Cindi Hill
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Tag Archives: Investment Advisor
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
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Tagged compliance, DOL Fiduciary Rule, IA regulations, Investment Advisor
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Update on PPP disclosure
FA Advisor magazine UPDATE TO THIS ARTICLE – THE DEADLINE TO RETURN HAS BEEN EXTENDED TO 5/14/20 Also, if you need to disclose the PPP loan on your ADV Part 2, it must be done within 30 days. I believe … Continue reading
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Tagged ADV Part 2, compliance, Investment Advisor, PPP loans
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SEC Exams and the DOL Rule
If your Policies and Procedures Manual says you do ‘X’ then you should be doing it. In the past year I have added a policy for the DOL Rule to client Policies and Procedures Manuals. Examiners have been asking about … Continue reading
DOL Fiduciary Rule – update
Although it appears that the federal court decision vacating the DOL Fiduciary Rule was supposed to take effect on May 7, 2018, the DOL releases a statement continuing its policy of non-enforcement given “uncertainty about fiduciary obligations.” Firms that have … Continue reading
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Tagged compliance, Compliance Testing, DOL Fiduciary Rule, Investment Advisor
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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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SEC Fines and Bars CCO for Ignoring Compliance Problems
from Cipperman Compliance Services The SEC fined and barred an adviser’s Chief Compliance Officer from acting in a compliance or supervisory capacity because of his failures to remedy compliance deficiencies. The adviser hired an outside compliance consultant which recommended 59 … Continue reading
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Tagged CCO, Chief Compliance Officer, compliance, Investment Advisor
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Three Firms Fined for Marketing Hypothetical Third Party Performance
from Cipperman Compliance Services, LLC The SEC censured and fined three more investment advisers in connection with marketing F-Squared’s misleading hypothetical performance information. One of the firms agreed to pay $8.75 Million in disgorgement, fines, interest and another agreed to … Continue reading
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Tagged compliance, Investment Advisor, Performance Advertising
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Renewal Fees
Preliminary Renewal Statements are available on the IARD. This statement includes the fees due to states for 2018. These fees are due whether you are a state or an SEC advisor. Payment is due on or before December 18, 2017. … Continue reading
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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Disaster Recovery Plans
With all of the disasters in the past couple of months (hurricane, fires, floods) now is a great time to determine the adequacy of your Disaster Recovery Plan (“Plan”). You are required to “test” your Plan each year. Riding out … Continue reading
