OCIE Observations: Compliance Programs

OCIE Observations: Compliance Programs

04 January 2021

Main Contributor: Katie Mogan, IACCP® Vice President, Senior Compliance Consultant   The SEC Risk Alerts keep coming, this time with exam observations regarding investment advisors’ Compliance Programs. According to OCIE, the most common exam deficiencies arise from issues with Rule 206-4(7), known as “the Compliance Rule.” Rule 206(4)-7 requires investment advisors to have policies andRead More »

SEC Amendments to the Accredited Investor Definition

SEC Amendments to the Accredited Investor Definition

24 September 2020

Main Contributor: Katie Mogan, IACCP® Vice President, Senior Compliance Consultant   In August of this year, the SEC released an amendment to the “accredited investor” definition. What is an Accredited Investor? Certain qualifications must be met in order to invest in private placements or private funds. One qualification is being an “accredited investor.” An accreditedRead More »

COVID-19 Compliance Risks and Considerations for Investment Advisers

COVID-19 Compliance Risks and Considerations for Investment Advisers

01 September 2020

Main Contributor: Elizabeth Cope, CPA, CSCP, CIPM, CEO & Lead Consultant   On August 12th the SEC issued a Risk Alert outlining observations from exams and risks in light of the COVID-19 work from home environment. The Commission outlined six (6) areas of concern for firms to review and adjust policies and procedures as necessary,Read More »

SEC Risk Alert: Form CRS

SEC Risk Alert: Form CRS

08 May 2020

Main Contributor: Katie Mogan, IACCP® Vice President, Senior Compliance Consultant   SEC Risk Alert: Form CRS On April 7, 2020, the Office of Compliance Inspections and Examinations (“OCIE”) issued a risk alert to let advisors and broker-dealers know that, regardless of COVID-19,  it’s business as usual at the SEC and firms must continue to meetRead More »

Risk Alert: Use of Third Parties for Network Storage

Risk Alert: Use of Third Parties for Network Storage

02 July 2019

Main Contributor: Elizabeth Cope, CPA, CSCP, CIPM, CEO & Lead Consultant   As a reminder, a “Risk Alert” is the SEC’s way of giving you a heads up about patterns of deficiencies during recent examinations.  They can help you stay on top of your game. On May 23, 2019, the SEC issued a risk alertRead More »

Overcoming the Challenges of SEC Compliance around Electronic Messaging

Overcoming the Challenges of SEC Compliance around Electronic Messaging

01 March 2019

  Did you see the SEC’s Risk Alert on Electronic Messaging? We did!  And let us start by saying, this Risk Alert was actually really helpful! A lot of times, the SEC issues Risk Alerts that tell you the issues they’re seeing in recent SEC examinations and remind you of your compliance obligations, but theyRead More »

How to Prepare for ADV Part 2A Updates

How to Prepare for ADV Part 2A Updates

07 February 2018

Haven’t looked at your ADV Part 2A in months? Staring at your computer screen, wondering where to start? Check out our ADV Part 2A checklist. Did you have any major changes to your firm’s business in 2017? Make a list! Have you opened or closed any new products or funds in 2017? Do your productsRead More »

ADV Part 1 Changes

ADV Part 1 Changes

07 February 2018

On October 1, 2017, the U.S. Securities and Exchange Commission (“SEC”) amended the ADV Part 1 to obtain more information on registered investment advisers. As the annual amendment date (March 31st, 2018) closes in, we want to summarize important changes and remind you of important practices this filing season. SCS Suggests As you start yourRead More »

Advertising Risk Alert

Advertising Risk Alert

01 October 2017

An adviser’s use of marketing materials continues to be an area of high concern for the SEC, and with good reason. Marketing materials are how you showcase your firm to the world. They’re used to obtain investors, to grow the business, and find new opportunities. And you better believe the SEC is going to reviewRead More »