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SEC Releases EXAMS Priorities for 2025

October 23, 2024 by

On Oct. 21, 2024 , the US Securities Exchange Commission (“SEC”) published a press release announcing their 2025 Examination Priorities. Many of the focus areas come as no surprise, as the SEC has diligently alerted industry and investors alike to what their areas of concern have been throughout the year. There are, however, a few areas that registrants may find require an extra review or a deeper dive.… Read More

Blog | FINRA Broker-Dealer Regulatory Counsel | Formation Services | Investment Adviser Regulatory Counsel (SEC & State) | Investment Advisers | Investment Companies | Regulatory Compliance | Regulatory Examinations & Enforcement Counsel | Regulatory Filings | RIA, Private Fund, BD, etc.

Private Funds Adviser Charged for Integration Doctrine Violations

October 15, 2024 by

The Securities Exchange Commission (“SEC”) recently charged a Private Funds Adviser for violations of the Registration and Custody rules, specifically as they relate to integration doctrines.

This is the first SEC enforcement action in over ten years against an Investment Adviser for violations against the Integration Doctrine. The Integration Doctrine is set forth in Rule 152 of the Securities Act of 1933 and prevents the separating of single offerings into multiple offerings to take advantage of exemptions that would otherwise not be available if the offering was not divided.… Read More

Investment Adviser Regulatory Counsel (SEC & State) | Legal Risk Management Tips | Private Fund Counsel | Regulatory Compliance | Regulatory Filings | RIA, Private Fund, BD, etc.

Securities Law Considerations Part 2: SEC Registered Funds, Exemptions and Regulatory Considerations

April 24, 2024 by

The Investment Company Act of 1940, as amended (“40 Act”) defines an “investment company” as an issuer primarily involved in the business of investing, reinvesting, or trading securities. It explicitly prohibits any engagement in buying and selling securities without SEC registration or a valid exemption. Hedge funds and comparable pooled investment vehicles fall under this definition if they meet one of the two exemptions.… Read More

Investment Adviser Regulatory Counsel (SEC & State) | Investment Advisers | Investment Companies | Legal Risk Management Tips | Private Fund Counsel | RIA, Private Fund, BD, etc.

Securities Law Considerations for Investment Fund Formation: Part 1

March 26, 2024 by

Investment fund formation is the comprehensive process of establishing a collective investment vehicle that pools capital from multiple investors to engage in various securities or other financial asset investments. The primary goal is to provide investors with a professionally managed portfolio often designed to provide diversification, but equally as often to deploy funds into a specific asset class, or according to a particular investing philosophy, strategy, or methodology.… Read More