Ethan E. Post’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

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

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. Adam Bolter, Wendy Cohen, Christian Hennion, Richard Marshall, Allison Yacker, Lance Zinman #FinancialServices #SEC #Compliance

On September 17, the U.S. Securities and Exchange Commission (SEC) announced charges against 11 institutional investment managers for failing to file the required Forms 13F, which track securities holdings for firms managing more than $100 million. Two firms, Nationale-Nederlanden and NEPC, LLC, were also charged for failing to file Forms 13H, necessary for large traders. Key Points: - Nine firms agreed to pay a total of $3.4 million in civil penalties. - Three firms, including Nationale-Nederlanden, were not fined due to self-reporting and cooperation. - The SEC emphasizes the importance of timely, accurate reporting of securities holdings to maintain market integrity. Firms Penalized: - Ashton Thomas Private Wealth, LLC - $375,000 - Azzad Asset Management, Inc. - $225,000 - Bulltick Wealth Management, LLC - $175,000 - Financial Synergies Wealth Advisors, Inc. - $225,000 - Focus Financial Network, Inc. - $475,000 - Mason Investment Advisory Services, Inc. - $525,000 - NEPC, LLC - $725,000 - TD Private Client Wealth, LLC - $475,000 - Traphagen Investment Advisors, LLC - $225,000 SEC Director Jason Burt stressed the importance of accurate and timely filing and noted the benefits of self-reporting violations. For more updates on financial enforcement actions, unlock cutting-edge legal intelligence with a free subscription to our platform — join us today. Visit https://lnkd.in/gZmkUPim to know more. #SEC #InvestmentManagement #SecuritiesReporting #RegulatoryCompliance #MarketIntegrity #GRI

Check out our alert on what advisers should know and watch out for in the wake of the PFAR decision.