPP Loans
The SEC has come out with an FAQ regarding the disclosure of PPP loans. Please read below. If you are a client and need to have your ADV Part 2A updated to include a PPP disclosure, please let me know. … Continue reading
Posted in Uncategorized
Tagged ADV Part 2, compliance, Coronavirus, COVID-19, IA regulations, PPP loans
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News regarding DOL Fiduciary Rule
Yesterday, March 15, 2018, the U.S. Court of Appeals for the 5th Circuit voted 2-1 to vacate the DOL Fiduciary Rule. HOWEVER, the effect of the decision only applies to the following three states within the 5th Circuit’s jurisdiction – Louisiana, … Continue reading
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Tagged compliance, DOL Fiduciary Rule, IA regulations, Investment Advisor
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ADV Part 1 Changes
As many of you are aware, the U.S. Securities and Exchange Commission (“SEC”) issued a final rule in August 2016, which significantly expands the information required in Form ADV Part 1. The compliance date for the rule is October 1, … Continue reading
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Tagged ADV Part 1, CCO, compliance, IA regulations, Investment Advisor
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SEC Explores Ways to Strengthen Compliance of Independent Advisers
SEC Explores Ways To Strengthen Compliance Of Independent Advisers (Mark Schoeff, Investment News) – At a recent compliance conference, the acting director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) noted that the SEC has increasing concern about … Continue reading
Standing LOAs as Custody – additional information
The No-Action Letter discussed in yesterday’s blog contains seven conditions that, if met, would allow an adviser to escape the need for a surprise exam: 1. The client provides an instruction to the qualified custodian, in writing, that includes the … Continue reading
Standing LOAs Cause Advisers to Have Custody
from Cipperman Compliance Services LLC The staff of the SEC’s Division of Investment Management, in a recent No-Action Letter, has opined that an adviser has regulatory custody of client assets where a client grants even limited authority to transfer assets … Continue reading
Posted in Uncategorized
Tagged Chief Compliance Officer, compliance, custody, IA regulations, Investment Advisor, SEC regulations
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Consistency between Code of Ethics and Actual Gifts Received
from Cipperman Compliance Services The SEC censured and fined an investment consultant and its principal $700,000 for lying about gifts received from recommended investment managers and performance information. The respondent’s marketing material claimed that neither the firm nor its principals … Continue reading
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Tagged Chief Compliance Officer, IA regulations, Investment Advisor, SEC regulations
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Disaster Recovery testing opportunity
Today may be an opportunity to test your Disaster Recovery Plan – especially if you live in the North East. With the NorEaster, you, or some of your employees, may not be able to get to the office. Or you … Continue reading
Five steps to take when you suspect you are a victim of a cyber attack
from IAWatch Step 1: Contact your IT leader. Step 2: Assess if your system has been penetrated. Step 3: Detect the extent of the hack. Step 4: Notify clients – be aware of your state’s laws regarding alerting a client … Continue reading
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Tagged cybersecurity, IA regulations, Investment Advisor, SEC regulations
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Hill Compliance Advisors' Blog 