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Fund Forum

This issue of Venable's Fund Forum includes:

  • Observations from OCIE's Cybersecurity 2 Initiative
  • SEC Fines Hedge Fund in Settlement of Insider Trading Case
  • Investment Adviser Defrauds Professional Athlete
  • IM Update on Form ADV Amendments
  • Event details on our Paid Family Leave Breakfast Briefing in October
Data Security

Observations from OCIE's Cybersecurity 2 Initiative

The SEC's Office of Compliance Inspections and Examinations recently conducted its Cybersecurity 2 Initiative. The Initiative consisted of an examination by OCIE of 75 businesses, including investment companies, investment advisers, and broker-dealers. OCIE reported its observations from the Initiative in a recent Risk Alert.

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Briefcase Full of Cash

SEC Fines Hedge Fund in Settlement of Insider Trading Case

The SEC and a New York–based registered investment adviser recently agreed to a consent order to resolve an administrative proceeding relating to insider trading. The SEC alleged that the adviser, in violation of Section 204A of the Investment Advisers Act of 1940, failed to "establish, maintain, and enforce written policies and procedures reasonably designed…to prevent the misuse…of material nonpublic information." This case highlights the government's heightened interest in the insider trading potential of "political intelligence" consulting firms.

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Handcuffs and Cash

Investment Adviser Defrauds Professional Athlete

The SEC recently filed a complaint in the United States District Court in the Central District of California alleging that an investment adviser had defrauded a professional athlete and his wife in violation of the Investment Advisers Act of 1940. The individual defendant in the case was a registered investment adviser representative of an investment adviser registered with the SEC. According to the SEC's complaint, the defendant violated his fiduciary duty to his clients.

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Compliance Rules

IM Update on Form ADV Amendments

The Division of Investment Management of the United States Securities and Exchange Commission recently issued an update for advisers filing certain Form ADV Amendments. This update responds to certain inquiries the Commission received in connection with its Release No. 4509 and certain Form ADV amendments with a compliance date of October 1, 2017.

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UPCOMING EVENT
October 18, 2017: New York's New Paid Family Leave Law Takes Effect January 1, 2018. Is Your Company or Organization Ready? Click here to register.
Read past issues of Venable's Fund Forum.