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Bold and Unrelenting SEC Enforcement

We are in a time of transition at the Securities and Exchange Commission. There are two vacancies on the Commission and Chair Mary Jo White has announced her departure. Although there are changes coming to the highest level of the SEC, the vast majority of the SEC personnel are staying in place and continuing their […]

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When Does A Stock Picking Contest Turn Into a Derivative

Forcerank’s premise was simple: “fantasy sports for stocks”. Forcerank runs mobile phone games where players predict the order in which stocks would perform relative to each other.  In its original form, if a player did well he or she won points and could some receive a cash prize. Forcerank kept 10 percent of the entry […]

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See the Changes to Form ADV

With all the regulatory changes to Form ADV coming out, I found it tough to figure out what the changes look like on the form. The Securities and Exchange Commission published a helpful redline that highlights the changes. The SEC is not willing to stand behind the redline, noting: This document illustrates most of the […]

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Separately Managed Accounts

The biggest change to the Form ADV is reporting on separately managed accounts. The Securities and Exchange Commission is looking for data and insight into advisers’ operations. I think the benefit to consumers is a side benefit. I have to admit that I was confused as I was browsing through the new changes to Form […]

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SEC Brings Another Private Equity Fund Fee Case

Apollo has been variously recognized as a god of sun, truth, healing, and poetry, and more in classical Greek and Roman mythology. It’s namesake private equity firm has settled charges with the Securities and Exchange Commission that it was less than truthful in disclosing fees charged to investors. The main thrust of the Apollo case […]

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SEC’s In-House Courts Are Upheld

There have been several challenges to the constitutionality of the in-house judges at the Securities and Exchange Commission. The problem is that the judges are appointed by an internal panel instead of by the President or the SEC Commissioners. That will not make a difference for Raymond Lucia and his “Buckets of Money.” Radio personality […]

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Cycling and the Securities and Exchange Commission

The big news in cycling over the weekend was the end of the Tour de France. Other news is a personnel change at the Securities and Exchange Commission because of cycling. Chris Froome and his Team Sky dominated the General Classification of the Tour de France. He finished more that four minutes ahead of his […]

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Share Class Initiative

If your firm receives revenue from the sale of funds, be sure you have procedures in place to avoid placing clients in a more expensive share class when a cheaper one is available. The SEC announced a new Share Class Initiative for 2016. There are two main areas where an adviser will have conflict in […]

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Chaos in Commissioner Confirmation

I thought the picks for Securities and Exchange Commissioner would fly through the confirmation process. I was clearly wrong and Congress is even more dysfunctional than I thought. The SEC is now down to just three members after two left the agency late last year. President Obama nominated Lisa Fairfax, a Democrat, and Hester Peirce, […]

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The SEC’s New Office of Risk and Strategy

Whenever the Securities and Exchange Commission reorganizes you have to wonder what the impact will be on those subject to regulation by the SEC. Earlier, the SEC announced a new Office of Risk and Strategy within the Office of Compliance Inspections and Examination. “The Office of Risk and Strategy will lead our exam program’s risk-based, […]

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