In a much-anticipated decision, on April 30, 2019, the US Court of Appeals for the District of Columbia Circuit issued its decision in Robare, a case that concerned an investment adviser’s (IA) disclosure of conflicts of interest regarding its receipt of payments from a custodian. The court held that the Commission’s findings of “negligent” violations under Section 206(2) were supported, but the Commission’s findings of “willful” violations under Section 207, based on the same negligent conduct, “are erroneous as a matter of law.”
Monthly Archives: May 2019
OCIE Lists Privacy Blunders; SEC Explains When Digital Assets become Securities; Ohio Mandates IARs and RR to Report Elder Abuse; FINRA Gives Broker an “F” in Email Review; and Google Searches Don’t Count as Due Diligence
Regulatory Updates from Jaqueline Hummel at Hardin Compliance Consulting LLC.
Topics include:
- Reg S-P Compliance Violations Spelled out by SEC
- Heads Up! Massachusetts Amended the Data Breach Notification Law
- Ohio Requires Registered Reps and Investment Adviser Reps to Report Elder Abuse
- SEC Issues Digital Asset Analysis and No-Action Letter
- FINRA Issues Guidance for Communications with Customers Regarding Departing Representatives
- Attention Underwriting Syndicate Members who enter into Backstop Agreements
- FINRA Will Permit the Use of Electronic Signatures for Discretionary Accounts
- SEC Issues Guidance on Mutual Fund Reporting Requirements
- Liquidity Risk Management FAQs Updated
- NFA updated its Self Examination Questionnaire to assist firms in preparing for 2-9
- Ever Wonder What Happens if Your Firm Blows the Private Offering Exemption?
- Google Searches and Phone Calls Don’t Count as Extensive Due Diligence
- When Absolute Power Corrupts Absolutely
- FINRA Gives Broker-Dealer an “F” in Email Review