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Rules
July 27 2020 - NRS Insights

SEC Amends Rules Governing Proxy Solicitations

The Securities and Exchange Commission (SEC) voted Wednesday, July 22, 2020 to adopt amendments to its rules governing proxy solicitations, at the same time publishing new guidance meant to help financial advisers apply the amended rules. SEC Chairman Jay Clayton says the final rule amendments, which have been modified from the proposed version published last […]
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July 8 2020 - NRS Insights

Continuing Compliance Challenges from Covid-19

As of this writing (July 1, 2020), it appears that most investment adviser firms have risen to the challenge of keeping their business operating during the first three months of the pandemic. This is a major accomplishment for which you, and all in our industry, deserve tremendous congratulations! That said, most investment advisers are still […]
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June 29 2020 - NRS Insights

OCIE Issues Risk Alert on Private Fund Adviser Exam Deficiencies – Conflicts of Interest

The Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert on June 23, 2020 describing common deficiencies in exams of advisers to private equity and hedge funds (collectively “private fund advisers.”)
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June 9 2020 - NRS Insights

Disclosing your PPP Loan on Form ADV

Many advisers have applied for and received loans under the Paycheck Protection Program (“PPP”) offered by the federal government to help businesses retain employees and stay afloat during the Covid-19 crisis.
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May 18 2020 - NRS Insights

Morgan Stanley Penalized $5 Million for Insufficient Transparency in Wrap Trading Costs

The SEC and Morgan Stanley Smith Barney LLC (MSSB) settled charges that MSSB provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs
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Coronavirus Compliance: What Areas Should You Focus On Now
April 9 2020 - NRS Insights

Coronavirus Compliance: What Areas Should You Focus On Now

It is said that those who forget the past are condemned to repeat it. Perhaps “condemned” is not the best word choice, given the current circumstances, but past events can and should inform the present.
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SEC: No Extension for Reg BI, Form CRS Compliance
April 6 2020 - NRS Insights

SEC: No Extension for Reg BI, Form CRS Compliance

SEC Chairman Jay Clayton announced that the Commission will not extend the compliance date for Reg BI and the filing date for Form CRS beyond June 30, 2020 despite the recent social, economic and market turmoil caused by the COVID-19 pandemic.
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Filing
March 25 2020 - NRS Insights

SEC Extends ADV and PF Filing Deadlines and Eases Requirements for Advisers Impacted by COVID-19

On March 25 the SEC announced that it is further extending required filing and delivery deadlines for investment advisers whose ability to make timely filings has been affected by the coronavirus.
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Compliance Considerations during the COVID-19 Crisis
March 24 2020 - NRS Insights

Compliance Considerations during the COVID-19 Crisis

NRS offers the following suggestions for how compliance officers may respond to the unique challenges we are all facing in the current Coronavirus pandemic.
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September 10 2019 - NRS Insights

FINRA Focuses on Training to Stem Cybersecurity Breaches

Cybersecurity incidents and breaches are increasing annually in scope, magnitude, and creativity. But just how big is the problem? On average, cybersecurity costs businesses about $11.7 million each year 69% of financial firms ranked cyber risk in their top five concerns; 35% named it their top concern. From 2017 to 2018, detected cybersecurity incidents rose […]
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