The SEC Office of Compliance Inspections and Examinations ("OCIE" or the "Staff") recently released its 2015 Exam Priorities. OCIE examines all types of SEC registrants, including investment advisers, broker-dealers, investment companies, municipal advisors and transfer agents. Each January, the release of the OCIE Exam Priorities provides a useful guide and reminder to registrants in connection with their individual compliance program and risk management reviews for the year ahead.
Exam Priorities are always a reflection of current trends and news and, in recent years, also reflect the SEC's expanded capabilities for monitoring market activity through data analytics. They are not exclusive--actual exams may, and will, cover other topics.… Continue Reading
On August 29, 2012, the SEC issued proposed rules to implement Congress’ mandate, under the Jumpstart Our Business Startups Act (the “JOBS Act”), that the agency eliminate the existing ban on use of general solicitation and/or general advertising for Rule 506 and Rule 144A offerings. The proposed amendments, if adopted as proposed, would significantly impact … Continue Reading
This post was also written by Paul Bond, Keri Bruce, and Frederick Lah. Last week, the SEC proposed amendments (PDF) to Rule 506 of Reg D to lift a long-standing ban on advertising for hedge funds and certain other investments in the United States. Over the course of the next few weeks, Reed Smith will be releasing … Continue Reading
Having been the first advocate to the Investment Company Institute’s SEC Rules Committee to promote the recognition of domestic partners for purposes of federal securities law compliance circa 1998 (with vociferous counterpoint from other Committee members), I am delighted to report the following. In adopting final adviser registration rules under Dodd Frank in 2011, pursuant … Continue Reading