EisnerAmper’s Post

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. #FinancialServices #SEC #Compliance

If you’re a private fund adviser, you should check out this article I wrote about the new Restricted Activities Rule, adopted as part of the SEC’s new Private Fund Rule. It is important to note that the Restricted Activities Rule applies to all private fund advisers, not just SEC-registered advisers.

📣 The compliance landscape has shifted! The Fifth Circuit Court of Appeals has vacated the entire suite of private fund adviser rules previously adopted by the SEC on August 23, 2023. This pivotal decision impacts rules that many advisers were gearing up to comply with by September 14, 2024, including: 🔹 preferential treatment rule 🔹 restricted activities rule 🔹 quarterly statement rule 🔹 adviser-led secondaries rule 🔹 audit rule Additionally, the Court vacated amendments requiring written documentation for annual compliance reviews under rule 206(4)-7 of the Investment Advisers Act of 1940. The SEC's future steps are currently unknown, but stay tuned for more insights and guidance from Katten. Adam Bolter, Wendy Cohen, Christian Hennion, Richard Marshall, Allison Yacker, Lance Zinman #FinancialServices #SEC #Compliance

Please check out this informative article prepared by my colleagues on the potential compliance pitfalls regarding the new SEC private fund rules. It offers practical takeaways for CCOs and other compliance professionals.

The U.S. Securities and Exchange Commission ("SEC") announced a new round of charges and settlements against sixteen firm's for failure to maintain and preserve electronic communications. The firms include five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers. The firm's agreed to pay combined civil penalties of more than $81 million. In their press release, the SEC stated that their investigations uncovered pervasive and longstanding uses of unapproved communication methods, known as off-channel communications, at all firms charged today. This is the latest round of charges against firm's for failure to maintain and preserve electronic communications, as the SEC progresses in its multi-wave sweep examination in this area. #sec #hedgefunds #privateequity #venturecapital #investmentadvisor #compliance #privatefunds

Yesterday the SEC announced twenty-six more enforcement actions and $390M in fines for recordkeeping violations by investment advisers and broker dealers. What did these firms do? They failed to properly archive all electronic communications used to discuss firm business. What should you do? Make t-shirts that say, "Don't use unarchived channels for firm business!" and implement a policy requiring all employees to wear them on Fridays. (This is not legal advice.) #sec #privatefunds #regulatorycompliance #investmentadviser #brokerdealer #cco #enforcement

The Securities and Exchange Commission (SEC) recently announced that, for fiscal year 2023, it filed more total and original (“standalone”) enforcement actions than it did in 2022. The SEC’s Nov. 14 filing, detailing its 2023 enforcement actions, illustrated another busy year for the Division of Enforcement (DoE). Among the year’s highlights: ➡️ 784 total enforcement actions ➡️ Orders for $4.95 billion in financial remedies ➡️ $930 million distributed to harmed investors in 2023 Learn more: https://lnkd.in/eKqsfK83 #AdviserComplianceConsulting #SEC #financialcompliance #financialservices #compliance

To combat potential investment fraud from occurring, senior financial investors are urged to provide their financial firms with a trusted contact. A trusted contact may be a family member, attorney, accountant, or another third party who you believe would respect your privacy and know how to handle that responsibility. One or more trusted contacts may be established. “Having one or more trusted contacts provides another layer of safety on your account and puts your financial firm in a better position to help keep your account safe,” said TDCI Assistant Commissioner for Securities Elizabeth Bowling. “Naming someone as a trusted contact does not give that person the authority to act on your behalf, execute transactions, or reengage in activity in your account. If you do decide to name a trusted contact, you will want to reach out your trusted contact in advance to let them know.” A trusted contact may be asked to confirm your current contact information, health status, or the identity of any legal guardian, executor, trustee, or holder of a power of attorney. U.S. broker-dealers are required to provide a written disclosure that explains these details. Questions about establishing a trusted contact? Contact our Securities team or visit: https://lnkd.in/eTH-SNGN #IDTheft #IDTheftWeek #consumerprotection #tennessee