As reported by Thinkadvisor.com A Colorado woman defrauded investors in a Ponzi-like scheme, according to a complaint filed by the SEC in October. The SEC has ordered the investment advisor, Ann Vick, to pay $1.2 million. The SEC accused her of fraudulently raising about $3.2 million from nearly two dozen investors for a pooled investment […]
Bloomberg has called SEC Chief Gary Gensler’s enforcement an “everything crackdown,” so named because he’s taking on all aspects of private equity. Since he began leading the SEC, Gensler has introduced a robust agenda of 49 proposals, many of which increase compliance loads for RIAs. There’s no question that CCOs and their teams are now […]
In his investor advisory committee remarks on Dec. 2 SEC Chair Gary Gensler mentioned the founding of the SEC and its purpose, saying, “The basic bargain is this: Investors get to decide what risks they wish to take. Companies that are raising money from the public have an obligation to share full and fair information […]
Compliance support and what a CCO needs to do the job well are in the news. Compliance Week’s Aaron Nicodemus examined the issue in a recent article. While compliance is a firm-wide concern for RIAs, there may be some businesses where compliance does not have the horsepower to cover the needs that regulators set upon […]
It’s not just eggs and milk that are getting more expensive. In one of the regulator’s first notices in 2022, SEC penalties will increase due to inflation. The change is based on the difference between the consumer price index from October 2020 to 2021. For penalties levied by the SEC, that change will mean at […]
The end of the year is a good time to assess the strength of your compliance program. SmartRIA’s Software as a Partnership® can help your compliance team keep tabs on the actions of your company and organize compliance to make it easy. Below are some things to keep in mind as 2022 approaches: Prior to […]
SmartRIA’s End-to-End Solution Helps Financial Advisory Practices Simplify & Optimize Compliance Workflows MIAMI BEACH, Fla., Dec. 7, 2021 /PRNewswire/ — Dynasty Financial Partners (Dynasty) and MarketCounsel, together, announced a strategic partnership with SmartRIA at The MarketCounsel Summit today. SmartRIA is a provider of comprehensive technology solutions for automating and streamlining compliance for registered investment advisers (RIAs). “When we […]
Gurbir Grewal, the new director of the Division of Enforcement for the SEC, signaled several potential changes in the SEC’s enforcement priorities under his new leadership. His division would “recommend aggressive use” of various remedies, notably, seeking admissions of wrongdoing as a condition of settlement in certain instances. Some specific penalties include: Barring violators from […]
The North American Securities Administrators Association (NASAA) published its annual enforcement report on Sept. 29. In the report, state securities regulators conducted an increasing number of investigations and enforcement actions related to digital assets, precious metals and other commodities, internet and social media schemes, and self-directed individual retirement accounts. In its report, based on 2020 […]
Tech adoption can be a huge issue for RIA companies, and virtually any business these days. If the pandemic has taught us anything, it’s that most people can quickly adopt new tech. (Online meetings anyone?) Meanwhile, some may initially resist new tech and later grow to love it. And then there’s the handful of people […]
