SEC Using Hedge Fund Data on $8 Trillion in Assets in Exams, Enforcement
SEC tells Congress it is using compiled data from Form PF, now required of private fund advisors, to support its own regulatory programs.
SEC Begins Exam Sweep of Alt Mutual Funds
The SEC is scrutinizing alternative mutual funds, with an exam sweep targeting 15 to 20 fund complexes.
SEC Issues Mutual Fund Prospectus Guide, Delays Annuity Summary Plan
The SEC says mutual fund summary prospectuses should be three to four pages long and written in plain English.
SEC Issues FAQ on Proxy Voting for Advisors
The core of the proxy guidance is that "advisors have a fiduciary duty to vote proxies in the best interests of their clients,” IAA says.
SEC Should Shift Existing Funding to Boost Advisor Exams, IAA Says
The advisor advocacy group is “concerned about the potential disadvantages" of third-party exams compared to SEC examinations, says President David Tittsworth.
SEC: Advisor Use of Social Media Testimonials Sometimes OK
In long-awaited guidance, the SEC clarifies when it is and is not acceptable for an advisor to use clients' testimonials on social media.
Private Funds: Are You a ‘Knowledgeable Employee’?
Newly released guidance from the SEC expands on the “knowledgeable employee” exemption in the Investment Company Act.
SEC Investor Advisory Committee Approves Fiduciary, User-Fee Plans
Recommendation on how brokers should be put under a fiduciary mandate sailed through the full committee Friday, but members voiced concern about user-fee plan.
SEC Issues 2 Guidance Updates
At issue: Whether a fund advisor can dodge the Investment Company Act by forgoing pay and whether closed-end funds can email certain data to shareholders.
Staying Compliant With the SEC’s Anti-Testimonial Rule
The Investment Advisers Act of 1940 explicitly prohibits client testimonials. What does that mean in 2013?