- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-06T20:36:00
The Securities and Exchange Commission (SEC) announced penalties against five investment advisers as part of its second targeted sweep regarding violations of its custody rule and Form ADV requirements.
The firms, each agreeing to pay fines ranging from $50,000 to $225,000, were accused of failing to comply with requirements related to the safekeeping of client assets, according to an SEC press release Tuesday. Three of the firms were cited for disclosure failures regarding audits of their private fund clients’ financial statements.
The custody rule, part of the Investment Advisers Act, requires advisers who have custody of clients’ funds or securities to follow specific requirements to prevent the loss, misuse, or misappropriation of those assets. The SEC in February proposed amendments to the rule that would require registered investment advisers to place nearly any asset, not just cash and securities, with qualified custodians.
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2023-09-22T20:56:00Z By Jeff Dale
California-based investment adviser American Infrastructure Funds agreed to pay more than $1.6 million to settle charges by the Securities and Exchange Commission regarding multiple breaches of its fiduciary duty to clients.
2023-09-12T20:28:00Z By Jeff Dale
Mortgage Industry Advisory Corp. agreed to pay $100,000 to settle allegations levied by the Securities and Exchange Commission it failed to adopt and implement written compliance policies and procedures, conduct annual reviews, and establish and enforce a code of ethics.
2023-02-15T22:24:00Z By Aaron Nicodemus
The Securities and Exchange Commission proposed registered investment advisers be required to place nearly any asset, not just cash and securities, with qualified custodians, thereby expanding the scope of client assets.
2025-05-01T14:39:00Z By Neil Hodge
Antitrust infringement cases in the United Kingdom can run on for years, but there’s a question whether issuing fines that are dwarfed by the revenues of those organisations involved is a worthy deterrent—particularly if they are imposed over a decade after the misconduct ended. It’s also debatable whether the first ...
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
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