Vedder Price’s Post

During the monitoring of Tailored Shareholder Report (TSR) implementation, the SEC staff observed several recurring issues. The Division of Investment Management's Disclosure Review and Accounting office (DRAO) is responsible for reviewing fund disclosures. The SEC recently released an industry advisory (ADI) related to findings from the early TSR production cycles related to shareholder reports and website disclosures to ensure compliance with Rule 30e-1. ADIs are recurring publications that summarize the staff's views regarding various requirements of federal securities laws. Learn more: https://lnkd.in/gbGQTC5C #AdvancingBusiness #ExpandingPossible #SEC #TailoredShareholderReports

The following is updated Information on TSRs.

This discussion will be very helpful as you prepare for your next Shareholder Report (TSR) cycle. We all learn from experience!!

Twelve Firms to Pay More Than $63 Million Combined to Settle SEC’s Charges for Recordkeeping Failures - The SEC has announced charges against nine investment advisers and three broker-dealers for failures by the firms and their personnel to maintain and preserve electronic communications, in violation of recordkeeping provisions of the federal securities laws. For details: https://lnkd.in/euwUv7Gd $BX $SCHW $APO $CG $TPG $SAN $PJT #StockMarket

Industry advisory (ADI) related to findings from the early TSR production cycles that you may find very helpful. Dig in.

🧐 As an investor, it's crucial to understand the implications of securities class actions. Recent legal actions against companies like Customers Bancorp reveal the undercurrents that can rock financial landscapes. Are you ready to navigate turbulent waters? Stay informed and resilient with strategic insights on managing your investments amidst legal challenges. 💼✨ #InvestSmart #LegalInsight #FinancialStrategy

The SEC released FAQs regarding changes to Rule 35d-1, aka the Names Rule, that pertain to mutual funds and other registered funds. In this blog we discuss the FAQs and other compliance considerations for the Names Rule. https://lnkd.in/ga7SASzs

Issuers who offer securities of private funds or private companies who forget to do this could land in enforcement with the SEC. Most issuers who offer securities of private companies or private funds rely on the Rule 506 safe harbor from having to register their securities with the SEC. One of the obligations to comply with the Rule 506 exemptions is the need to file the Form D, which is a public document filed through the SEC’s EDGAR system notifying the marketplace of the offering within fifteen days of the first sale of securities. Historically the SEC has not come down hard on those who have not filed the Form D, and, in fact, the failure to file the Form D does not result in the issuer being unable to rely on the Rule 506 exemption. However, in a rare move, the SEC recently sanctioned several issuers (including an RIA launching a private fund) for failing to file the Form D in connection with their offerings. As a result, those who have offered securities in reliance on the Rule 506 private placement exemption should ensure they’ve made the appropriate Form D filing and amended any Form D if required to do so by the rules. #wealthmanagement#privatefunds #hedgefunds

Following the U.S. Securities and Exchange Commission's announcement of a sweep of settled charges for late beneficial ownership and insider transaction filings, Perkins Coie is sharing reporting requirement tips for public companies. #CorpGov #CorporateGovernance #PublicCompanies #PublicChatterBlog

Financial Advisor Christopher Bailey Faces Allegations at MML, NYLIFE Securities : As a financial analyst and legal expert with over a decade of experience, I’ve seen my fair share of cases involving financial advisors who have allegedly mishandled their clients’ investments. The recent allegations against Christopher Bailey, formerly with MML Investor Services, are particularly concerning for investors. According to the available case information, Bailey is facing […] https://lnkd.in/eibWEdjb